seattle development opportunity...seattle bellevue redmond kirkland woodinville bainbridge island...

Seattle CBD

University Of Washington

Wallingford

U District Light Rail Station (under construction,

expected to open in 2021)

50th & I-5 Interchange

NE 50th StreetRoosevelt Way NE

Roosevelt Way NE

911 NE 50th Street, Seattle, WA 98105

D E V E L O P M E N T O P P O R T U N I T YSEATTLE

REGIONAL AERIAL

U-DISTRICT

UNIVERSITY OF WASHINGTON

ROOSEVELT

RAVENNA

LAURELHURSTWALLINGFORD

GREEN LAKE

BALLARD

QUEEN ANNE

CAPITOL HILL

SEATTLE CBD

SOUTH LAKE UNION

MADISON PARK

FREMONT

LAKE WASHINGTON

PUGET SOUND

Roosevelt W

ay NE

NE 50th Street

AERIAL

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 Best Offer

NOI None

Building Area 9,487 SF

Land Area 18,000 SF

Financing Free and Clear

Address 911 NE 50th Street, Seattle, WA 98105

Year Built 1925

Parcel Number(s) 533520-0005, 533520-0265, 533520-0255

• 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

UNPARALLELED LOCATION

PROMINENT CORNER LOCATIONHard corner with frontage along Roosevelt and 50th, providing multiple points of access and superior asset visibility.

ATTRACTIVE ZONINGZoning is flexible and allows for various residential and commercial uses.

ATTRACTIVE DEMOGRAPHICSOver 502,000 people within a five-mile radius, with average incomes over $108,000.

ELITE TRADE AREAThe 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 INTERSECTIONLocated 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 WASHINGTONOver 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 STATIONLocated 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.

HIGHLIGHTS

HISTORICAL LANDMARKThe Seven Gables Theater Building (parcel 1 above) was recently designated as a historical landmark by the City of Seattle.

ZONING SUMMARYNeighborhood 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.

Parcel # Land SF Building SF Current Zoning 1 533520-0005 6,750 9,487 NC3-652 533520-0265 6,750 0 LR2

3 533520-0255 4,500 0 LR2

Total SF 18,000 9,487

SITE DESCRIPTION

#5335200005#5335200265

#5335200255

Roo

seve

lt W

ay N

E

NE 50th Street

2 1

3

9TH

AV

E N

E

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.

Bellevue

Lake Washington

University Playground

Laurelhurst

I-5 Interchange - 1 block -->

Seattle Public Library

Roosevelt W

ay NE

NE 50th StreetRooseve

lt Way N

E

AERIAL

MULTI-FAMILY DEVELOPMENT AERIAL

58

109

11

12

4

3

13

14

16

18

20 22

23

24

7

2

1

6

15

17

1921

N 2526

1. 5637 University Way NE

Size: 31 units Lot Size: 4,995 SF Zoning: NC2P-40

4. 5039 11th Avenue NE

Size: 51 units Lot Size: 4,500 SF Zoning: MR (M1)



3. 5300 Roosevelt Way NE

Size: 52 units Lot Size: 8,526 SF Zoning: NC2-40

13. 4524 7th Ave NE

Size: 59 units Lot Size: 4,815 SF Zoning: MR

17. 4544 20th Ave NE

Size: 31 units Lot Size: 4,000 SF Zoning: LR3

21. 4252 8th Ave NE


25. 4046 8th Ave NE


18. 4245 Brooklyn Ave NE


22. 4239 8th Ave NE


26. 4048 7th Ave NE

Size: 80 units Lot Size: 8,000 SF Zoning: MR-85 (M1)

19. 4230 11th Ave NE

Size: 98 units Lot Size: 8,240 SF Zoning: MR

23. 4229 7th Ave NE


20. 4218 Roosevelt Way

Size: 110 units Lot Size: 16,020 SF Zoning: C1-65

24. 818 NE 42ND ST


14. 4510 11th Ave NE


15. 1121 NE 45th St

Lot Size: 11,113 SF Zoning: NC3-85

16. 4710 20th Ave NE




8. 5014 15th Ave NE

Size: 30 units Lot Size: 4,322 SF Zoning: LR-3



7. 5020 15th Ave NE

Size: 31 units Lot Size: 4,320 SF Zoning: LR-3

9. 4738 15TH AVE NE


12. 4555 Roosevelt Way NE


10. 4726 15th Ave NE

Size: 129 units Lot Size: 71,112 SF Zoning: NC 2-65/LR3 (Requires Contract Rezone)


Size: 250 units Lot Size: 16,462 SF Zoning: S MU 75/240 (M1)

Under ConstructionProposed

Seven Gables Development Aerial

>> There are currently 364 units under construction and over 1,700 units planned

AERIAL

DEMOGRAPHICS

307

99

160

405

203

5

2

9

526

520

1043

Seattle Bellevue

Redmond

Kirkland

Woodinville

BainbridgeIsland

Poulsbo

Issaquah

Woods Creek

Edmonds

3 miles

2 miles

1 mile

Population 1 mile 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 2 miles 3 miles

2017 Median Household Income $48,176 $73,850 $79,155

2022 Median Household Income $55,324 $89,031 $95,365

2017-2022 Annual Rate Projection 2.81% 3.81% 3.80%

Average Household Income 1 mile 2 miles 3 miles

2017 Average Household Income $90,651 $117,074 $119,020

2022 Average Household Income Projection $103,366 $134,573 $137,526


Per Capita Income 1 mile 2 miles 3 miles

2017 Per Capita Income $36,663 $51,836 $55,546

2022 Per Capita Income Projection $41,842 $59,504 $64,049


AERIAL

PAUL SLEETHExecutive Managing DirectorDirect: [email protected]

BILLY SLEETHExecutive Managing DirectorDirect: [email protected]

1420 Fifth Avenue, Suite 2150 | Seattle, WA 98101 17-1454_10/17

CONTACT INFO:

seattle development opportunity...seattle bellevue redmond kirkland woodinville bainbridge island...

Documents