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Greenwood-Northgate Development SiteOFFERING MEMORANDUM
203 N 104th St, Seattle, WA
Greenwood-Northgate Development Site
Contents
Executive Summary ..................................05
Financials ..................................................08
Property Details .......................................11
Location Overview ....................................15
Comps ......................................................24
Exclusive listing broker Edward Krigsman
~10k SQUARE FOOT
FLAT LOT
2021 ARRIVAL OF NORTHGATE
LIGHTRAIL STATION
5,400 SQUARE FOOT
4-PLEX EXPANDABLETO 8 UNITS
1.2 MILES FROM
NORTHGATE LIGHTRAIL
Northgate is one of the fastest growing neighborhoods in Seattle.
220 acres of lush forest, meadows, wetlands, creeks and beach in Carkeek Park are an 8 minute walk from the development site.
Greenwood-Northgate Development Site
Executive Summary
EXECUTIVE SUMMARY 6
Edward Krigsman Real Estate Group has a uniquely-sited investment/development opportunity for your consideration. The property is located in the highly desirable north Seattle neighborhood, on a quiet street just off the beaten path - east of Holman Road, west of Greenwood Avenue N. The potential new mixed-use project could take advantage of the relatively level and square site to develop apartments, and to further activate the area with retail at the ground level, which would contribute to the vibrant urban experience and provide additional eyes on the street.
The investment value and usability of the existing four-unit property could be increased by adding two to four additional basement units, which would increase the rentable income at a nominal cost.
Address 203 N 104th Street
List Price $1,995,000
Price Per Unit $498,750
Price Per Gross SF/NRSF $369/$486
Submarket Greenwood / Northgate
Parcel Number 3442000021
Lot Size 9,949 SF
Year Built/ Effective Yr. Built 1956/1979
Number of Buildings 1
Number of Current Units 4
Floorplans 1 & 2 bedrooms
Average Unit Size 1,050 SF
Zoning NC1-55(M)
Current Net Rentable SF 4,100
Price Per Gross Building SF 5,400
Cap Rate (Current) 2.6%
Cap Rate (Market) 3.6%
Cap Rate (Potential, As 6 Units) 4.6%
Parking (garage/carport/surface) 8 spaces The Offering
Rooftop deck, bike storage, retail
Potential New Amenities
Potential Views
There is opportunity to provide 240-degree-view corridors for upper units
Opportunity to utilize Multi-Family Tax Exemption
(MFTE) program
Potential Tax Benefits
EXECUTIVE SUMMARY 7
Just a 20-minute walk south from the property brings you into the heart of the vibrant Greenwood retail and dining hub. Shoppers can patronize boutique shops and larger retailers like Fred Meyer, QFC, Magic Mouse Toys and Mud Bay, while diners can enjoy eclectic restaurants, cafes, and watering holes.
Surrounded by new multifamily, mixed-use development, the site is will benefit from its proximity to North Seattle Greenway improvements, and the future Northgate Link Light Rail Station and Pedestrian/Bike Bridge to the east. The site is located in a frequent transit node.
Seattle’s strong local economy has inspired local, regional and national real estate developers to find opportunities in suburban areas and along transit lines — existing and in development — and North Seattle meets this profile to a T.
Close to Everything
LAKE UNION
SEATTLE
SOUTH LAKE UNION
MAGNOLIA
QUEEN ANNE
FREMONT
BALLARD
GREENWOOD
NORTHBEACH
BROADVIEW
NORTHGATE
U DISTRICT
CAPITOL HILL
MADISONPARK
WEDGWOOD
GREENLAKE
LAKE WASHINGTON
ELLIOT BAY
20 min DRIVE TO
DOWNTOWN SEATTLE
8 min DRIVE TO NORTHGATE
MALL / LIGHT RAIL
12 minDRIVE TO
GREEN LAKE
Greenwood-Northgate Development Site
Financials
FINANCIALS 9
Here is an overview of North Seattle’s rental market and the current rental profile of the 203 N 104th Street property.
