Offering Memorandum 185th & Meridian Ave N - MUR 45 Development Site - Shoreline, WA 98133 Image Courtesy of Google Maps Exclusively Offered by: Chris Haynes - Direct: (206)-353-0134
Offering Summary Shoreline Upzone - Chris Haynes and JC Gagnaire are pleased to offer for sale the 185th and Meridian Ave N Development Site. The assemblage consists of 3 parcels totaling 27,235 square feet of MUR-45 zoned land, a 70+ unit apartment site. The close proximity to the proposed 185th Street Light Rail Station and Aurora Transportation Corridor makes this location ideal to many future developments. The city of Shoreline has been experiencing job growth of 1.69% yearly with a projected 38% growth for the next ten years. The Light Rail Expansion projected for completion in 2023 will bring with it economic development and rapid growth in population as businesses, jobs and industries flock to the area. The subject property represents a great and rare opportunity and to acquire a piece of prime real estate, strategically located in a fast growing city and poised to reap the benefts and profts of a heavily trafficked area full of current public transportation options. Profits are estimated to increase by up to 10% as the opening of the 185th Street Light Rail Station nears. Name: 185th & Meridian Ave N Development Site Parcel Numbers: 3705900004, 3705900012, 3705900009 Lot Size: 27,235 SqFt Zoning: MUR-45 Price: $2.95M Price/SF: $108.32 Current Use: 3 Single Family Residences Image Courtesy of Google Maps Chris Haynes - Direct: (206) 253-0134
Investment Notes Permitted Uses The MUR-45 zone would allow housing styles such as row-houses, town-homes, apartments; and commercial uses including: live/work lofts, ground- floor commercial with residential units above, senior care facilities, and professional offices. Setbacks 15 feet off N 184th Street. 5 feet off West and North sides. 2 feet off Meridian Ave N. Height Limitations 45 feet measured at the center point of the building. An additional 15 feet is permissible for rooftop amenities. The 45 feet does not include access stairs and elevators to the roof. Base height may be exceeded by 15 feet for roof-top structures such as arbors, shelters, BBQ enclosures and other structures that provide open space amenities. Open Spaces Required: 3,800 SF - 50 SF of open space per dwelling unit or 800 SF per development. Provided in initial feasibility: 6,000 SF Max 90% hardscape - 76 unit apartment site. Chris Haynes - Direct: (206)-353-0134
Investment Highlights 0.55 miles from the future 185th Street Light Rail station, 0.5 miles to Aurora Ave N Transportation Corridor 19 minutes to Seattle via the future light rail line from 185th Bus stop on N 185th Street with Connections to North Seattle, Richmond Beach, Mountlake Terrace, Horizon View, and First Hill Close proximity to multiple parks Retailers nearby include Costco and Sam s Club, Fred Meyer and Starbucks Aurora Ave N nearby features Main Street core with local establishments including Thai Bistro, Bartells, Fred Meyer, and more High visibility location with high daily traffc counts Northgate Light Rail Station opens in 2021 Chris Haynes - Direct: (206) 253-0134
Neighborhood Map Courtesy of City of Shoreline www.shorelinewa.gov. Chris Haynes - Direct: (206)-353-0134
Location Highlights 11 miles to Downtown Seattle 0.55 miles to the proposed 185th Light Rail Station 0.5 mile to Aurora Ave N Transportation Corridor More than 400 acres of park land and open space offer a variety of enriching recreation and outdoor experiences Shoreline farmers market is at Aurora Village Plentiful public transportation options make commuting into the downtown core quick and easy Aurora Village has a community renewal area designation, future vision similar to The University Village in North Seattle Less than 2 blocks from Cromwell Park 8 miles to the University of Washington, 10 miles to Seattle Pacifc University, 11 miles to Seattle University Access to Interurban walking and bicycling trail from 185th Chris Haynes - Direct: (206) 253-0134
Shoreline Population: 54,774 Male: 49% Female: 51% Single: 54% Married: 46% Median household income: $66,020 Owner Occupied :62.7% Renters: 37.3% Median 1 Bd/1 Bth Rent: $1,403 Median 2Bd/1 Bth Rent: $1,929 TOP JOB SECTORS: * Administrative: 12.6% Management: 10.9% Sales: 9.8% Educational: 5.8% Food Service: 5.8% Financial: 5.7% Production: 5.1% Personal Care: 4.9% Comp/Mathematical: 4.6% Health Practitioners: 4.3% Construction: 4.0% Maintenance: 2.4% Arts and Recreation: 3.1% Social Services: 2.8% * datausa.io/profle/geo/shoreline-wa/ - As of 2015 Shoreline is Seattle s closest neighbor to the North. The two cities are basically linked together with minimal physical or geographical barrier in between. This is why Shoreline is appealing for commuters and anyone who wants to claim North Seattle as their home. Shoreline has a unique history and character derived from original settlements dating back to