FOR SALE: $1,440,000orioncp.com/flyers/2302 Bonair Pl SW OM.pdfpurchased as part of the entire 6...

Scott ClementsP// [email protected]

David ButlerP// [email protected]

1218 Third AvenueSuite 2200Seattle, WA 98101

www.orioncp.com P// 206.734.4100Established in 2010





FOR SALE: $1,440,000ALKI BEACH TRIPLEX2302 BONAIR PL SW, SEATTLE, WA 98116 // ALKI BEACH NEIGHBORHOOD

2 // 2302 BONAIR PL SW

TABLE OF CONTENTS

// INVESTMENT SUMMARY PAGE// 3

// SITE OVERVIEW PAGE// 4

// PORTFOLIO OVERVIEW PAGE// 17

// MARKET OVERVIEW PAGE// 20

// DEMOGRAPHICS PAGE// 21


INVESTMENTSUMMARY

THE OFFERINGOrion Commercial Partners is excited to offer for sale the Triplex located at 2302 Bonair PL SW, Seattle WA. Built in 1927, this quaint Triplex consists of a 1 bedroom one bath 780 square foot unit on the ground floor and (2) 2 bedroom 1 bath units on the 2nd and 3rd floors each 1,020 Square Feet. The units on the 2nd and 3rd floors have unobstructed views of Puget Sound, The Olympic Mountains and Elliott Bay. This rare opportunity is priced at $510.64/SF and can also be purchased as part of the entire 6 property portfolio (details in Portfolio section).

Address2302 BONAIR PL SW, SEATTLE, WA 98116

Offering Price $1,440,000

% Pro-Forma Cap Rate

4.75%

Price/Unit $480,000

Total Bldg SF 2,820

Price/SF Building $510.64

Total Land Area 4,666 SF

Price Per Square Foot Land

$308.62

Zoning LR2 (M)

Year Built 1927

Portfolio Price 21,081,000


SITE OVERVIEW

LR2 (M) ZONINGAreas characterized by multifamily housing types in existing small-scale multifamily housing types, which are similar in character to single family zones. Most appropriate outside of Growth Areas.

STRATEGIC LOCATIONThis location is in one of Seattle’s most desired neighborhoods due to its incredible views, sandy beaches and quaint commercial core just to the west. There is also convenient access to public Transit all along Alki Avenue SW.

STRONG DEMOGRAPHICSAlki is one of King County’s most diverse neighborhoods with a population just below 27,000. The median age is 45 years old. There are over 7,000 people living within a 1-mile radius of the subject property and over 25,000,000 people within a 3-mile radius. The 2020 average household income, over a 1-mile radius, is roughly $130,000.


