Seattle CBD Wallingford University Of Washington U District Light Rail Station (under construction, expected to open in 2021) 50th & I-5 Interchange NE 50th Street Roosevelt Way NE 911 NE 50th Street, Seattle, WA 98105 SEATTLE DEVELOPMENT OPPORTUNITY
REGIONAL AERIAL ROOSEVELT GREEN LAKE RAVENNA BALLARD U-DISTRICT WALLINGFORD UNIVERSITY OF WASHINGTON LAURELHURST FREMONT QUEEN ANNE MADISON PARK SOUTH LAKE UNION CAPITOL HILL PUGET SOUND SEATTLE CBD LAKE WASHINGTON
AERIAL NE 50th Street Roosevelt Way NE
The Seven Gables property is a core in-fill Seattle site. This is a special offering providing the opportunity to acquire an iconic asset in the top real estate investment market in the nation. The site benefits from dense, high-income residential neighborhoods, proximity to University of Washington, downtown Seattle, future light rail station, I-5, and future upside through redevelopment. The Seven Gables Property is generational real estate.
TERMS OF THE OFFERING Asking Price NOI Building Area Land Area Financing Best Offer None 9,487 SF 18,000 SF Free and Clear Address 911 NE 50th Street, Seattle, WA 98105 Year Built 1925 Parcel Number(s) 533520-0005, 533520-0265, 533520-0255
UNPARALLELED LOCATION Close-in Seattle a forever location High density and future densification High incomes with continued growth 1/2 mile from the U-District Light Rail Station (Opening in 2021) Booming Multi-Family and rental growth Extensive trade area growth Two blocks from I-5 interchange 1/2 mile from University of Washington 46,081 students; 21,977 academic & administrative staff 3 miles from Seattle CBD 1 1/2 miles from Green Lake and surrounding neighborhoods
HIGHLIGHTS PROMINENT CORNER LOCATION Hard corner with frontage along Roosevelt and 50th, providing multiple points of access and superior asset visibility. ATTRACTIVE ZONING Zoning is flexible and allows for various residential and commercial uses. ATTRACTIVE DEMOGRAPHICS Over 502,000 people within a five-mile radius, with average incomes over $108,000. ELITE TRADE AREA The Seven Gables asset is surrounded by many of Seattle s most desirable and affluent neighborhoods; Roosevelt, Wallingford, Greenlake, Ravenna, and the University District. HIGH TRAFFIC COUNTS AT A MAJOR INTERSECTION Located just two blocks from Interstate 5 (171,000 ADT) at the heavily travelled intersection of two major thoroughfares, Roosevelt Way NE and NE 50th Street (34,000 ADT). UNIVERSITY OF WASHINGTON Over the next 10 years, the UW has plans to add approximately 6 million square feet to the campus, growing from 16.6 million square feet to 22.6 million square feet. About half of the growth 3 million square feet will occur on the West Campus, just a few blocks south of Seven Gables. The UW educates more than 54,000 students annually and enrollment is expected to grow by 20 percent over the next decade. BOOMING NEIGHBORHOOD Seattle s U-District neighborhood is in the midst of a major transformation after the recently approved U-District upzone and in anticipation of the opening of the new light rail station scheduled for 2021. Demand for housing is expected to be high around the station, which will be an 8-minute train trip to downtown Seattle. There are currently 364 units under construction and over 1,700 units planned. LIGHT RAIL STATION Located ½ mile from Seven Gables and scheduled to open in 2021. Sound Transit estimates 12,000 daily riders at the station. The station will increase walkability and density in the trade area, all benefiting Seven Gables.
SITE DESCRIPTION Parcel # Land SF Building SF Current Zoning 1 533520-0005 6,750 9,487 NC3-65 2 533520-0265 6,750 0 LR2 3 533520-0255 4,500 0 LR2 Total SF 18,000 9,487 NE 50th Street HISTORICAL LANDMARK The Seven Gables Theater Building (parcel 1 above) was recently designated as a historical landmark by the City of Seattle. ZONING SUMMARY Neighborhood Commercial 3 - NC3 Click for Detailed Zoning Description A larger pedestrian-oriented shopping district serving the surrounding neighborhood and a larger community, citywide or regional clientele; allowing comparison shopping among a range of retail businesses. Land uses include supermarkets, restaurants, offices, hotels, clothing shops, business support services, and residences that are compatible with the area s mixed-use character. Building types are single purpose commercial structures, multi-story mixed use and residential structures. Non-residential uses typically occupy the street front. 25,000 square feet is the maximum size for some commercial uses. 9TH AVE NE 2 1 #5335200265 #5335200005 3 #5335200255 Roosevelt Way NE Residential, Multifamily, Low-rise 2 - LR2 Click for Detailed Zoning Description Two to three-story low-rise apartment building or townhouses with a density limit of one unit per 1,200 square feet of lot area and a maximum of 40% lot coverage (50% for townhouses). An average of 30% of lot area is required for open space for apartments; or 300 square feet per unit for ground-related housing.
