UNIVERSITY DISTRICT DEVELOPMENT SITE · the University District Development Site. This property...

1600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com

Offering Memorandum

UNIVERSITY DISTRICT DEVELOPMENT SITE

5002 15th Ave NE Seattle, WA

Exclusively offered by Paragon Real Estate Advisors


Offering Summary

Name University District Development Site

Address 5002 15th Ave NE, Seattle WA 98105

Lot Size 4,230 Square Feet

Zoned LR3 (Urban Village Overlay)

Price $1,150,000

Price Per Foot $271.87

Current Use Single Family Residence

Year Built 1927

Building Size 3,360 Square Feet

Terms Cash Out

Paragon Real Estate Advisors is pleased to exclusively offer for sale the University District Development Site. This property currently consists of a large single family residence built in 1927. This building sits on a 4,230 square foot corner lot zoned LR3. Given the proximity to University of Washington an investor may choose to operate the investment as a single family residence, a rooming house, or choose to redevelop the site with micro units, apartments or townhouses.

U DISTRICT DEV SITE


Neighborhood Map

MADRONA

CAPITOL HILL

UNIVERSITY OF WASHINGTON

SEATTLE CBD

SOUTH LAKE UNION

U DISTRICT DEV SITE

BEACON HILL

SODO


University District

The development site is conveniently located in the heart of the University District. This popular Seattle neighborhood is ten minutes from the Seattle Central Business District and five minutes North of the Fred Hutchinson Cancer Research Center and the expanding Amazon Campus located in the bustling employment center that is the South Lake Union neighborhood.

The University of Washington is a world renowned research and educational institution that currently has a large and internationally diverse student population that totals approximately 43,000 students, and employs over 3,800 faculty members. The strength of the University and private research institutions and businesses that have chosen to locate in the area provide a stable tenant base.

The University District also features many coffee shops, great restaurants and grocery stores, unique shops including the famous University Book Store, and service businesses that line University Way NE, which is commonly known as the “Ave”. In addition, this location provides tenants with many recreational amenities including Lake Union, the Burke Gilman Trail system, Green Lake Park, and Gas Works Park. Close to new light rail station.

This location offers the investor the opportunity to tap into the student and staff population as well as employees working in Downtown or South Lake Union around the Amazon Campus.


University Link Light Rail

This underground station is located next to Husky Stadium and the platforms are big enough to handle game day crowds. Modern elevators and escalators connect the platforms to the nearby campus, UW Medical Center and surrounding neighborhoods. A new pedestrian bridge allows walkers and bikers to avoid traffic by connecting the station to upper campus and the Burke-Gilman Trail.

By 2023, Sound Transit will operate nearly 50 miles of light rail lines extending to Lynnwood in the north, Bellevue and Redmond’s Overlake area to the east and the Kent/Des Moines area in the south

TRANSIT TIMES FROM UW STATION

To Downtown Seattle 8 minuets

To Othello Station 29 minuets

To Sea-Tac Airport 46 minuets


Employment

> Adobe

> Alaska Airlines

> Amazon

> Apple

> AT&T Wireless

> Boeing

> Costco

> Expedia, Inc.

> Expiditors 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

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.


Neighborhood Amenities

U DISTRICT DEV SITE


Improvements

This three-story, wood-framed home was built in 1927 perched on the corner of 50th and 15th Ave NE. This 13-bedroom residence spans 3,360 square feet over three floors.

Given the proximity to University of Washington an investor may choose to operate the investment as a single family residence, a rooming house, or choose to redevelop the site with micro apartments or townhomes. The home sits on a rectangular 4,320 square foot lot and is LR3 zoned.

The Seller desires to be cashed out at close. Developer terms will be considered with qualified strong offers. Many financing options exist, single family, commercial and constructions loans are available depending on investors use of the property.


Development Potential

Architectural Study Provided by:

Joel Wilbur Principal 206.367.1382

The development potential for this parcel include the options to build a 14 (+/-) apartment building with an average unit size of approximately 486 square feet, or a building with 27 (+/-) micro units which average approximately 250 square feet.


Building Photos


Sale Comparables

SUBJECT - U DISTRICT DEV SITE 5000 5th Ave NE, Seattle WA

Lot Size 4,320 Square Feet Zoning LR3 (UV) Sales Price $1,150,000 Price/Foot $271.87 Sales Date TBD

1. 11TH AVE DEV SITE 4244 11th Ave NE, Seattle WA

Lot Size 4,120 Square Feet Zoning NC3-65 Sales Price $1,850,000 Price/Foot $449.03 Sales Date 10.11.2016

2. 15TH AVE DEV SITE 4722 - 4726 15th Ave NE, Seattle WA

Lot Size 8,640Square Feet Zoning NC2-65 Sales Price $3,585,000 Price/Foot $475.46 Sales Date 4.28.2016

3. 34TH AVE DEV SITE 5505 34th Ave NE, Seattle WA

Lot Size 4,480 Square Feet Zoning NC1-30 Sales Price $820,000 Price/Foot $361.23 Sales Date 12.11.2015

4. ROOSEVELT DEV SITE 5310 Roosevelt Way NE, Seattle WA

Lot Size 3,780 Square Feet Zoning NC2-40 Sales Price $861,000 Price/Foot $478.33 Sales Date 8.21.2015


Sales Comparables Map

U District Dev Site 5002 15th Ave NE Seattle, WA

1. 11th Ave Dev Site 4244 11th Ave NE Seattle, WA

2. 15th Ave Dev Site 4722 - 4726 15th Ave NE Seattle, WA

3. 34th Ave Dev Site 5503 34th Ave NE Seattle, WA

4. Roosevelt Dev Site 5310 Roosevelt Way NE Seattle, WA

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1

2

4

U DISTRICT DEV SITE


Paragon Real Estate Advisors

ABOUT PARAGON Paragon Real Estate Advisors is the leading Seattle real estate investment firm for multi-family 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.

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