4501 38 th Avenue SW Seattle, WA 98126 OFFERING MEMORANDUM
PROPERTY HIGHLIGHTS 38thandOregon.com Offering includes a 14,375 SF land parcel that allows for development of a possible 78 multi-family units at an average of 650 square feet per unit or a possible 110 hotel units at 420 square feet. Existing commercial structure offers high cash flow that could be utilized until such time that the site is developed or kept as a investment opportunity. Approximately 15 miles to SeaTac Airport and just 5 miles to downtown Seattle. Amazing location near shops, restaurants and recreation. Walk Score of 90! City Park across the street (offers excellent views and perfect for future development/view potential). Views include the Olympics facing East, and downtown Seattle city-scape facing High signage visibility for estimated 90,000 Fauntleroy commuters per day List Price: $4,500,000 Please visit the property website for more information, www.38thandoregon.com. Site includes a full copy of the recently completed massing study by Clark Design Group, PLLC.
THE OPPORTUNITY Prime, prime location with this incredible investment/development opportunity in the heart of the thriving Alaska Junction of West Seattle. A very unique property that offers the option to keep current national tenants in place for a solid cash flow investment (7,500 SF building), and/or extensive future development possibilities with 14,375 SF of NC 365 zoning that would allow for approximately 80 residential units with excellent views. This is an amazing opportunity!
SITE West Seattle Bridge Trader Joes Restaurants & Shopping LA Fitness YMCA West Seattle Golf Course Jefferson Square
DEVELOPMENT HIGHLIGHTS Name: Address: 38 th & Oregon Site 4501 38 th Ave SW, Seattle, WA 98126 Neighborhood: West Seattle Alaska Junction Parcel Number: 0952007460 Site Square Feet: Lot Dimensions: Zoning: Height Limit: Unit Yield: Avg Unit Area: 14,375 SF 125 x115 NC3-65 65 Feet 78 Multi-Family Units 117 Hotel Units 650 SF - Avg Multi-Family 420 SF Avg Hotel
DEVELOPMENT OPPORTUNITY Multi-Family
DEVELOPMENT OPPORTUNITY Hotel
INVESTMENT HIGHLIGHTS Name: 38 th & Oregon Site Address: 4501 38 th Ave SW, Seattle, WA 98126 Neighborhood: West Seattle Alaska Junction Parcel Number: 0952007460 Building Square Feet: Lot Square Feet: Parking: Two Strong Tenants: NNN Leases: 7,500 SF 14,375 SF Separate parking designation for each tenant Service King Collision Repair: Current lease through 8/2018 with possible option (call Broker for details) Advanced Auto Parts Current lease through 8/18 with possible option (call Broker for details) $204,901 Gross Income $27,830 Expenses $177,071 Net Income Cap Rate: 4
SITE PHOTOS Exterior Front - SW Advance Auto Parts - Parking Exterior Rear - NE From Trader Joes - N Service King - Parking Visibility from Fauntleroy
Neighborhood & Walk Score Trader Joes Neighbor to the S City Park Across the street Walking distance to shops/restaurants
SEATTLE DEMOGRAPHICS Estimated Current Population 703,266 Percentage Change Since 2000 12.2% Percentage Change Since 2010 3.0% Average Household Income $86,975 Median Household Income $63,782 Average Household Net Worth $685,547
ECONOMIC DRIVERS