Rent RollProperty Analytics
Market Rent Per Unit
$800
$1.0K
$1.2K
$1.4K
$1.6K
$1.8K
$2.0KForecast
10 12 14 16 18 20 22 24
North Seattle 1-3 Star North Seattle Seattle
Market Rent Per Unit & Rent Growth
$600
$800
$1.0K
$1.2K
$1.4K
$1.6K
$1.8K
$2.0K
$2.2K
$2.4K
Re
nt
Pe
rU
nit
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
An
nu
alR
en
tG
row
th
Forecast
10 12 14 16 18 20 22 24
Market Rent Growth North Seattle Effective RentNorth Seattle Market Rent Seattle Market Rent
Market Rent Per Unit By Bedroom
$800
$1.0K
$1.2K
$1.4K
$1.6K
$1.8K
$2.0K
$2.2K
$2.4KForecast
10 12 14 16 18 20 22 24
North Seattle Studio North Seattle 1 Bed North Seattle 2 BedNorth Seattle 3 Bed
Market Asking Rent Per SF
$1.20
$1.40
$1.60
$1.80
$2.00
$2.20
$2.40
$2.60Forecast
10 12 14 16 18 20 22 24
North Seattle 1-3 Star North Seattle Seattle
© 2019 CoStar Realty Information Inc.
# 3897083 10/16/2019
Page 3
Property Analytics
Market Rent Per Unit
$800
$1.0K
$1.2K
$1.4K
$1.6K
$1.8K
$2.0KForecast
10 12 14 16 18 20 22 24
North Seattle 1-3 Star North Seattle Seattle
Market Rent Per Unit & Rent Growth
$600
$800
$1.0K
$1.2K
$1.4K
$1.6K
$1.8K
$2.0K
$2.2K
$2.4K
Re
nt
Pe
rU
nit
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
An
nu
alR
en
tG
row
th
Forecast
10 12 14 16 18 20 22 24
Market Rent Growth North Seattle Effective RentNorth Seattle Market Rent Seattle Market Rent
Market Rent Per Unit By Bedroom
$800
$1.0K
$1.2K
$1.4K
$1.6K
$1.8K
$2.0K
$2.2K
$2.4KForecast
10 12 14 16 18 20 22 24
North Seattle Studio North Seattle 1 Bed North Seattle 2 BedNorth Seattle 3 Bed
Market Asking Rent Per SF
$1.20
$1.40
$1.60
$1.80
$2.00
$2.20
$2.40
$2.60Forecast
10 12 14 16 18 20 22 24
North Seattle 1-3 Star North Seattle Seattle
© 2019 CoStar Realty Information Inc.
# 3897083 10/16/2019
Page 3
UNIT # TYPE CURRENT MARKET MARKET WITH 2 NEW UNITS
BEDS/BATHS GROSS SF MONTHLY ANNUAL MONTHLY ANNUALLY MONTHLY ANNUALLY
203 2/1 1,200 $1,750 $21,000 $2,100 $25,200 $1,750 $21,000
203 1/2 1/1 850 $1,250 $15,000 $1,400 $16,800 $1,250 $15,000
205 2/1 1,200 $1,900 $22,800 $2,100 $25,200 $1,900 $22,800
205 1/2 1/1 850 $1,250 $15,000 $1,400 $16,800 $1,250 $15,000
207 (Future) 1/1 650 $1,150 $13,800
207.5 (Future) 1/1 650 $1,150 $13,800
Garages (5) - $0 $875 $10,500 $875 $10,500
Utilities Reimbursement 300 $3,600 $300 $3,600 $300 $3,600
TOTAL 5,400 $6,150 $73,800 $7,875 $94,500 $9,625 $115,500
FINANCIALS 10
Operating Statement
203 N 104th St enjoys nearly zero historical vacancy, a function of its convenient location and well-designed, modern floorplans. Current rents can be increased to market rate with the existing layout, resulting in a capitalization rate of nearly 4%. Adding two additional units in the basement will not disrupt the current layout due to the already-existing exterior doorways that connect directly to the space. The existing parking lot can accomodate a 1-1 parking ratio for eight units.
