Salmon Creek Offering Memorandum Land Advisors Organization Washington Division 425.526.7555 Windermere Real Estate Capitol Hill www.landadvisors.com Residential Development Opportunity www.windermere.com 11055 14th Ave SW Seattle, WA 98146
Property Profile Property Description Permitted fee simple 10-unit townhome project ideal as a rental. Each unit is approx. 1,860 SF and features 4 bedrooms, one entire floor dedicated to the living room and kitchen, two-3/4 bathrooms and 2-car tandem garages. Convenient South Seattle location. Property lines Property Address Jurisdictions & Utilities 11055 14th Ave SW Seattle, WA 98146 Jurisdiction: King County City: Seattle Parcel Number Seller Information 345100-0470 Blue Fern Development LLC County: King Power: Puget Sound Energy Listing Price $499,000 Purchase type Purchase & Sale Agreement Gas: Puget Sound Energy Water: Seattle Public Utilities Sewer: SW Suburban Sewer District Fire: North Highline Fire District Lynnwood Bothell Woodinville Western WA overview Seller Terms Schools: Highline School District Kirkland Redmond 21-day feasibility 30-day closing Close: Upon completion of the re-platting with King County as fee simple townhomes Escrow & Title: First American Title (CeNedra Van Why) Bremerton Subject Property Seattle Bellevue Mercer Island Sammamish Issaquah Renton Vashon Salmon Creek Page 2
Location Details - Travel Times 14 8 10 2 AREA BUSINESSES & AMENITIES PARKS 1. Lakewood Park 0.7 miles 14 min walk 1712 7 9 5 2. 3. Westcrest Park Salmon Creek Ravine Park 2.1 miles 1.9 miles 6 minutes 6 minutes FOOD & DRINK 4. Berry s BBQ 0.4 miles 8 min walk Subject Property 18 4 13 1 15 8 16 5. 6. 7. 8. Big Al Brewing Pizza Gallery Proletariat Pizza Starbucks - Westwood 0.9 miles 1.2 miles 1.1 miles 2.1 miles 3 minutes 4 minutes 4 minutes 7 minutes 9. Zippy s Giant Burgers 1.1 miles 4 minutes GROCERY 3 6 11 10. 11. 12. QFC - Westwood Safeway Safeway 1.9 miles 1.9 miles 1.7 miles 5 minutes 5 minutes 5 minutes 13. Shorewood Grocery 1.0 miles 3 minutes AMENITIES 14. Fauntleroy Ferry 3.3 miles 9 minutes South Seattle area map 15. 16. Evergreen Aquatic Center Rainier Golf & Country Club 0.8 miles 3.4 miles 15 min walk 9 minutes 17. Roxbury Lanes 1.8 miles 5 minutes 18. White Center Library 0.3 miles 5 min walk Salmon Creek Page 3
Location Details - Permitted Site Plan Salmon Creek Page 4
Location Details - Elevation Plans North Elevation South Elevation Salmon Creek Page 5
Location Details - 1st & 2nd Floor Plans Salmon Creek Page 6
Location Details - 3rd Floor Plans Salmon Creek Page 7
Location Details - Existing Conditions Salmon Creek Page 8
Location Details - Utility Plan Salmon Creek Page 9
Location Details - Drainage & Grading Plan Salmon Creek Page 10
Location Details - Planting Plan Salmon Creek Page 11
Location Details - Recreational Area Detail Salmon Creek Page 12
Location Details - Tree Retention Plan Salmon Creek Page 13
Rental Comparables 1 Allison Row 103 SW 119th St #2A, Burien Monthly Rent: $1,600 Beds/Baths: 3/2.5 SqFt: 1,207 Stat Date: 10/16/14 3 2 Allison Row 103 SW 119th St #2A, Burien Monthly Rent: $1,800 Beds/Baths: 3/2.5 SqFt: 1,207 Stat Date: 4/27/16 3 Highland Park 9006 18th Ave SW #B, Seattle Monthly Rent: $1,995 Beds/Baths: 3/2 SqFt: 1,060 Stat Date: 9/7/16 Subject Property 4 4 White Center 11016 3rd Ave SW #2, Seattle Monthly Rent: $2,000 Beds/Baths: 3/2.5 SqFt: 2,220 Stat Date: 10/15/15 2 1 Salmon Creek Page 14
Rental Pro Forma Salmon Creek Page 15
Neighborhood Profile Zip Code 98146 (Seattle) HOUSEHOLD INCOME 2016 est. Median Household Income: $60,033 73,150 67,925 62,700 57,475 52,250 47,025 41,800 HOUSEHOLD GROWTH 2016 est. Household Growth: 0.43% 11,165 10,780 10,395 10,010 9,625 9,240 8,855 2000 2016 est. 2021f 2021f Household Growth: 1.30% 2000 2010 2016 est. 2021f CRIME RATE per 1,000 people 98146 Washington Total Crime Rate: 59.01 39.91 Violent Crime Rate: 6.35 2.85 Property Crime Rate: 61.79 37.06 POPULATION GROWTH 2016 est. Population Growth: 0.53% 30,450 29,435 28,420 27,405 26,390 25,375 24,360 2021f Population Growth: 1.26% 2000 2010 2016 est. 2021f POPULATION BY AGE 2016 est. Median Age: 39 years 1 month 6,130 4,904 3,678 2,452 1,226 0 SCHOOLS Under 15 15 to 24 25 to 34 35 to 44 45 to 54 55 to 64 65 to 74 75 to 84 85 + score Mount View Elementary School 2/10 Cascade Middle School 2/10 ETHNICITY 9.7% Others 5.2% Two Plus 0.9% American Indian 1.1% Pacific Islander 14.0% Asian 5.4% Black 45.2% White 18.3% Hispanic Salmon Creek Page 16