SITE OVERVIEWPROPERTY PHOTOS


SITE OVERVIEWFLOORPLANS - BASEMENT


SITE OVERVIEWFLOORPLANS - MAIN


SITE OVERVIEWFLOORPLANS - UPPER FLOOR


SITE OVERVIEWPROPERTY PHOTOS

SUBJECT PROPERTY


SITE OVERVIEWALKI BEACH AMENITIES MAP

SUBJECT PROPERTY

ALKI ART STUDIO

CHRISTO’S

COASTAL

W. SEATTLE BREWING CO

AMPERSAND CAFE

STATUE OF LIBERTY PLAZA

DUKE’S CHOWDER HOUSE

-PEPPERDOCK HAMBURGER-EL CHUPACABRA-HOMEFRONT ICE CREAM-ALKI SURF SHOP

WHEEL FUN RENTALS

SPUD FISH & CHIPSBLUE MOON

BURGER

5 MINUTE WALK

1 MINUTE WALK

ALK

I AVE

SW

ALKI BEACH


SITE OVERVIEW AREA AERIAL

ALKI

1

Me-Kwa-Mooks Park

SchmitzPark

Jack BlockPark

Alki A

ve S

W

ELLIOTT BAY

DU

WA

MISH

WA

TERW

AY

HARBOR ISLANDINDUSTRIAL

DISTRICT WEST

Califo

rnia Ave SW

Fauntleroy Way

West M

arginal W

ay

SW A

dmiral W

ay

Harbor Ave SW

35th Ave SW

Delrid

ge W

ay

1st Ave S

4th A

ve S

Airp

ort W

ay

SW Alaska St

THE JUNCTION

ADMIRAL DISTRICT

West SeattleGolf Course

F

99

99

5

5

DELRIDGECamp Long

Puget Park

32

4

Alki Bea

ch Park

Seacrest Park

B

A

C

D E

G

I

J

SW A

valo

n W

ay

ALKIAlki CafeAlki Kayak Tours

A Alki Point Lighthouse Alki Spud Fish & ChipsAmpersand CafeBlue Moon BurgersB Cactus Restaurant Christo’s Duke’s Chowder HouseEl ChupacabraLa RusticaMarination Ma KaiPegasus PizzaPepperdock RestaurantSalty’s on AlkiSeacrest Ferry DockSunfishTop Pot DoughnutsWheel Fun RentalsWest Seattle Brewing Co.

ADMIRAL DISTRICTC Admiral Theater Admiral BirdAdmiral PubBartell DrugsCirca RestaurantJack in the BoxLuna Park CafeMcDonald’sMetropolitan MarketMioposto PizzariaMission CantinaMudbayProst!Safeway/Gas

THE JUNCTIONAzuma SushiD Bakery NouveauThe Beer JunctionChipotle Easy Street RecordsElliott Bay BreweryGreat Harvest BreadHusky’s Ice CreamMa’onoMashiko Sushi BarThe Matador Restaurant & BarPagliacci PizzaQFCSafewayShadowland EateryE StarbucksTalarico’s Pizzaria & LoungeF Trader Joe'sWest Five Lounge & RestaurantWest Seattle BowlW.S. Family YMCA

DELRIDGEG Chelan CafeDelridge Community CenterDelridge Deli MartHome DepotH Ounces TaproomSkylark Cafe & ClubSubwaySound Physical TherapyUptown EspressoWalgreensThe Westy

I West Seattle Health ClubWestwood Village Shopping CenterJ Youngstown Flats

1 ALKI BEACH

2 THE JUNCTION

3 DELRIDGE

H

SUBJECT PROPERTY


PRO FORMA PROFIT & LOSS

Pro Forma Gross Income @ $2.70 PSF: $91,368

Utility Recapture: $1,800

Adjusted Gross Income: $93,168

Pro-Forma Expenses @ 25% of Gross Income: ($23,292)

NOI: $69,876

@ 4.75% Cap Rate: $1,471,073

Less $11 PSF:Tenant Improvement Allowance

($31,073)

ASKING PRICE $1,440,000

FINANCIALS PRO FORMA FINANCIALS


ZONING INFORMATION LR2 DESCRIPTION

LR2 (LOWRISE 2) ZONINGAreas characterized by multifamily housing types in existing small-scale multifamily housing types, which are similar in character to single family zones. Most appropriate outside of Growth Areas.

HOUSING TYPESDevelopment standards apply according to the following housing types: rowhouses, townhouses or apartments.

*Growth areas include urban centers, urban villages, and station area overlay districts.

ROWHOUSE

Rowhouses are attached side by side along common walls. Each rowhouse directly faces the street with no other principal housing units behind the rowhouses. Rowhouses occupy the space from the ground to the roof. Units can not be stacked.**

TOWNHOUSES

Townhouses are attached along common walls. Townhouses occupy the space from the ground to the roof. Units can not be stacked. Principal townhouse units may be located behind other townhouses units as seen from the street.**

APARTMENTS

Multifamily housing that is not cottage housing, rowhouses, or townhouses is considered apartments. Apartment units may be stacked.

LR2 ZONES IN SEATTLE

Urban Village Boundary

Existing Lowrise 2LR1 - Lowrise 1

Floor Area Ratio (FAR)** 1.1 1.0 or 1.2 0.9 or 1.1 1.0

Density Limit** 1 unit / 1,600 SF lot area 1 unit / 1,600 SF lot area on lots less than 3,000 SF 1 unit / 2,200 SF or 1 unit / 1,600 SF lot area 1 unit / 2,000 SF lot area (duplexes and triplexes only) All others: No Limit

Building Height 18' + 7' for a roof with minimum 6:12 pitch 30' + 5' for roof with minimum 6:12 pitch 30' + 5' for roof with minimum 6:12 pitch 30' + 5' for roof with minimum 6:12 pitch

Building Setbacks Front: 7' Average, 5' minimum Front: 5' minimum Front: 7' Average, 5' minimum Front: 5' minimum Rear: 0' with Alley, 7' no Alley Rear: 0' with Alley, 7' average, 5' minimum Rear: 7' Average, 5' minimum Rear: 10' minimum with Alley, 15' minimum no Alley Side: 5' minimum Side: * Side: 5' if building is 40' or less in length, or 7' Average 5' min. Side: 5' if building is 40' or less in length, or 7' Average 5' min.