Expenses
Utilities $3,600 $3,600 $3,600
Property Taxes $14,625 $14,625 14,625
Insurance $1,410 $1,410 $1,410
TOTAL EXPENSES $19,635 $19,635 $19.635
CURRENT MARKET MARKET (2 NEW UNITS)
Gross Scheduled Income $73,800 $94,500 $115,500
Less Physical Vacancy (4%) $2,952 $3,780 $4,620
Gross Adjusted Income $70,848 $90,720 $110,880
Annual Expenses $19,635 $19,635 $19,635
Net Operating Income $51,213 $71,085 $91,245
Gross Rent Multiplier 27 21 17
Cap Rate 2.6% 3.6% 4.6%
Rent per Rentable SF/month $1.50 $1.92 $2.34
Greenwood-Northgate Development Site
Property Details
PROPERTY DETAILS 12
The Asset
4 occupied units
Private exterior entries
Classic Mid-century architecture
Washer & dryer in units
New hardwood floors throughout
Updated kitchens + baths
4 carport parking stalls
1 enclosed garage
3 uncovered parking spaces
Roman brick-clad wood burning fireplaces
A solid track record of continued occupancy makes this property a stable investment scenario while any development considerations unfold.
This allows development to maximize the buildable area on the ground, and in the overall massing and height.
A roof deck may add views of the Puget Sound, the Olympic Mountains, Downtown Seattle, and the Cascade Mountains.
40+ market rate apartments or 60+ SEDUs could likely be achieved.
The existing four-unit property, built in 1956
and renovated in 1979, occupies a portion
of its 9,949-sf lot; the building’s gross square
footage is 5,400, and the current rentable area
is 4,100-sf. The building is located 12 blocks
north of the Greenwood-Phinney Ridge Urban
Village, and is in a frequent transit node.
The site is walking distance to any number
of restaurants, shops, movie theater, and
the future Northgate Light Rail Station,
complementary Pedestrian/Bike Bridge, and
the North Seattle Greenway. Collectively, these
amenities nurture a pedestrian- and bike-
friendly environment that invites exploration,
exercise, and enjoyment of the community.
PROPERTY HIGHLIGHTS
A ROOF DECK AMENITY
VALUE-ADD POTENTIAL
100% OCCUPIED
NCI-55 (M) ZONING
4 UNITS
PARKINGPARKING
HOLMAN ROAD
PROPERTY DETAILS 13
Exterior Interior
PROPERTY DETAILS 14
Floorplans - Sample Unit #205Tenants enjoy private porches, open and modern floorplans, few common walls and generous room sizes throughout.
Greenwood-Northgate Development Site
Location Overview
7 miles to Downtown Seattle
Greenwood Ave N
A singular redevelopment opportunity for a bustling, changing neighborhood.
The Property
LOCATION OVERVIEW 17
The Submarket
Growth PotentialThe 203 N 104th Street property and site are minutes by foot, car or transit to the Greenwood-Phinney Ridge Urban Village, Northgate Mall, future Northgate Light Rail Station and Pedestrian/Bike Bridge (2021). This area is poised to become the next best neighborhood due to city-wide demand for housing and rents pushing out of Green Lake, Fremont, Wallingford, and Ballard. Numerous newer townhouses and high quality mixed-use apartment developments are transforming the streetscape surroundingthis development site, pointing the way toward its future improvement.
The 104th Street site is located in a frequent transit node, a rapidly evolving transit-oriented area, and holds the promise of supporting a vibrant and livable development - a mixed-used community centered around abundant quality transit options. Communities like Northgate are the result of regional planning and city revitalization efforts, and are dense, pedestrian-oriented neighborhoods that reduce the need for and stress of relying on cars. They are the most desirable places to live, as they provide easy proximity to work and play.
AmenitiesThe site is near myriad amenities including: retail and grocery stores, restaurants, cafes and bars, fitness clubs, and city parks.
