FOR SALE: $725,000 Offering Memorandum White Center Retail Building 9655 16th Ave SW Seattle WA 98106 Owner/User Opportunity Investment Development Site Exclusively Offered By: Rich Cannon Chris Hewitt 206.436.2345 206.436.2346 rich@cannoncommercial.com chris.hewitt@cannoncommercial.com
Disclaimer This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers and establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Cannon Commercial has not made any investigation, and financial performance of the property, the size and square footage of the property and improvements, or the financial condition or business prospects of any tenant, or any tenant s plans or intentions to continue its occupancy of the subject property. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however CannonCommercial has not verified, and will not verify, any of the information contained herein, nor has Cannon Commercial conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
Table of Contents Section 1: The Offering - Executive Summary - Highlights Section 2: Property Description - Property Overview - Property Aerial Map - Nearby Amenities Map Section 3: Photos Section 4: Demographics Section 5: Terms
The Offering
Executive Summary Cannon Commercial is pleased to present an offering for a retail/restaurant building located on a highly visible corner in White Center. This 14,613 SF site has an existing 2,400 SF restaurant building on the property. The CBSO zoned site is situated on convenient 16th Ave SW and close proximity to numerous bus lines and amenities. White Center is a unique community of approximately 32,000 people located now throughout 2 jurisdictions: unincorporated King County, and the City of Seattle. White Center has the distinct characteristics of an historic streetcar-era suburb, and has retained most of the original buildings constructed during 1912-1933. (King County did a Historic Survey of downtown White Center and is recommending that the CDA designate 47 buildings as local historic landmarks.) White Center s downtown business district is comprised of approximately 150+ businesses in a 9 block area. You can find more information at http://visitwhitecenter.com/ The property is located approximately 7.5 miles south of downtown Seattle and approximately 7 miles north of Sea-Tac Airport. It is located in an area with numerous restaurants, grocery stores, local and national retailers. Situated on 16th Ave SW the central avenue north and south through the neighborhood, and surrounded by residential, the property offers a prime location for any retail use. The current zoning also offers potential for future development opportunity. Many parcels in this area are not developed to highest and best use. Since land is still relatively inexpensive when compared with other Seattle neighborhoods, this indicates great opportunity for future development. The property is being offered for sale at: $725,000 Highlights Commercial zoning: CBSO Zoning allows for a multitude of uses 116 frontage on 16th Ave SW Large lot; provides ample parking for customers Property has good ingress egress with two curb cuts Excellent corner visibility Pole signage located on property Tenant currently operating as DK Cafe; providing monthly cash flow Walk Score: 84 - Very Walkable! Approx. 5.8 miles to Othello Light Rail Station 17 mins. drive to downtown Seattle 5
Property Overview King County Tax Parcel : 0123039112 Building Size: 2,400 SF Lot Size: 14,613 SF County: King Zoning: CBSO (Commercial Business Special Overlay) Redevelopment Potential: - Apartments, mixed-used, retail, office - Variety of commercial uses such as office, grocery store, drug store, restaurant, and much more The White Center/North Burien area has a mix of service retail and office development, with stand-alone retail and strip centers, auto repair, light manufacturing, and food processing occurring mostly along the primary north/ south arterial of 16th Avenue Southwest which is populated by automobile-oriented clientele. The site provides an opportunity to break ground in one of King County s up and coming neighborhoods. As the area continues to gentrify, rental rates in addition to the price of real estate will continue to increase. New investment in the area is expected to meet the demands of the growing housing sectors expanding from the north, south and west. Lot Dimensions: 116 W x 125.97 L 6
7 Property Aerial Map
Amenities Map Regional Map Subject Property 8
Photos 9
10 Demographics
Terms Interest Offered 100% fee simple interest on 39655 16th Ave SW Seattle WA 98106 Offer Process and Timeline Offers are beign sought for the purchase of 9655 16th Ave S from qualified buyers. The prospective purchaser will be selected by the owner on the basis of the following: (i) price, (ii) financial strength, (ii) due diligence and escrow timeframes Exclusively Offered By: Rich Cannon Chris Hewitt 206.436.2345 206.436.2346 rich@cannoncommercial.com chris.hewitt@cannoncommercial.com 11