Building Width Limit 60' 60' 60' 45'

Max. Facade Length Applies to all: 65% of lot depth for portions within 15' of a side lot line that is not a street or alley lot line, and 40' for a rowhouse unit located within 15' of a a lot line that abuts a lot in a single family zone.

SDR Optional Optional Required for 3 or more units Optional

The LR1 zone provides a transition between single family zoned areas and more intense multifamily and commercial areas. LR1 is most appropriate for areas outside of Growth Areas***. A mix of hous-ing types similar in scale to single family homes such as cottages, rowhouses and townnhouses are encouraged.

Cottage Housing Rowhouse Townhouse ApartmentsHousing Types:

Individual cottage house structures are arranged around a common open space. 950 SF is the maximum size allowed for each cottage.

Development standards ap-ply according to the following housing types: cottage hous-ing, rowhouses, townhouses or apartments. See SMC 23.84.032 for complete housing type definitions.

Multifamily housing that is not cottage housing, rowhouses, or town-houses is considered apartments. Apartment units may be stacked.

LR2 - Lowrise 2Floor Area Ratio (FAR)** 1.1 1.1 or 1.3 1.0 or 1.2 1.1 or 1.3

Density Limit** 1 unit / 1,600 SF lot area No Limit 1 unit / 1,600 SF lot area or No Limit 1 unit / 1,200 SF or No Limit

Building Height 18' + 7' for a roof with minimum 6:12 pitch 30' + 5' for roof with minimum 6:12 pitch 30' + 5' for roof with minimum 6:12 pitch 30' + 5' for roof with minimum 6:12 pitch or 30'+4'forpartiallybelowgradefloorBuilding Setbacks Same as LR1 Same as LR1 Same as LR1 Same as LR1

Building Width Limit Not applilcable No Limit 90' 90'

Max. Facade Length Applies to all: 65% of lot length for portions of facades within 15' of a lot line that is not a rear, street or alley lot line, and 40' for a rowhouse unit located within 15' of a lot line that abuts a lot in a single family zone.

SDR Optional Optional Required for 3 or more units Optional

The LR2 zone provides for a vari-ety of multifamily housing types in existing multifamily neighborhoods and along arterial streets. LR2 is most appropriate for areas within Growth Areas***. A mix of small scale to multifamily housing such as townhouses, rowhouses and apartments are encouraged.

LR3 - Lowrise 3Floor Area Ratio (FAR)** 1.1 1.2 or 1.4 1.2 or 1.4 1.1 or 1.3 1.5 or 2.0 1.3 or 1.5 (1.6 on a street with frequent transit)

Building Height 18'+7'foraroofwithminimum6:12pitch RowhousesandTownhouses:30'+5'forroofwithmin.6:12pitchand+4'forpartiallybelowgradefloor;or+10'forroofwithmin. 40' 30' 6:12pitch(noheightaddedforbelow-gradefloor). +5'forroofwithmin.6:12pitch;or+4'forpartiallybelow-grade Note:Insomecasesdevelopmentislimitedto3or4storiesabovegradeinadditiontotheheightlimit(alsoappliestoapartments). floor;30'limitifwithin50'ofasinglefamilyzone.

Density Limit** 1 unit / 1,600 SF lot area No Limit 1 unit / 1,600 SF lor area or No Limit 1 unit / 800 SF lot area or No Limit

Building Setbacks Same as LR1 Same as LR1 Same as LR1 Same as LR1

Building Width Limit No Limit No Limit 120' Outside growth areas, 150' Inside growth areas 120' Outside growth areas, 150' Inside growth areas

Max. Facade Length Applies to all: 65% of lot depth for portions within 15' of a side lot line that is not a street or alley lot line, and 40' for a rowhouse unit located within 15' of a a lot line that abuts a lot in a single family zone.