22 eateriesWITHIN WALKING DISTANCE
North Seattle College
Future Northgate Link Light Rail Station
Northgate Mall
LOCATION OVERVIEW
Neighborhood Amenities
N 105TH ST
AU
RORA
AVE
N
HOLMAN RD NW
GREENWOOD
GREEN LAKE
1. Banh Town2. Manna Smoked Bar BQ3. The Alibi Room4. Leilani Lanes5. Namfon Thai Cuisine6. Tim’s Tavern7. Mongolian Grill8. Panda Express
9. Tacos Las Delicias10. Pub at Piper’s Creek11. Lantern Brewing12. Flying Bike Cooperative Brewery13. Baranof14. Teachers Lounge15. The Cozy Nut Tavern16. Bullseye Tavern
1. Greenwood Liquor Store2. North Park Grocery3. HT Market4. Crown Mini Mart5. QFC6. Safeway
7. Fred Meyer8. All The Best Pet Care9. Mud Bay10. Aurora Grocery11. Emerald City Smoothie
1. Sandel Playground2. Greenwood Park3. Licton Springs Park4. Carkeek Park5. Pipers Creek Natural Park6. Mineral Springs Park
7. 6th Ave NW Pocket Park8. Crown Hill Park9. Blue Ridge Circle10. Baker Park
1. Direct Fitness LLC2. Jazzercise3. The Yoga Coach4. TITLE Boxing Club5. City Cycle6. Paragon Fitness Physical Therapy7. Groundwork Fitness & Massage
8. Ian Fitness9. Zumba with Ida10. CrossFit Phinney Ridge11. Bohemian Studios12. Versatile Arts
Restaurants & Bars
Grocery / Shopping
Parks
Fitness
Future Link Light Rail Station
18
Northgate Mall
North SeattleCollege
2
3
910
6
1
7
11
1216
1314
15
84
5 23
4
67
9
10
11
5 8
1
1
2
3
4
5
6
7
8
9
10
4
56
7
8
9
1011
12
12
3
LOCATION OVERVIEW
Demographics Submarket Apartment Economics
19
AVAILABILITY PROPERTY SUBMARKET 1-3 STAR
SUBMARKET
Vacancy Rate 5.0% 3.8% 5.1%
Market Effective Rent/Unit - $1,414 $1,479
Concession Rate - 0.7% 0.9%
Studio Asking Rent - $1,182 $1,247
1 Bedroom Asking Rent - $1,296 $1,407
2 Bedroom Asking Rent - $1,619 $1,707
3 Bedroom Asking Rent - $2,108 $2,134
RADIUS → 1 MILE 3 MILE 5 MILE
Population
2024 Projection 26,572 199,711 437,145
2016 Estimate - $1,414 $1,479
2010 Census - 0.7% 0.9%
Growth 2019 - 2024 6.19% 6.90% 7.08%
Growth 2010 - 2019 7.10% 12.16% 13.88%
Age
Median Age 38 38 37
Average Age 38 39 38
2019 Worker Travel Time to Job
< 30 minutes 7,515 55,629 121,496
30 - 60 minutes 5,988 41,641 82,294
60+ minutes 1,073 6,500 13,083
TOTAL 14,576 103,770 216,873
Income
2019 Avg Household Income $103,062 $113,060 $115,484
2019 Med Household Income $80,884 $88,669 $88,829
LOCATION OVERVIEW 20
Seattle is a nationally ranked top five investment market, and the city’s and region’s strong economy has cultivated a thriving market where the demand for rental units is expected to continue.
Similar to Manhattan, and the Bay Area’s peninsula effect, Seattle’s geographic and topographic barriers continue to limit land supply and concentrate demand in thriving urban villages and neighboring suburbs.
Over the last decade, the Puget Sound region outperformed the nation in employment, population, and personal income growth, and has enjoyed a commensurate low unemployment rate. A distinctly diverse, skilled and educated workforce has attracted established and burgeoning high-profile corporations, robust international trade, and the city and region have long been home to top-ranked research institutions.
Among others, the local demographic comprises educated high-income singles, and distinguished urban couples earning mid- to upper-scale incomes.
44%MILLENNIAL SHARE OF THE MARKET IN 2020
52,702PROJECTED NEW JOBS IN 2020
Investing in Seattle
LOCATION OVERVIEW 21
NorthgateLink Extension Northgate Station
Roosevelt Station
U District Station
Tunnel Route
Retained Cut-fill Route
Elevated Route
Station
Park & Ride Lot
Transit Center
P
TC
PTC
14 minDOWNTOWN SEATTLE TO NORTHGATE
7 minNORTHGATE
TO HUSKY STADIUM
32 minU DISTRICT TO DOWNTOWN
BELLEVUE
44 minROOSEVELT TO SEAT-TAC
AIRPORT
20 minSAFECO AND
CENTURYLINK FIELDS TO NORTHGATE
The 104th Street property is about one mile from the future Northgate Link light rail station. North Seattle offers the greatest example of expanding apartment development based on retail areas and light rail stations.
The Northgate development zone is leading the way, featuring new retail, entertainment, apartment and transit options. The latter include an elevated light rail station, frequent bus connections, a park-and-ride and a bicycle/pedestrian bridge to North Seattle College.
Light rail service will commence in 2021. During peak hours trains will arrive every six minutes. Ridership is projected to reach almost 50,000 daily passengers by 2020.
