Offering Memorandum UNIVERSITY VILLAGE DEVELOPMENT SITE 5510 25th Ave NE Seattle, WA Exclusively offered by Paragon Real Estate Advisors UNIVERSITY VILLAGE DEV SITE NE 55th St 25th Ave NE 1
Offering Summary Name University Village Development Site Address 5510 25th Ave NE, Seattle WA 98105 Parcel Number 919120-1425 Lot Size 7,500 Square Feet Zoning NC2P-40/LR2 Price $2,195,000 Price Per Foot $292.67 Existing Use Occupied 6 Unit Apartment Building Development Potential 18-20 units Terms Cash Out UNIVERSITY VILLAGE DEV SITE 2
Site Photos 3
Neighborhood Map CAPITOL HILL SEATTLE CBD SOUTH LAKE UNION UNIVERSITY OF WASHINGTON FREMONT WALLINGFORD UNIVERSITY VILLAGE DEV SITE 4
Neighborhood Amenities - University District Food/Drink Shopping/Services Parks/Schools 25 1 Kidd Valley 2 Papa John s 3 Mamma Melina s 4 Qdoba 5 The Ram 6 Elemental Pizza 7 Joey s 8 Chipotle 9 Delfino s Chicago Style Pizza 10 Cafe Racer 11 Morsel 12 Ravenna Alehouse 14 Top Pot Doughnuts 15 Earl s on the Ave 16 Sand Point Grill 17 Burke-Gilman Playground Park 18 Laurelhurst Park 19 University of Washington 20 Roosevelt High School 21 Ravenna Park 22 Apple 23 Trader Joe s 24 QFC 25 Safeway 26 North Face 27 Neptune Theatre 28 Wells Fargo 29 UW Light Rail Station 29 20 10 11 24 28 27 15 8 21 29 12 2 4 19 3 7 1 22 6 9 26 5 23 14 UNIVERSITY VILLAGE DEV SITE 17 16 18 5
University District The University District is a great location and is just minutes North of downtown Seattle. The neighborhood is bound by I-5 to the West, beyond which is Wallingford and Fremont. To the North you can find the Ravenna and Maple Leaf neighborhoods and to the South you can explore Montlake and Capitol Hill. Traveling East you have the Laurelhurst area and Lake Washington. As the name describes it, the University District is home to the University of Washington which is a well renowned public university. The university is ranked as the thirteenth best public school in the world and second best public institution in the country. The area thrives with excitement during the school year with more than 30,000 undergraduate students in attendance each year. During the football and basketball seasons alone, the campus draws in an additional 30,000+ dawg fans to the University District. all the remaining services they need from haircut salons, auto body repair shops, and dry cleaners. With the neighborhoods central location, commuting to and from the area is easy with I-5 just to the West and the advanced transit system implemented over the past few years. The long planned University Link Light Rail Station located at Husky stadium opened in March of 2016. The transit line runs from the University of Washington to Angle Lake Station making 14 stops along the way including one at Sea-Tac Airport. In addition to the light rail, King County Metro has multiple transit bus lines with easy connections making for easy and hassle free transportation options. On the eastern edge of the University District is University Village which is comprised of a wide variety of shops and restaurants. Many residents around the area find it easy to spend countless hours in the village exploring some of the shops including Lulu Lemon, North Face, Apple Store, Office Depot, and getting groceries at QFC. Many take a break from the window shopping at one of the many restaurants including Blue C Sushi, The Ram, Joey s, Eureka, and Elemental. Just on the perimeter of University Village residents can find 6
University District Snapshot Population 31,729 Median household income $49,571 Owner Occupied Renters Walk Score Bike Score Transit Score 17% 83% 91 - Walkers Paradise 85 - Very Bikable 77 - Excellent Transit Median Studio Rent $1,628 Median 1 Bd/1 Bth Rent $1,993 Median 2Bd/1 Bth Rent $2,267 Downtown Seattle Commute Times Bus: 26 min via Bus 372/Light Rail Car: 10 min via I5 Bellevue Commute Times Bus: 45 min via Bus 372/556 Car: 19 min via 520 TOP JOB SECTORS: * Management: 15.5% Business 7.7% Computer: 8.8% Education 6.6% Engineering 3.3% Administrative: 8.7% Sales: 9.2% Service: 6.3% Healthcare: 5.1% Legal 2.4% Construction 2.1% Social Services: 1.7% * https://www.niche.com/places-to-live/n/university-district-seattle-wa 7