SDR Optional Optional Required for 3 or more units Optional* Accessory Dwelling Units (ADUs) are allowed and don't count against the density limit that applies to these housing types. ** The higher FAR and density limits apply if the project meets additional standards regarding parking location and access, alley paving, and green building performance (SMC 23.45.510.C). *** Growth Areas include urban centers, urban villages, and station area overlay districts.

The LR3 zone provides for a vari-ety of multifamily housing types in existing multifamily neighborhoods of moderate scale. LR3 accommo-dates residential growth primarily within Growth Areas***. A mix of small to moderate scale multifam-ily housing is encouraged includ-ing apartments, townhouses and rownhouses.

Rowhouses are attached side by side along common walls. Each rowhouse directly faces the street with no other principal housing units behind the rowhouses. Rowhouses occupy the space from the ground to the roof. Units can not be stacked.*

Townhouses are attached along common walls. Townhouses occupy the space from the ground to the roof. Units can not be stacked. Principal townhouse units may be located behind other townhouses units as seen from the street.*

Growth Areas*** Outside Growth Areas*** Growth Areas*** Outside Growth Areas***

* 0' where abutting another rowhouse, otherwise 3.5', except when abutting a single-family zone, the setback is 5'

** Accessory Dwelling Units (ADUs) are allowed and don't count against the density limit that applies to these housing types.


ZONING INFORMATION APARTMENTS | SMALL SITE // MAXIMUM DEVELOPMENT POTENTIAL

Maximum FAR 1.3

Height Limit 30 feet

Setbacks

Front 5' min

Rear10' with alley15' without alley

Sides< 40' bldg: 5'> 40' bldg: 7' avg, 5' min.

Parking1 per unit; No minimum in urban villages

Maximum FAR 1.5

Height Limit 40'

Setbacks

Front 5' min

Upper 12' above 40'




Lot Size:

10,000 sf

Total Allowed GSF:

13,000 sf

Efficiency Factor:

0.8

Total NSF

10,400 sq. ft.

Total Units:

16

Average Net Unit Size:

650 sf

Parking Space Provided: 8

Lot Size:10,000 sf

Total Allowed GSF:15,000 sf

Efficiency Factor:0.8

Total NSF12,000 sq. ft.

Total Units:20

Average Net Unit Size:600 sf

Parking Space Provided:8

LR2 PROTOTYPE – EXISTING

LR2 PROTOTYPE – PROPOSED

PROTOTYPE: APARTMENT // SMALL SITE

PROTOTYPE DESCRIPTION• An apartment or condominium housing product.

• A typically platted lot, for a total lot size of 10,000 square feet.

• Parking is provided for some of the units in a surface parking areas accessed from the alley.

• Considers adjacency to smaller existing single family scaled structures and townhouses.

AFFORDABLE HOMESPERFORMANCE OPTION*High MHA area (7%) 1.4 = 2 unitsMedium MHA area (6%) 1.2 = 2 unitsLow MHA area (5%) 1.0 = 1 unitPAYMENT OPTIONHigh MHA area ($20.75/sq. ft.) $311,000Med MHA area ($13.25/sq. ft.) $199,000 Low MHA area ($7/sq. ft.) $105,000* If rounding down to provide affordable performance unit, developer must pay for the fraction they are rounding off as payment housing.

EXISTING LR2

PROPOSED MHA LR2


ZONING INFORMATION APARTMENTS LARGE SITE // MAXIMUM DEVELOPMENT POTENTIAL

Maximum FAR 1.3


Setbacks

Front 5' min




Maximum FAR 1.5

Height Limit 40'

Setbacks

Front 5' min

Upper 12' above 40'




Lot Size:15,000 sf




Total Units: 24



Lot Size:15,000 sf




Total Units: 26





PROTOTYPE: APARTMENT // LARGE SITE

PROTOTYPE DESCRIPTION• An apartment or condominium housing product.

• Three combined typically platted lots, for a total lot size of 15,000 square feet.

• Parking is provided for some of the units in a surface parking areas accessed from the alley.

• Considers adjacency to smaller existing single family scaled structures and townhouses.