Not funded for construction
Not funded for construction
Opens late 2016
Roosevelt
Northgate
185th
145th
Mountlake Terrace
Lynnwood
U District
East Main
Bellevue Downtown
Spring District/120th
Wilburton
South Bellevue
Bel-Red/130th
Overlake Village
SE RedmondRedmond Technology Center
DowntownRedmond
University ofWashingtonCapitol Hill
Westlake/Seattle
University Street
SODO
Stadium
Int’l District/Chinatown
Pioneer Square
Beacon Hill
Mount Baker
Columbia City
Othello
Rainier Beach
SeaTac/Airport
Tukwila/Int’l Blvd
Angle Lake
Kent/Des Moines
S 272nd
Federal Way
JudkinsPark
MercerIsland
Link in service
Under construction
In final design
In planning
U District Station
University ofWashington Station
Roosevelt Station
Northgate Station
NE 73rd St
N Pacific St
NE 100th St
NE 103rd St
NE 95th St
NE 92nd St
NE 91st St
NE 90th St
NE 85th St
NE 82nd St
NE 80th St
NE 78th StNE 77th St
NE 68th StNE 67th StNE 66th St
NE 65th St
NE 64th St
NE 62nd St
NE 59th St
NE 53rd St
NE 47th St
NE 43rd St
NE 41st St
NE 42nd St
NE 40th St
NE Boat St
NE 88th St
NE 55th St
Banner Way NE
NE Ravenna Blvd
Roos
evel
t Way
11
th A
ve N
E
Mon
tlake
Blvd
NE
15th
Ave
NE
NE 70th St
5th
Ave
NE
8th
Ave
NE
4th
Ave
NE
3rd
Ave
NE
7th
Ave
NE
8th
Ave
NE
12th
Ave
NE
Univ
ersi
tyW
ayN
E
16th
Ave
NE
17th
Ave
NE
18th
Ave
NE
20th
Ave
NE
Rave
nna
Ave
NE
Broo
klyn
Ave
NE
E Stevens Way
NE Northgate Way
NE 75th St
N 85th St
Lake
City W
ayNE
Roos
evel
tWay
NE
Roos
evel
tWay
NE
25th
Ave
NE
NE 45th St
NE 50th St
East
lake
Ave
NE
GREEN LAKE PARK
RAVENNA PARK
HUSKYSTADIUM
UNIVERSITY OFWASHINGTON
NORTH SEATTLECOMMUNITY
COLLEGE
NORTHGATEMALL
ROOSEVELTHIGH SCHOOL
NORTHGATETRANSIT CENTER
MAPLE LEAFTUNNEL PORTAL
Burk
eG
ilman
Bike
Trai
l
Tunnel Route
Retained Cut-fill Route
Park-and-Ride Lot
Elevated Route
Station
P
Transit CenterTC
Northgate Link Extension
In 2008, the region’s voters approved Sound Transit 2, a major expansion of the regional transit system with substantial extensions of Link light rail throughout the region plus more Sounder train and ST Express bus services.
Link Light Rail System
For information in alternative formats, call 1-800-201-4900/ TTY Relay: 711 or email [email protected].
Northgate Link Extension
MAY 2016
Northgateto Husky Stadium
7 minutes
U Districtto Downtown
Bellevue32 minutes
Roosevelt toSea-Tac Airport44 minutes
DowntownSeattle to Northgate
14 minutes
Safeco &CenturyLink fields
to Northgate20 minutes
Sound Transit plans, builds and operates regional transit systems and services to improve mobility for Central Puget Sound.Sound Transit l 401 S. Jackson St. l Seattle, WA 98104-2826 l 1-800-201-4900 / TTY Relay: 711 l [email protected] l soundtransit.org
Northgate Link Extension
LOCATION OVERVIEW 22
Pedestrian & Bike BridgeThe Greenwood and Northgate communities will enjoy the added benefit the new Northgate Ped/Bike Bridge, which will open in concert with the Northgate Light Rail Station in 2021. The bridge will span the area between North 100th Street at North Seattle Community College — east of the 104th Street site — and the Northgate Light Rail Station. For pedestrians and bicyclists, this removes the barrier of the ten-lane interstate, providing a seamless and enjoyable passage between the east and west sides. Along with being a more pedestrian- and bicycle-friendly passage that will reduce commute times, the bridge will help knit together the adjacent, historically divided communities, including their thriving employment, retail, and play centers, and will narrow the gap to the greater city and region.