Puget Sound Overview COMMUNITY Seattle Tacoma Bellevue Area There are approximately 1,478,562 households in the region which is up 1.4% year-over-year. Forecasts show that household formation is expected to increase by an annual growth rate of 1.5% for 2016. Median household income in the area increased 1.7% from the previous year to $70,918. Incomes are forecast to increase 1.7% for the year in 2016. There are still a lot of unknowns with the Millennial Generation (also known as Generation Y) as they are not buying as many homes as some of the older generations. Seattle continues to attract young professionals with high-paying tech jobs but this demographic is opting more to rent versus buy at the current time. Young professionals continue to flock to the Pacific Northwest relocating for tech jobs. This has been driving the demand and prices for condo sales and rentals close to Amazon headquarters and other large companies in the South Lake Union and downtown Seattle neighborhoods. Seattle s neighborhoods, urban quality, diversity and hip quotient, also help the city in a significant demographic wave identified by the Emerging Trends Report recently published from the Urban Land Institute and PricewaterhouseCoopers. Public transportation continues to be an expensive city undertaking with the underground tunnel underway and several new urban projects disrupting the traffic flow known as the Mercer mess in downtown Seattle causing many traffic concerns, however, the end result will benefit the flow of traffic and urban appeal twofold. Strong consumer spending has been a byproduct of good economic growth and a growing local population. HOUSEHOLD INCOME 2016 est. Median Household Income: $70,918 78,000 72,000 66,000 60,000 54,000 48,000 42,000 2000 2016 est. POPULATION GROWTH 2016 est. Population Growth: 1.4% 3,828,000 3,654,000 3,480,000 3,306,000 3,132,000 2,958,000 2,784,000 ETHNICITY 2000 2010 2016 est. HOUSEHOLD GROWTH 2016 est. Household Growth: 1.5% 1,562,000 1,491,000 1,420,000 1,349,000 1,278,000 1,207,000 1,136,000 2000 2010 2016 est. POPULATION BY AGE 2016 Median Age: 37 years 9 months 795,000 636,000 477,000 318,000 159,000 0 Under 15 15 to 24 25 to 34 35 to 44 45 to 54 55 to 64 65 to 74 75 to 84 85 + 3.8% Others 5.3% Two Plus 1.0% American Indian 0.8% Pacific Islander 11.7% Asian 5.4% Black 63.0% White 9.0% Hispanic Salmon Creek Page 17
Sales Process The property is being marketed by Land Advisors Organization - WA Division and Windermere Real Estate Capitol Hill. Seller will respond to offers, at its sole discretion, following Close of Offers. Please contact us to submit offers. Email offers in PDF form to scameron@landadvisors.com or wfalkenborg@landadvisors.com or ian@windermere.com. Property tours are available through the listing brokers. Please contact Scott, Wes or Ian to schedule an appointment. Scott Cameron (425) 445-0887 scameron@landadvisors.com Wes Falkenborg (425) 761-6489 wfalkenborg@landadvisors.com Ian Porter (206) 673-3423 ian@windermere.com Please do not hesitate to contact us should you need additional information on this opportunity. Sincerely, Scott Cameron Land Advisors Organization WA Division Wes Falkenborg Land Advisors Organization WA Division Ian Porter Windermere Real Estate Capitol Hill Salmon Creek Page 18
Land Advisors Organization WA Division & Windermere Real Estate Capitol Hill Who is Land Advisors Organization? Located in Bellevue, the Washington Division of Land Advisors Organization covers residential and mixed-use land activity throughout Washington State. We serve a client base inclusive of land developers, homebuilders, investors, trusted advisors, mixed-use land sellers and developers, and private estate owners. Our team of experienced, trusted advisors/brokers provides our clients with specialized land-focused market knowledge, marketing, and transaction management. Providing an expanded service offering that includes resort and hospitality experience, a capital advisory group, deep market insight and research, and cutting-edge technology, we measure our success by the satisfaction of those we do business with one transaction at a time. Scott Cameron scameron@landadvisors.com Co-Founding Principal 425.445.0887 As a Co-Founding Principal of Land Advisors Organization-Washington Division, Scott leverages his twenty five years of experience in the real estate industry as a trusted advisor and broker to a wide array of valued clients including publicly traded and private homebuilders, developers, investors, financial institutions, private parties and master planned community & resort developers. Scott began his career with East West Partners where he served as a sales consultant and marketing director for master planned