Building Permit Imminent 3039 SW Avalon Way Seattle, WA 98126 TIM MCKAY O: +1 206 223 5586 Tim.McKay@Colliers.com DAN CHHAN O: +1 206 223 1265 Dan.Chhan@Colliers.com SAM WAYNE Associate Vice President O: +1 206 515 4498 Sam.Wayne@Colliers.com
EXECUTIVE SUMMARY 71-UNIT APARTMENT IN WEST SEATTLE - BUILDING PERMIT IMMINENT The Seattle Apartment Team of Colliers International, as exclusive listing brokers, presents a permitted, 71-unit apartment development site in West Seattle. The six-story structure provides parking for 18 vehicles below grade, and 5 floors of residential above grade, with a rooftop deck and amenity space. Future residents will appreciate abundant neighborhood amenities within walking distance, access to Frequent Transit Rapid Ride Bus service, and views of Downtown Seattle from upper floors and rooftop. A building permit will be delivered in 45 days, allowing a developer to break ground by spring of 2018, this would not be subject to proposed HALA/MHA development fees scheduled to take effect in late 2018. PROPERTY SUMMARY Address 3039 Southwest Avalon Way Seattle, Washington 98126 Parcel Numbers 929730-0725 Site Area 12,240 SF Zoning Mid-rise (MR) Unit Count 71 Average Unit Size 525 Unit Mix Studios 1 Open 1 Bedroom 24 1 Bedroom 41 2 Bedroom 5 Parking Count 18 Height 65 Stories 5 over 2 PRICING SUMMARY Price $4,000,000 P. 2 AVALON WEST
NEIGHBORHOOD AMENITIES AVALON WEST CALIFORNIA AVE SW SW OREGON ST SW GENESEE ST FAUNTLEROY WAY SW SW DAKOTA ST SW AVALON WAY AVALON WEST COLLIERS INTERNATIONAL, INC P. 3
INVESTMENT HIGHLIGHTS WALKABLE LOCATION IN WEST SEATTLE WITH ACCESS TO FREQUENT TRANSIT TRANSPORTATION 1 block from multiple bus lines and the Rapid Ride C line The Avalon West development opportunity has a Walk Score of 70, Very Walkable, and is easily accessible to the Alaska Junction and Luna Park. Just a half mile walk west is the heart of West Seattle s main commercial corridor, the Alaska Junction, and offers a wide array of restaurants, bars, coffee, grocery, fitness options and boutiques. West Seattle Golf Course and Luna Park are both less than half of a mile from the site. The Rapid Ride C Line offers express transportation to Downtown Seattle in 15 minutes, and stops within a block of the site at least four times per hour. TRANSIT TIMES UNDER 15 MINS TO DOWNTOWN UNDER 30 MINS TO SOUTH LAKE UNION UNDER 45 MINS TO UW BUILDING PERMIT ALLOWS DEVELOPER TO BREAK GROUND IN 2018 In a city like Seattle, where permitting can take two years and cost hundreds of thousands of dollars, the Avalon West opportunity allows a developer to begin construction by spring of 2018. The site has already received a Master Use Permit and a building permit can be delivered in 45 days. EFFICIENTLY DESIGNED UNITS WITH VIEWS Avalon West is permitted for 71 apartment units, with a mix of studios, open 1-bedrooms, 1-bedrooms, and 2-bedrooms, and an average unit size of 525 square feet. Units will have high end fixtures and finishes, including dishwashers and washer/dryers, with many units featuring views. Garage parking will be available for 18 cars, creating a premium on space and an opportunity to charge more than $100/space. A rooftop deck will provide a BBQ area, lounging space, and sweeping views of Downtown Seattle and Puget Sound to the north. P. 4 AVALON WEST
WEST SEATTLE LINK EXTENSION The West Seattle and Ballard Link Extensions will provide fast, reliable light rail connections to dense residential and job centers throughout the region while the new downtown Seattle Light Rail Tunnel provides capacity for the entire regional system to operate efficiently. Per the voter-approved ST3 plan, the representative project for the West Seattle Link Extension builds light rail from West Seattle s Alaska Junction neighborhood to downtown Seattle primarily on an elevated guideway with a new rail-only fixed span crossing of the Duwamish River. The West Seattle Link Extension will connect to existing Link service, continuing north to Lynnwood and Everett. FACTS Length: Ballard and Downtown Tunnel: 7.1 miles West Seattle to Downtown Seattle: 4.7 miles Stations: 14 stations (10 new and 4 expanded) Anticipated ride times: Ballard to Westlake: 15 minutes Alaska Junction to SODO: 10 minutes COLLIERS INTERNATIONAL, INC P. 5
TIM MCKAY O: +1 206 223 5586 M: +1 206 369 7599 Tim.McKay@Colliers.com DAN CHHAN O: +1 206 223 1265 M: +1 206 321 2047 Dan.Chhan@Colliers.com SAM WAYNE Associate Vice President O: +1 206 515 4498 M: +1 206 351 7656 Sam.wayne@Colliers.com COLLIERS INTERNATIONAL 601 Union Street, Suite 5300 Seattle, Washington 98101 +1 206 223 0866 www.colliers.com This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, express or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this documents and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). 2018. All rights reserved.