North Seattle Neighborhood GreenwaySeattle is building a network of neighborhood greenways, which are calm residential streets that improve safety, create easier crossing of busy streets, discourage cars from using quiet neighborhood streets, keep speeds low, and protect residential character. The North Seattle Neighborhood Greenway spans roughly two miles, connecting Crown Hill and the Soundview Playfield through Greenwood and Licton Springs, and meets up with the future Northgate Ped/Bike Bridge. The Greenway also links to existing and future family-friendly bike routes in North Seattle, including existing bikeways and Safe-Routes-to-School connections that provide affordable, active transportation options for all ages and abilities.
LOCATION OVERVIEW 23
Transit Times to Major Seattle Employment Nodes
SEATTLE
SOUTH LAKE UNION
MAGNOLIA
QUEEN ANNE
FREMONT
BALLARD
GREENWOOD
NORTHBEACH
BROADVIEW
NORTHGATE
U DISTRICT
CAPITOL HILL
MADISONPARK
WEDGWOOD
GREENLAKE
LAKE WASHINGTON
LAKE UNION
ELLIOT BAY
UNIVERSITYDISTRICT60,000
EMPLOYEES
REDMOND87,500
EMPLOYEES
SEATTLE CBD113,400
EMPLOYEES
BELLEVUE145,000
EMPLOYEES
FREMONT20,000
EMPLOYEES
EXPEDIA4,500
EMPLOYEES
31 MINUTES
13 MINUTES
12 MINUTES
18 MINUTES
15 MINUTES
28 MINUTES
27 MINUTES
LAKE WASHINGTON
PUGETSOUND
SLU60,000
EMPLOYEES
Greenwood-Northgate Development Site
Comparables
Studio SF ...............................4501Bd/1Bth SF ..........................7252Bd/1Bth SF ..........................875Studio Rent ..................... $1,7001Bd/1Bth Rent ............... $2,3502Bd/1Bth Rent ................ $2,675Studio Rent/SF ...................$3.781Bd/1Bth Rent/SF ............ $3.242Bd/1Bth Rent/SF .............$3.06
COMPARABLES 25
Rent Comps
9039 Greenwood Ave NSeattle, WA 98103
522 N 85th StSeattle, WA 98103
10215 Greenwood Ave NSeattle, WA 98133
Studio SF ..............................3801 Bd/1 Bth SF .......................4602 Bd/1 Bth SF .......................585Studio Rent ....................$1,3071 Bd/1 Bth Rent .............$1,4712 Bd/1 Bth Rent .............$1,809Studio Rent/SF ................. $3.441 Bd/1 Bth Rent/SF ......... $3.202 Bd/1 Bth Rent/SF ......... $3.09
1Bd/1Bth SF ..........................6162Bd/1Bth SF ..........................8081Bd/1Bth Rent ................ $2,0852Bd/1Bth Rent ................ $2,5501Bd/1Bth Rent/SF ............ $3.382Bd/1Bth Rent/SF .............$3.16
Bogtown Flats Guinevere Apartments
4 5
101 NW 85th StSeattle, WA 98117
8623 Palatine Ave NSeattle, WA 98103
Studio SF .............................4841 Bd/1 Bth SF ......................733Studio Rent ...................$1,4001 Bd/1 Bth Rent ............$1,770Studio Rent/SF ................ $2.89Studio Rent/SF ................ $2.41
Studio SF .............................6171 Bd/1 Bth SF ......................602Studio Rent ...................$1,7001 Bd/1 Bth Rent ............$1,650Studio Rent/SF ................ $2.761 Bd/1 Bth Rent/SF ........ $2.74
Janus Apartments The Sedges
Leilani Greenwood
1 2 3
HOLMAN RD NW
NORTHGATE
GREENWOOD
AU
RUA
AVE
N
GREEN LAKE
N 105TH ST
5
4
2
1
3
Future Link Light Rail Station
GreenwoodDev Site
4 5
COMPARABLES 26
Sale Comps
1731 NW 57th StSeattle, WA 98107
8727 Phinney Ave NSeattle, WA 98103
8228 Green Lake Dr NSeattle, WA 98103
414 NE Ravenna BlvdSeattle, WA 98115
143 N 85th StSeattle, WA 98103
Year Built ............................. 2018# of Units ..................................74Avg SF ................................... 510Sale Date ........................June-12Sale Price ................$22,250,000Price / Unit .................. $300,675Price / SF ............................. $589
Year Built ............................. 2016# of Units ..................................64Avg SF ................................... 646Sale Date .............................Jan-4Sale Price ................$17,000,000Price / Unit .................. $265,625Price / SF ............................. $599
Year Built ............................. 2016# of Units ..................................48Avg SF ................................... 275Sale Date ......................... Aug-16Sale Price ................$11,000,000Price / Unit .................. $229,167Price / SF ............................. $833
Year Built ............................. 2015# of Units ..................................79Avg SF ................................... 152Sale Date ........................June-28Sale Price ................$10,550,000Price / Unit .................. $133,544Price / SF ............................. $877