EXISTING LR2

PROPOSED MHA LR2

AFFORDABLE HOMESPERFORMANCE OPTION*High MHA area (7%) 1.82 = 2 unitsMedium MHA area (6%) 1.56 = 2 unitsLow MHA area (5%) 1.30 = 2 unitsPAYMENT OPTIONHigh MHA area ($20.75/sq. ft.) $467,000Med MHA area ($13.25/sq. ft.) $298,000Low MHA area ($7/sq. ft.) $158,000* If rounding down to provide affordable performance unit, developer must

pay for the fraction they are rounding off as payment housing.


ZONING INFORMATION TOWNHOUSES // MAXIMUM DEVELOPMENT POTENTIAL

Maximum FAR 1.2


Setbacks

Front 5' min

Rear7’ average5’ min



Maximum FAR 1.4

Height Limit 40'

Setbacks

Front 5' min

Upper 12' above 30'

Rear7’ average5’ min



Lot Size:10,000 sf


Efficiency Factor:1


Total Units: 8

Average Net Unit Size:1,500 sf


Lot Size:10,000 sf


Efficiency Factor:1


Total Units: 8

Average Net Unit Size:1,750 sf




PROTOTYPE: TOWNHOUSES

EXISTING LR2

PROPOSED MHA LR2

AFFORDABLE HOMESPERFORMANCE OPTION*High MHA area (7%) .56 = 1 unitMedium MHA area (6%) .48 = 1 unitLow MHA area (5%) .40 = 1 unitPAYMENT OPTIONHigh MHA area ($20.75/sq. ft.) $291,000Med MHA area ($13.25/sq. ft.) $186,000Low MHA area ($7/sq. ft.) $98,000* If rounding down to provide affordable performance unit, developer must

pay for the fraction they are rounding off as payment housing.


PORTFOLIO OVERVIEW



ALKI AVE SW // 10,170 VPD

BONAIR PL SW

53RD

AV

E SW

54RD

AVE

SW

SUBJECT PROPERTY

2330 ALKI AVE

SW

2416-2024

54TH PL SW

2312 BONAIR PL SW

2324 BONAIR PL SW

2309 53RD AVE

PORTFOLIO OVERVIEWCAN BE SOLD AS A PORTFOLIO OR INDIVIDUALLY


PORTFOLIO OVERVIEWPORTFOLIO FOR SALE

2309 53RD AVE

Asking Price $1,535,000

Pro Forma Cap Rate

N/A

Price/Unit Redevelopment

Price Per SF Building

$380.89

Price Per SF Land:

$225.17

Lot Size 6,817 SF

Building Area 4,030 SF

Number of Units

2

Zoning LR2 (M1)

Year Built 1951

2302 BONAIR PL SW


Pro Forma Cap Rate

4.75%

Price/Unit $480,000


$510.64

Price Per SF Land:

$308.62

Lot Size 4,666 SF


Number of Units

3

Zoning LR2 (M1)

Year Built 1927

2312 BONAIR PL SW


Pro Forma Cap Rate

3.97%

Price/Unit $660,000


$622.64

Price Per SF Land:

$372.67

Lot Size 3,542 SF


Number of Units

2

Zoning LR2 (M1)

Year Built 1965

2324 BONAIR PL SW


Pro Forma Cap Rate

4.5%

Price/Unit $243,864.64


$388.21

Price Per SF Land:

$428.92

Lot Size 12,508 SF


Number of Units

22

Zoning LR2 (M1)

Year Built1961 Renovated 1990

2416 54TH PL SW


Pro Forma Cap Rate

5.0%

Price/Unit $242,732


$91,013

Price Per SF Land:

$694,643

Lot Size 23,637 SF


Number of Units

27

Zoning LR2 (M1)


2330 ALKI AVE SW


Pro Forma Cap Rate

N/A

Price/Unit Redevelopment


$382.51

Price Per SF Land:

$224.86

Lot Size 18,967 SF


Number of Units

8 (2 Buildings)

Zoning LR2 (M1)


1

2

2

3

3

4

4

5

5

6

6

5

1

1

2 3

6

4

INVESTMENTSUMMARY

ABOUT ALKI

Alki, Washington is a coastal point that extends into Puget Sound, the westernmost landform in the West Seattle district of Seattle, WA. With an estimated 26,448 residents as of 2019, the Alki neighborhood extends along the shore from the point, both Southeast and Northeast. Ranked one of the best places to live in Washington, Alki Beach is famed for its 2.5 mile biking, running, and walking trail, which provides a picturesque view of nearby Blake Island. Living in Alki offers residents an urban suburban mix feel and most residents own their homes. Many families and retirees live in Alki and residents tend to be liberal and the public schools in the area are highly rated.

