Offering Memorandum FREMONT URBAN HUB DEVELOPMENT SITE 3612 Greenwood Ave N Seattle, WA Exclusively offered by Paragon Real Estate Advisors 1
Offering Summary Paragon Real Estate Advisors is pleased to offer for sale the Fremont Urban Hub Development site. This is a unique opportunity to buy a 2,750 squaer foot LR2 zoned development site in an unbeatable Center of the Universe location. Suitable to build townhouses or apartment units. The Urban Hub designation allows greater flexibility in design along with no parking or density requirements. Currently the site contains a rent ready 2 bd/ 1 bth single family residence. A buyer can landbank or remodel the exiting structure and/or add a floor. Conveniently located to several very large employers including the Google and Adobe campuses. Minutes to the tech employment mecca located in South Lake Union and Downtown Seattle. Name Fremont Hub Development Site Address 3612 Greenwood Ave N, Seattle WA 98103 Lot Size 2,750 Square Feet Zoning LR2 Price $675,000 Price Per Lot Sq.Ft. $245.45 Current Use 2 Bd/1 Bth Single Family Residence Built 1900 Square Feet 1,440 Total Net Rentable Terms Cash Out FREMONT HUB DEV SITE 2
Investment Highlights Located withing the Fremont Hub Urban Village No parking requirements or density limits on development Center of the Universe location Walk Score of 93, a true walker s paradise Great townhouse or micro site LR2 zoning Steps to Adobe & Google offices Potential to remodel house with additional story 3
Neighborhood Map BALLARD FREMONT URBAN HUB DEV SITE GREEN LAKE FREMONT U DISTRICT MAGNOLIA QUEEN ANNE LAKE UNION SOUTH LAKE UNION PUGET SOUND SEATTLE CBD 4
Fremont This artsy neighborhood on the north shore of the Lake Washington Ship Canal thrives with its bohemian vibe and quirky claims to fame. Here visitors may encounter a super-sized troll dwelling under the Aurora Bridge and topiaries taking on the form of dinosaurs. In addition, other landmarks include the Fremont Rocket, a Fairchild C-119 tail boom modified to resemble a missile, and the outdoor sculpture, Waiting for the Interurban. Since the early 1970s, Fremont residents have been referring to their neighborhood as The Center of the Universe which also appears on a large welcome sign for the neighborhood. An unofficial motto De Libertas Quirkas or Freedom to be Peculiar appears in brochures and websites about the area. The Burke-Gilman Trail winds through Fremont, providing scenic, waterside strolls or bike rides toward Ballard to the West or Gas Works Park to the East. Fremont is home to a slew of Seattle s largest employers. Adobe Systems Seattle offices, Tableau Software s headquarters, BEA Systems Seattle office, golf and daywear label Cutter & Buck s corporate headquarters, and Brooks Sports headquarter are all located in this eclectic neighborhood. Google opened offices here in 2006, and the parent company of Geocaching.com is headquartered in Fremont as well. Fremont has several breweries including Hale s Ales brewery and the Fremont Brewing. The original Redhook breweries were located in Fremont until their closures in 1988 and 2002, respectively. You can also grab an amazing sandwich at Paseos, eat a freshly made pie at Pie, slurp a bowl of Pho at Lucky s, or sit down for creative Mexican cuisine and a killer margarita at el Camino. On 34th Street, the vibrant Fremont Sunday Market fills the area with artwork and tasty eats from local vendors. Sweets-craving visitors should definitely put a tour of Theo Chocolate at the top of their list. After the sun sets, musicians rock out at High Dive and Fremont Abbey Arts Center, a champion of homegrown talent. And, of course, there s the annual Fremont Fair and the infamous Solstice Parade during which cyclists don their birthday suits for a body-painted bike ride. 5
Employment Greater Seattle excels at the industries of the future - the region is a center of innovation and 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. Greater Seattle is also a leading center for information and communications technology, bolstered by industry pioneers such as Microsoft and Amazon. As a result, our region has emerged as a world leader in cloud computing and data visualization, and ranks 4th as a global startup hub ahead of New York and Boston. > > Adobe > > Alaska Airlines > > Amazon > > Apple > > AT&T Wireless > > Boeing > > Costco > > Expedia, Inc. > > Expeditors International > > F5 Networks > > Facebook > > Fred Hutchinson > > Gates Foundation > > Getty Images > > Google > > Microsoft > > Nintendo > > Nordstrom > > Paccar > > RealNetworks > > REI > > Russell Investments > > SpaceX > > Starbucks > > Symetra Financial > > Tableau Software > > T-Mobile > > Twitter > > Uber > > University of Washington > > Virginia Mason > > Weyerhaeuser > > Zillow > > Zulilly 6
Improvements Turn of the century two bedroom, one-bath home is situated on a 2,750 square foot lot currently zoned LR2. The buildings main floor consists of 1,060 square feet of living space providing two bedrooms and one full bathroom. The 380 square foot lower level provides a laundry area and has the potential to add an additional bedroom. Do not street appraise! This home is well maintained and move in ready. Landbank or rent and reap the benefits of positive cash flow while navigating the design and permitting process. This property is located within the Fremont Hub Urban Village. This designation allows for more flexible development opportunities including no parking requirements or density limits. 7
Fremont Urban Hub Map 8
Operating Summary Lot Size: 2,750 Sq.Ft. Zoning: LR2 - Fremont Hub Urban village Price: $675,000 Price/Sq.Ft.: $245.45 Current Use: SFR (1,440 Sq.Ft.) FAR: 1:3 Best Use: Redevelop with Townhouse or mico units Max Buildable: 3,575 Sq.Ft. Estimated Project Value: $2,055,625 Parking: No Requirement 9
Paragon Real Estate Advisors ABOUT PARAGON Paragon Real Estate Advisors is the leading Seattle real estate investment firm for multifamily property sales in Washington State. We have accrued over $3 billion in sales and have closed nearly 1,700 successful real estate transactions. We are locally owned, client-focused and highly experienced. When it comes to apartments and investment real estate in the Puget Sound region, we are the smart choice to partner with. At Paragon, we build long-term partnerships that help our clients reach their long- and short-term real estate investment goals while maintaining maximum profitability for them. Our brokers have an in-depth knowledge of the Washington state real estate market, particularly in the greater Seattle area and the I-5 corridor, that comes from more than 20 years experience in the industry. Paragon s unique focus on sharing knowledge, teamwork and collaboration within the brokerage industry leverages our collective intellect for all our clients. Our brokers provide superior customer representation through our innovative and effective marketing campaigns, co-brokerage, skilled negotiations, and ongoing partnerships. The information found in this offering memorandum has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 10