community sales. He then became a founding partner in The Lakemont Company, an East West Partners Company. Scott later co-founded Coldwell Banker Bain New Homes and was an executive with Bennett Homes before launching the Cameron Real Estate Group in 2003, which transitioned into the Cameron Land Group in partnership with Wes Falkenborg. Scott is a licensed Washington real estate broker and earned his Bachelor Degree in Business Administration from the University of Notre Dame. Scott is a member of the Master Builders Association of King and Snohomish Counties and an active supporter of several community non-profits. Wes Falkenborg wfalkenborg@landadvisors.com Co-Founding Principal 425.761.6489 Wes provides a full range of professional sales and marketing services to landowners, developers, homebuilders, lenders, and investors for new single family residential and multifamily land opportunities in Washington. Drawing on extensive market knowledge, research expertise and negotiating experience to successfully guide his clients through the transaction process. Prior to joining Land Advisors Organization, Wes was a partner and co-founder of the Cameron Land Group, a regional land brokerage team. Wes is a member of the Urban Land Institute and is actively involved with the Master Builders Association of King and Snohomish Counties. Wes earned his Bachelor Degree from Washington State University, where he was also a member of the baseball team and two-year captain. A longtime Washington resident, Wes now resides with his family in Issaquah, Washington. Morgan Swanson mswanson@landadvisors.com Broker 425. 526.7558 Morgan Swanson provides a range of professional sales and marketing services to landowners, developers, homebuilders, lenders and investors for new single family residential and multifamily land opportunities, with a primary focus in the urban redevelopment market. Morgan graduated on the Dean s List from the University of Washington and completed the Foster School of Business Sales Program. While at the UW was a Varsity Soccer player and president of the Washington Student-Athlete Advisory Committee (WSAAC). Morgan draws upon sales experience and client relationships in her previous time working with Gallo Wine Company. Who is Windermere Real Estate? Ian Porter ian@windermere.com Broker 206.673.3423 Ian is a third generation real estate broker originally from Spokane, Washington. With 12 years of experience in appraisal, he brings in top-notch evaluations and expert market knowledge. Ian is techie, entrepreneur, industry leader and a Seattle neighborhood expert. He is a prideful music-lover and will always have Maná playing on his speakers. Salmon Creek Page 19
Company Highlights Land Advisors Organization Company Overview Who We Are The Land Advisors Organization is the nation s largest brokerage company focused exclusively on land. Founded in 1987, the company has long employed the philosophy of having deeply experienced land brokers as team members, acquiring the most comprehensive data, and utilizing cutting-edge technology to display and interpret this ever-changing collection of information. Our experience in every market stage allows us to share a unique perspective in regards to identifying opportunities in all kinds of economic conditions. And, with our collaborative network of national offices, we are able to broaden the array of opportunities available to our clients. We are committed to maintaining the highest standards of performance for our clients and in developing and maintaining longterm relationships. This business model has been clearly embraced, as the top homebuilders, financial institutions and lenders, master planned community developers, and investors have chosen the Land Advisors Organization to help them achieve their land-related financial and strategic objectives. We provide comprehensive, individualized service to each of our clients, designing a thorough marketing strategy and efficiently executing the detailed steps necessary for a successful transaction. This relationship-based business model ensures accurate, complete, and objective counsel for our clients. Our Network Measured and systematic growth has been the hallmark of our expansion. Recognizing markets poised for growth and identifying highly experienced professionals has allowed us to create a collaborative network of regional offices, continually broadening the opportunities available to our clients. How We Are Different Organizational Culture While most brokerage houses are a disparate collection of generalist Agents who ultimately are competitors