the late 1800s. The quality that brought early settlers to the area remains the same to this day: location. The City of Shoreline offers classic Puget Sound beauty and the convenience of suburban living with the attractions of nearby urban opportunities. From stunning views of Puget Sound to many community activities such as indoor swimming, nature trails and beach access, Shoreline s more than 400 acres of park land and open space offer a variety of recreation and outdoor experiences. The city recently invested $18.5 million to improve its parks, which include saltwater shoreline, a botanical garden, an interurban trail and hiking trails, and newly improved athletic felds, courts and playgrounds. Shoreline shares its south border with Seattle and downtown Seattle is approximately 9 miles away. Public transportation is readily available and easy to access. Metro Transit, Community Transit and Sound Transit all provide services to the surrounding communities and to the central business district. Chris Haynes - Direct: (206)-353-0134
Sound Transit Link Lightrail The Northgate Link Extension will connect the Northgate, Roosevelt and U District neighborhoods to downtown Seattle and the airport. The elevated Northgate Station will be located east of 1st Ave NE, spanning NE 103rd Street. Station entrances will be on the Northgate Mall property north of NE 103rd Street and near the Northgate Transit Center south of NE 103rd Street. Construction is currently underway and this station is slated to open in 2021. The Sound Transit Lynnwood Link Extension Light Rail Project will give riders a fast, frequent and reliable connection through some of the worst traffc congestion in Washington State. This extension builds four new light rail stations from Northgate to Lynnwood along the I-5 corridor, two of which will be located in Shoreline, one at 148th Street and the other at 185th Street. These stations will provide access to the Northgate Mall, bus transfers at the transit center, adjacent park-and-ride facilities, North Seattle Community College and nearby homes and businesses. Sound Transit anticipates the project starting construction in 2018 and opening for service in 2023 with daily projections estimating between 63,000 and 74,000 riders each weekday by the year 2035. With trains arriving every 4 to 5 minutes riders can expect a 16 minute commute from the station at 145th and downtown Seattle. These transit times will save approximately 14-16 min during peak morning commute times. Chris Haynes - Direct: (206) 253-0134
Existing Transit Routes Chris Haynes - Direct: (206)-353-0134
Daily Traffic Volume Courtesy of City of Shoreline www.shorelinewa.gov. Chris Haynes - Direct: (206) 253-0134
Proposed Future Land Use Map Chris Haynes - Direct: (206)-353-0134 Courtesy of City of Shoreline www.shorelinewa.gov.
Zoning Map 185th and Meridian Ave N - MUR Zone - Aurora to 1-5 Chris Haynes - Direct: (206) 253-0134 Courtesy of City of Shoreline www.shorelinewa.gov.
Employment Information and graphics courtesy of https://datausa.io/profile/geo/shoreline-wa/ Chris Haynes - Direct: (206)-353-0134
Employment Greater Seattle is a leader at the most current and successful industries. The region features some of the world s top global brands. Our aerospace industry is one of the largest in the world, home to Boeing Commercial Airplanes and over 800 aerospace firms that employ 17% of all aerospace workers in the United States. Seattle is also a leading center for information and communications technology, lead by industry pioneers such as Microsoft and Amazon. Adobe Alaska Airlines Amazon Apple AT&T Wireless Boeing Costco Expedia, Inc. Facebook Fred Hutchinson Gates Foundation Google Microsoft Nintendo Nordstrom REI Starbucks T-Mobile Twitter Uber University of Washington Virginia Mason Weyerhaeuser Zillow Zulilly Chris Haynes - Direct: (206) 253-0134
Employment Outlook The Seattle metro area is currently showing positive job growth, with a 2.9% gain in employment, which represents an increase of 43,000 new jobs. Downtown Seattle ranks 12th among the 231 major employment markets in the U.S. for job density, and that ranking is expected to rise. In February 2015, the unemployment rate in Seattle, hit the ideal rate of 4.4%. Economists consider anything under 5% full employment. Employment at software publishers is up 4 percent from a year ago, at a 3.4 percent gain at hospitals. In South Lake Union, Amazon s new 3.3 million square foot headquarters is currently under construction. The project is estimated to bring an additional 23,000 Amazon employees to the area, bringing Amazon s total employment near 50,000. Amazon is expected to occupy a total of 10 million square feet of office space by 2019. Other top area employers include Zulily and the Bill and Melinda Gates Foundation which are all centrally located. Chris Haynes - Direct: (206)-353-0134
