124 & 130 5TH AVENUE NORTH, SEATTLE, WA 98109 MID RISE ZONING DOWNTOWN SEATTLE DEVELOPMENT SITE Elliott Bay DOWNTOWN SEATTLE BELLTOWN QUEEN ANNE SEATTLE CENTER DENNY PARK SOUTH LAKE UNION OFFERING MEMORANDUM
The site presents an excellent opportunity for development of a hotel or multifamily project. Zoning allows for 85-foot development. The site currently operates as a surface lot for short-term parking and also includes a 3,742 square-foot vacant office building. Current ownership has retained Ankrom Moisan Architects to conduct a feasibility study for residential use with the current zoning and the pending up-zone. Ankrom Moisan envisions a 98-unit project with units averaging 720 square feet under current zoning. Under the pending up-zone, Ankrom Moisan projects over 150 units. Please refer to Ankrom Moisan Architects feasibility study in CBRE s download center for more details. SITE SUMMARY Lot Size 13,560 SF per King County Tax Records Address 124 & 130 5th Avenue North, Seattle, WA 98109 Parcel No. 199120-0260 & 1999120-0255 Frontage 5th Avenue North Zoning SM-85 Urban Village Overlay Uptown Urban Center 2 BROAD STREET JOHN STREET
STELLAR LOCATIONS : SOUTH LAKE UNION The 5th and John location, which is across the street from Seattle Center and virtually next door to The Gates Foundation, lies at the edge of the South Lake Union neighborhood and is unparalleled in terms of proximity to significant employment centers, urban activities, education facilities and modes of transportation. It also has become a preferred lifestyle location and highly-activated pedestrian friendly neighborhood with numerous recreational amenities as well as eateries and entertainment. Significant retailers are just blocks away, including Whole Foods, West Elm and Ligne Roset. Numerous nearly restaurants include Cactus, Cuocu, Flying Fish, Crow, Serious Pie and Portage Bay Cafe, as well as several athletic facilities, including Orange Theory, Flow Fitness and Flywheel Sports. LOCAL ATTRACTIONS Seattle Center and MoPOP Waterfront 3 Pike Place Market Seattle Aquarium Great Wheel Retail Core MOHAI Denny Park Myrtle Edwards Park Olympic Sculpture Park Lake Union Park
NEW AMAZON HEADQUARTERS 3 towers + biodome 5 SEATTLE CBD Elliott Bay BELLTOWN DENNY PARK 4 SOUTH LAKE UNION SEATTLE CENTER FUTURE HIGHWAY 99 TUNNEL / NORTH PORTAL 99
DYNAMIC SEATTLE MARKET Seattle s multifamily markets continues to strengthen. The metro s economy is driven by the thriving technology and life sciences sectors. Tech giants such as Facebook, Microsoft, Apple, Google and Amazon are expanding their activity in the city, making Seattle an attractive livework-play environment and a top U.S. office market. Commercial development is expanding in the Puget Sound submarkets as young professionals are hired by major employers, placing these development sites at the epicenter of a thriving economy. 7.2% rent growth MSA and #4 in the nation 60,000 YOY job growth SURROUNDED BY SIGNIFICANT JOB GROWTH The site is surrounded by an explosion of high-paying job growth. Tenants are earning entry level salaries as high as $120,000, plus signing bonus. Tenants are from a wide range of employers, including Amazon, Microsoft, Facebook, and the University of Washington. A diverse employee population includes life science and global health researchers, software and fashion designers, advertising and marketing professionals, engineers, and architects. Expansions and new commercial development are announced on an almost weekly basis. The Seattle CBD currently includes approximately 215 million square feet of commercial space; another 6.7 million square feet is under construction or in planning for completion by 2020. The new space will provide capacity for adding over 38,434 employees to the downtown Seattle area (based on the industry standard 175 square feet per employee). 1 million additional residents in Puget Sound by 2040 5 96.4% occupancy (Seattle MSA) 3.5% unemployment in Seattle 41,000 available jobs 25,000 in tech Less than 88 condos for sale downtown and 260 in all of Seattle $80,000 median household income in Seattle $176.16 average RevPAR for upper-priced hotels in the CBD
CENTRAL TO EVERYTHING The site is a short distance from the downtown retail core, which is home to 1,500 retailers including department stores, national and international retailers, local boutiques, furniture galleries, designer shops, and specialty stores. The location also provide a significant competitive advantage for access to transportation. The RapidRide bus, access to Seattle Street Car, Link Light Rail and Microsoft Connector buses are within blocks from the property. All of these factors will become increasingly important as the downtown area continues to grow. With Walk Scores of 96 and Transit Scores of 99, the best of everything in Seattle is within easy reach. CBRE EXCLUSIVE AGENTS JON HALLGRIMSON Executive Vice President 206.292.6110 jon.hallgrimson@cbre.com OFFICE MULTIFAMILY ELI HANACEK Executive Vice President 206.292.6147 eli.hanacek@cbre.com HOTEL FRANK BOSL Senior Vice President 206.292.6138 frank.bosl@cbre.com TOM PEHL Senior Vice President 206.442.2722 tom.pehl@cbre.com CHRIS BURDETT Senior Vice President 206.292.6070 chris.burdett@cbre.com MATT BEHRENS Associate 206.292.6175 matthew.behrens@cbre.com For more information on 5th & John, visit our website at: www.cbre-5thandjohn.com 2017 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.