of one another, our offices are staffed with individuals who specialize in a specific geographic or functional areas and are economically-incented to collaborate with their colleagues. The result is the best possible team on each project with a unified focus on the goals of their clients. Experience Land is an unusual product, and requires unique skills to properly understand and manage complex and lengthy transactions. Rather than selling houses, leasing office space or listing buildings, our Agents are specialists in land brokerage, making them ideally qualified to fulfill our clients land-related needs. Brand Identity With over 25 years in land brokerage, a proven track record in executing complex transactions across the country, deep relationships with the top developers and homebuilders, and a visible and active presence in national real estate organizations such as ULI, ICSC, NAIOP and others, the Land Advisors Organization has become the most recognized and respected brand in land brokerage. Network of Offices Our experience has clearly shown us that our clients care about the quality of an opportunity, not simply where it is located. Whether a client is interested in opportunities on a national scale, or just within their local market, our nationwide network of collaborative offices can accommodate both. Further, many prospective clients are national in their scope, and prefer a partner to be regional or national in their operations as well. Established Client Base Land transactions are typically complex, with many moving parts. Having an established buyer with a proven track record can be the difference in closing a transaction and wasting both time and opportunity. Further, a proven buyer at a minimum, can make a difficult transaction move much more smoothly. With our database of both land records and Preferred Buyers, we are able to quickly and efficiently market properties to the most stable and qualified candidates. Our Services Land Advisors Capital Land Advisors Capital is a capital advisory firm launched in 2008, with offices in Phoenix, Arizona and Irvine, California, specializing in establishing strategic relationships between real estate investors, developers and capital providers throughout the Sun Belt region of the United States. Our executives, whose collective experience spans several real estate cycles, possess the expertise to assist in optimizing your capital structure in the residential, retail, office and industrial categories. Land Advisors Resort Solutions Land Advisors Resort Solutions is a division of Land Advisors Organization offering specialty brokerage services for resort, golf, hospitality and recreational community developers. Our client portfolio includes offerings that contain custom home sites, luxury residential, shared ownership, club assets, golf course and destination properties. As specialists in the resort industry, the Land Advisors Resort Solutions team includes seasoned professionals who have been involved with some of the most successful resort and master-planned communities across North America. We leverage our experience with offering innovative, urgency-based sales programs combined with a unique understanding of club operations and membership sales to deliver the industry s most highlyregarded resort brokerage services. Integral Property Tax Services In an effort to assist developers, builders and large landowners in minimizing their property tax burden, Integral Property Tax Service (IPTS) offers comprehensive property tax solutions with industry-leading consulting services and unrivaled technology that can be tailored to suit each of their client s specific needs. Through unparalleled expertise and proven methodologies in understanding the complexities of real and personal property tax management, IPTS has developed keen insight into the systematic problems landowners face that often result in excessive tax liabilities. Specialized areas of expertise involve all real estate asset classes including office, industrial, retail, hospitality, residential land and raw land. IPTS also offers a range of services relating to personal property tax reduction such as: appeals services, pre-acquisition analysis, incentive, exemption, abatement analysis, implementation, and valuation analysis of intangibles, proposed construction and obsolescence. IPTS leverages the Land Advisors Organizations proprietary mapping technology; robust infrastructure and deep market insight to assist landowners in having their properties assessed valuations reflect current market conditions. Salmon Creek Page 20