Year Built ............................. 2015# of Units ..................................39Avg SF ................................... 229Sale Date ........................June-28Sale Price ..................$5,300,000Price / Unit .................. $135,897Price / SF ............................. $593
Ballard 57
Footprint Phinney
Crew
Helene
Footprint Greenwood
1 2 3
1
43
2
5GREEN LAKE
GREENWOOD
HOLMAN RD NW
AU
RORA
AVE
N
NORTHGATE
N 105TH ST
Future Link Light Rail Station
GreenwoodDev Site
COMPARABLES 27
Land Comps
HOLMAN RD NW
NORTHGATE
GREENWOOD
AU
RUA
AVE
N
GREEN LAKE
N 105TH ST
34 5
1
26
4 5 6
203 N 104th StSeattle, WA 98133
Price .......................$2,195,000Price / SF .............................535Price / Unit ............... $548,750Proposed # of Units .............50Building SF ......................... N/ALand SF ............................ 9,949Zoning.....................NC1-55(M)
Greenwood Dev Site
1 2 3
320 N 85th StSeattle, WA 98133
Price ......................$11,550,000Price / SF ........................... $255Price / Unit ...................$56,897# of Units ..............................203Building SF ..........................N/ALand SF ...........................45,343Zoning......................... NC2P-65Sale Date ......................5/18/19
Greenwood
PENDING
425 NW 85th StreetSeattle, WA 98133
Price ........................$3,500,000Price / SF of Land ............. $286Price / Unit ...................$54,688# of Units ................................64Building SF ....................... 4,048Land SF ...........................12,240Zoning......................... NC2P-55Sale Date ....................10/10/19
Greenwood
7730 15th Ave NWSeattle, WA 98133
Price ........................$3,000,000Price / SF ........................... $332Price / Unit ...................$55,556# of Units ................................54Building SF ....................... 5,220Land SF ............................. 9,028Zoning............................NC2-55Sale Date ......................11/1/18
Ballard8105 Greenwood Ave NSeattle, WA 98133
Price ........................$1,880,000Price / SF ........................... $253Price / Unit ...................$42,727# of Units ................................44Building SF ..........................N/ALand SF ............................. 7,439Zoning......................... NC2P-40Sale Date ......................11/2/17
Greenwood
PENDING
209 N 87th StSeattle, WA 98133
Price ........................$2,500,000Price / SF ........................... $372Price / Unit ...................$51,020# of Units ................................49Building SF ....................... 2,140Land SF ............................. 6,724Zoning............................NC2-65Sale Date ....................10/10/19
Greenwood
Future Link Light Rail Station
Edward Krigsman 206.387.6789 [email protected]
ekreg.com
This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for the Buyer’s thorough due diligence investigation. Windermere Real Estate Company makes no guarantees, representations or warranties of any kind, express or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Windermere Real Estate Company has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation any property to determine to Buyer’s satisfaction with the suitability of the property for Buyer’s needs. Windermere Real Estate Company excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this documents and excludes all liability for loss and damages arising there from
Inquiries and tours are to be directed to the Exclusive Listing Agents. Please do not contact the Property, Property Manager, Owner or Tenants. Offers should be delivered to the office of the Exclusive Listing Agents, Windermere Real Estate Co. Edward Krigsman. To facilitate analysis of offers, offerors are encouraged to provide information relative to funding sources, experience in owning and operating similar properties, familiarity with the market and any other information which is likely to favorably reflect on the offerors ability to close this proposed transaction in a timely manner.
This publication is the copyrighted property of EK Real Estate Group and Windermere Real Estate Company ©2019. All rights reserved.