Alki Beach was the original landing point for settlers who went on to establish the city of Seattle, so there are several interesting spots along the beach for history and culture enthusiasts. Alki Point Lighthouse is a fully functioning Coast Guard lighthouse that offers free tours to the public on weekend afternoons during the summer. During nice weather, it’s also common to see Seattleites sunbathing in beach chairs and on towels while others catch rays from kayaks and stand-up paddleboards available for rent. There are also several beach volleyball nets set up for public use, and grills and fire pits are available on a first-come, first-served basis.

Alki Beach is the principal tourist attraction at Alki Point. Offering stunning views of the Olympic Mountains and downtown Seattle from all points, Alki beach is incredible in the spring and summer months & features sand, saltwater, volleyball courts, stellar skyline views, bungalows, and unique local restaurants. These include restaurants like the popular Cactus, a Mexican restaurant with cocktails and a view of the beach; Duke’s Seafood & Chowder, a local chain with several varieties of delicious chowder; Blue Moon Burgers, which serves burgers in a converted auto garage; Spud Fish & Chips, which has a walk-up counter; and El Chupacabra, another Mexican joint that’s more bar-style than Cactus and that’s known for its beachfront patio. In short, you’ll find no shortage of places to dine near Alki Beach whether you want to enjoy a quick bite or some fine cuisine paired with a water view.


MARKET OVERVIEW


RADIUS 1 MILE 3 MILE 5 MILE

POPULATION:

2025 Projection 15,679 60,244 341,187

2020 Estimate 14,808 56,124 313,838

2010 Census 13,464 46,157 232,242

Growth 2020-2025 5.88% 7.34% 8.71%

Growth 2010-2020 9.98% 21.59% 35.13%

2020 Population Hispanic Origin 716 3,740 25,455

2020 POPULATION BY RACE:

White 12,601 42,844 212,564

Black 353 4,038 27,850

Am. Indian & Alaskan 112 545 3,723

Asian 1,029 5,418 51,920

Hawaiian & Pacific Island 12 311 1,548

Other 699 2,968 16,232

RADIUS 1 MILE 3 MILE 5 MILE

HOUSEHOLDS:

2025 Projection 7,364 27,220 170,364

2020 Estimate 7,005 25,513 157,152

2010 Census 6,697 22,002 119,352

Growth 2020 - 2025 5.12% 6.69% 8.41%

Growth 2010 - 2020 4.60% 15.96% 31.67%

Owner Occupied 4,022 14,058 57,678

Renter Occupied 2,983 11,455 99,474

2020 AVG HOUSEHOLD INCOME $144,944 $129,774 $122,757

2020 MED HOUSEHOLD INCOME $122,221 $105,208 $94,889

2020 HOUSEHOLDS BY HOUSEHOLD INC:

<$25,000 585 2,565 21,597

$25,000 - $50,000 884 3,344 20,969

$50,000 - $75,000 776 3,558 21,304

$75,000 - $100,000 649 2,700 18,484

$100,000 - $125,000 684 2,825 16,395

$125,000 - $150,000 656 2,103 12,708

$150,000 - $200,000 1,176 3,927 18,396

$200,000+ 1,594 4,489 27,299

DEMOGRAPHICS1, 3 & 5 MILE RADIUS


DEMOGRAPHICS1, 3 & 5 MILE RADIUS RINGS

1 MILE

3 MILES

5 MILES

ORION Commercial Partners maximizes real estate value through comprehensive project acquisition/disposition, property/

asset management, and leasing services. We are a progressive real estate services and investment

firm constantly seeking a perfect alignment of interests between us as the service provider and

our clients. ORION delivers a

UNIFIED TEAM APPROACHto fulfill our client’s objectives. Creativity,

accountability and focused attention are the hallmarks of our business.





FOR SALE: $1,440,000orioncp.com/flyers/2302 Bonair Pl SW OM.pdfpurchased as part of the entire 6...

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Transcript of FOR SALE: $1,440,000orioncp.com/flyers/2302 Bonair Pl SW OM.pdfpurchased as part of the entire 6...