Parcel Map 1846 N. 184th St. Shoreline, WA 98133 18409 Meridian Ave N. Shoreline, WA 98133 18403 Meridian Ave N. Shoreline, WA 98133 Map Courtesy of King County.gov Chris Haynes - Direct: (206) 253-0134
Development Potential Chris Haynes - Direct: (206)-353-0134
Development Potential Addresses: 1846 N. 184th St. Shoreline, WA 98133 8409 Meridian Ave N. Shoreline, WA 98133 18403 Meridian Ave N. Shoreline, WA 98133 Chris Haynes - Direct: (206) 253-0134
Development Potential Site Plan Chris Haynes - Direct: (206)-353-0134
Development Potential Chris Haynes - Direct: (206) 253-0134
Development Potential Chris Haynes - Direct: (206)-353-0134
Development Potential Chris Haynes - Direct: (206) 253-0134
Development Potential Chris Haynes - Direct: (206)-353-0134
Sales Comparables Property Lot Size Zoning Price $/Lot Sq.Ft. Sales Date 185th And Meridian Ave N Dev Site 27,235 MUR-45 $2,950,000 $108.32 TBD 1846 N. 184th St 18409 Meridian Ave N 18403 Meridian Ave N 1. 145th St Light Rail Dev Site 2348-2356 N 145th St 4513-14527 1st Ave NE 73,058 MUR-45 $7,695,000 $105.33 Sale Pending 2342-2355 N 147th St Shoreline 2. Greenwood Development Site 10712 Greenwood Ave N, Seattle 16,124 LR3 $2,350,000 $145.75 7/14/2017 3. Mixed-Use Development Site 11202 Roosevelt Way NE, Seattle 16,500 NC3-40 $1,800,000 $109.09 9/8/2016 4. Greenwood Development Site 9039-9041 Greenwood Ave N, Seattle 22,261 C1-40 $2,700,000 $121.29 6/15/2016 5.Georgian Motel 9901 Aurora Ave N, Seattle 113,770 C1-40 $1,349,000 $97.97 Sale Pending 6.Shoreline Development Site 14508 6th Ave NE, Shoreline 27,878 MUR-70 $4,250,000 $153.62 On the Market 7. 185th Street Townhouse Dev Site Shoreline 28,458 MUR-45 $2,300,000 $80.82 Sale Pending 8. 185th Street Dev Site 2334 N 185th St, Shoreline 18,836 MUR-45 $1,250,000 $66.36 Pending Feasibility Chris Haynes - Direct: (206) 253-0134
Sales Comparable Maps Property 185th And Meridian Ave N Dev Site 1846 N. 184th St 18409 Meridian Ave N 18403 Meridian Ave N 1. 145th St Light Rail Dev Site 2348-2356 N 145th St 4513-14527 1st Ave NE 2342-2355 N 147th St Shoreline 2. Greenwood Development Site 10712 Greenwood Ave N, Seattle 3. Mixed-Use Development Site 11202 Roosevelt Way NE, Seattle 4. Greenwood Development Site 9039-9041 Greenwood Ave N, Seattle 5.Georgian Motel 9901 Aurora Ave N, Seattle 6.Shoreline Development Site 14508 6th Ave NE, Shoreline 7. 185th Street Townhouse Dev Site Shoreline 8. 185th Street Dev Site 2334 N 185th St, Shoreline Chris Haynes - Direct: (206)-353-0134
Rent Analysis Property Type Average Rent Median Rent 80% 60% Studio $1,083 $1,020 $830 - $1350 $925 - $1,300 Single Bedroom $1,351 $1,350 $1,046 - $1,580 $1,225 - $1,500 2 Bedroom $1,671 $1,635 $1,295 - $2,108 $1,420 - $1, 853 Chris Haynes - Direct: (206) 253-0134 Information courtesy of Rentometer.com as of 12/12/2017
Rent Comparables Map Chris Haynes - Direct: (206)-353-0134 Information courtesy of Rentometer.com
Shoreline Upzone Chris Haynes & JC Gagnaire - Commercial Brokers Chris s local expertise and extensive real estate experience will benefit you whether you are serious about buying or selling a home at this time, or are a returning client checking out the many homeowner resources he offers. Chris considers the greater Seattle area an excellent place to reside and would love to share with you his enthusiasm for the many neighborhoods that encompass it. He prides himself on providing unparalleled service and looks forward to developing a long-term relationship with you. JC's wealth of experience and extensive knowledge of the greater Seattle area allows him to consistently identify key opportunities for his client. Whether it's establishing a marketing plan, showing a property or reviewing technical and legal points JC produces impressive results and takes every measure to assure that all of his clients' real estate goals are achieved. JC positions himself globally on the internet through various networking channels so he can act as a liaison between Seattle sellers and international buyers to help relocate executives and their families to the continuing emerging Seattle area. He has his clients' best interests in mind and uses strong perseverance to assure their real estate goals are achieved and he is a strong negotiator and persistent in negotiating the best results. Together, Chris & JC have more than eighteen years of combined experience, and they are currently working with local home builders and commercial developers. They have successfully completed transactions over $75,000,000, and their projects for 2017 are valued at over $17 million. Please consider that Chris & JC are viable counsel as Commercial Brokers with regards to the Shoreline Mixed Use Residential Zoning, and they would invite you the opportunity to utilize them as advocates and allow their expertise to be your resource. You would be offered access to their professional network, including attorneys, tax specialists, real estate builders and developers, among others, to help you meet your objectives. Chris Haynes - Direct: (206) 253-0134