AERIAL Bellevue Laurelhurst Lake Washington NE 50th Street Roosevelt Way NE Seattle Public Library University Playground I-5 Interchange - 1 block
MULTI-FAMILY DEVELOPMENT AERIAL 1. 5637 University Way NE Size: 31 units Lot Size: 4,995 SF Zoning: NC2P-40 2. 5247 University Way NE Size: 59 units Lot Size: 7,440 SF Zoning: NC3P-65 3. 5300 Roosevelt Way NE Size: 52 units Lot Size: 8,526 SF Zoning: NC2-40 >> There are currently 364 units under construction and over 1,700 units planned 1 4. 5039 11th Avenue NE 5. 5001 Brooklyn Ave NE 6. 5000 University Way NE Size: 51 units Lot Size: 4,500 SF Zoning: MR (M1) Size: 60 units Lot Size: 5,008 SF Zoning: NC3-65 Size: 111 units Lot Size: 26,052 SF Zoning: NC3P-65 3 2 7. 5020 15th Ave NE 8. 5014 15th Ave NE 9. 4738 15TH AVE NE Size: 31 units Lot Size: 4,320 SF Zoning: LR-3 10. 4726 15th Ave NE Size: 129 units Lot Size: 71,112 SF Zoning: NC 2-65/LR3 (Requires Contract Rezone) 13. 4524 7th Ave NE Size: 59 units Lot Size: 4,815 SF Zoning: MR Size: 30 units Lot Size: 4,322 SF Zoning: LR-3 11. 4700 Brooklyn Ave NE Size: 250 units Lot Size: 16,462 SF Zoning: S MU 75/240 (M1) 14. 4510 11th Ave NE Size: 201 units Lot Size: 22,016 SF Zoning: NC3-85 Size: 133 units Lot Size: 29,934 SF Zoning: NC2-65 12. 4555 Roosevelt Way NE Size: 168 units Lot Size: 106,043 SF Zoning: NC3-85 15. 1121 NE 45th St Lot Size: 11,113 SF Zoning: NC3-85 12 4 5 11 6 7 8 10 9 16. 4710 20th Ave NE 17. 4544 20th Ave NE 18. 4245 Brooklyn Ave NE 13 Size: 52 units Lot Size: 8,819 SF Zoning: LR3 Size: 31 units Lot Size: 4,000 SF Zoning: LR3 Size: 180 units Lot Size: 16,480 SF Zoning: NC3-65 14 15 19. 4230 11th Ave NE 20. 4218 Roosevelt Way 21. 4252 8th Ave NE Size: 98 units Lot Size: 8,240 SF Zoning: MR 22. 4239 8th Ave NE Size: 52 units Lot Size: 5,000 SF Zoning: MR (M1) Size: 110 units Lot Size: 16,020 SF Zoning: C1-65 23. 4229 7th Ave NE Size: 23 units Lot Size: 3,700 SF Zoning: LR3 Size: 20 units Lot Size: 3,325 SF Zoning: LR3 24. 818 NE 42ND ST Size: 33 units Lot Size: 5,000 SF Zoning: MR (M1) 23 21 22 20 19 18 25. 4046 8th Ave NE 26. 4048 7th Ave NE 24 Size: 37 units Lot Size: 4,160 SF Zoning: LR3 Size: 80 units Lot Size: 8,000 SF Zoning: MR-85 (M1) Proposed Under Construction N 26 25
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3 104 307 DEMOGRAPHICS Poulsbo 526 1 mile Population 2 miles 3 miles 2000 Population 39,677 100,257 204,659 2010 Population 44,778 109,968 222,821 2017 Population 52,581 124,419 251,254 Median Household Income 1 mile 2017 Median Household Income $48,176 $73,850 $79,155 2022 Median Household Income $55,324 $89,031 $95,365 2.81% 3.81% 3.80% 2017-2022 Annual Rate Projection Average Household Income 2017 Average Household Income 2 miles 1 mile 2 miles Bainbridge Island 2022 Average Household Income Projection 2017-2022 Annual Rate Projection 99 Kirkland 3 miles R 3 miles $117,074 $119,020 $103,366 $134,573 $137,526 2.66% 2.83% 2.93% 2 miles 3 miles 3 miles Per Capita Income 1 mile 2017 Per Capita Income $36,663 $51,836 $55,546 2022 Per Capita Income Projection $41,842 $59,504 $64,049 2.68% 2.80% 2.89% 2017-2022 Annual Rate Projection 5 $90,651 2 miles Woodi 1 mile Seattle 405 Bellevue
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CONTACT INFO: PAUL SLEETH Executive Managing Director Direct: 206.518.9547 paul.sleeth@ngkf.com BILLY SLEETH Executive Managing Director Direct: 206.518.9567 billy.sleeth@ngkf.com 1420 Fifth Avenue, Suite 2150 Seattle, WA 98101 17-1454_10/17