Seattle Central Business District Major Health Care: Harborview Medical Center, University of Washington Medical Center, Swedish Medical Center, Children s Hospital, Virginia Mason Medical Center, Providence Medical Center and Group Health Seattle Icons: Space Needle, Pike Place Market, South Lake Union, Seahawks, Mariners Home to major universities such as University of Washington, Seattle University, Seattle Pacific University, Antioch University, City University, Seattle Art Institute, Cornish School of Arts Headquarters to Amazon, Starbucks, Fred Hutchinson Cancer Research Center, Paul Allen Institute, Holland America Cruise Line, REI, Real Networks, Big Fish, Expedia (2018), Zillow, Redfin, F-5 Networks, Nordstrom s, Boeing, Expeditors International, Payscale, Zulily New Companies entering Seattle s Market: Dropbox, Facebook, Tableau and Apple Seattle is the number ten top fastest growing big U.S. cities Amazon currently host s 24,000 employees, and is projected to host an additional 47,000 more (total 71,000) by 2019 Projected to occupy over 9 million square feet of office space by 2019 8
University Link Light Rail and Future Light Rail Expansion The University Link Light Rail 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 2021, the University District is slated to gain a second link light rail station located on Brooklyn Ave NE between NE 45th and NE 43rd streets. It will serve the surrounding residential community, the Ave business district, other employment sites, the UW Tower and the north University of Washington campus. Its official name is now U District Station. Riders will board trains underground. The station will have two entrances along Brooklyn Ave NE with elevators, escalators and stairs. The station will have about 100 bike parking spaces. The site is designed to accommodate future development above the station. When it opens in 2021, projected transit times suggest a 5 minute commute to Northgate and 8 minutes to Westlake Station in Downtown Seattle. U DISTRICT ROOMING HOUSE 9
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 10
Major Employers - Central Business District 11
Major Employers - South Lake Union 12
Population, Education and Income King County contains estimated 872,411 households. This number is forecast to increase to more than 912,000 by the year 2021. The county currently has 18 cities with populations greater than 20,000. Seattle is one of the most educated cities in the United States. Over 57 percent of Seattle s adult residents have a Bachelor s degree or higher, nearly twice the national average. An educated city means an educated workforce a solid backbone for the innovative, knowledge-based industries that drive Seattle s economy. King County also boasts high educational attainment, with 47 percent of residents over 25 having received a Bachelor s degree or higher. Roughly 28 percent of King County residents are in professional business/managerial positions. As a result, median household income in King County is well above the U.S. average. Cost of living is generally higher than the U.S. average, but it is in line with other metropolitan areas with similar income levels. TOP KING COUNTY EMPLOYERS FT EMPLOYEES IN WA The Boeing Co 81,919 Microsoft Corp. 43,031 University of Washington 30,200 Amazon.com Inc 24,700 Starbucks Corp 13,400 Swedish Health Services 11,239 City of Seattle 10,758 Costco Wholesale Corp 10,080 Nordstrom 9,264 Group Health Cooperative 8,982 *Source: U.S Census Bureau 13
Development Potential Development Analysis provided by 15
Development Potential 16
Land Comparables UNIVERSITY VILLAGE DEVELOPMENT SITE 5510 25th Ave NE, Seattle, WA Lot Size Zoning 7,500 SQFT NC2P-40/LR2 Sales Price $2,195,000 Price/Foot $292.67 Sales Date TBD 1. SAND POINT WAY DEVELOPMENT SITE 4568 Sand Point Way NE, Seattle, WA Lot Size 8,712 SQFT Zoning NC2P-40 Sales Price $2,600,000 Price/Foot $298.44 Sales Date 1.16.2018 2. CROWN HILL HARDWARE-LAND 7757 15th Ave NW, Seattle, WA Lot Size 7,005 SQFT Zoning NC2P-40 Sales Price $2,100,000 Price/Foot $299.79 Sales Date 1.10.2018 3. DEXTER AVE DEVELOPMENT SITE 1601-1607 Dexter Ave N, Seattle, WA Lot Size 10,820 SQFT Zoning NC3P-40 Sales Price $3,354,000 Price/Foot $309.98 Sales Date 12.20.2017 4. 45TH STREET DEVELOPMENT SITE 100 NE 45th St, Seattle, WA Lot Size 4,410 SQFT Zoning NC2-40 Sales Price $1,250,000 Price/Foot $283.45 Sales Date 12.13.2017 5. ROOSEVELT DEVELOPMENT SITE 5300-5306 Roosevelt Way NE, Seattle, WA Lot Size 8,506 SQFT Zoning NC2-40 Sales Price $2,500,000 Price/Foot $293.91 Sales Date 11.15.2017 17
Sales Comparables Map University Village Dev Site 5510 25th Ave NE Seattle, WA 1. Sand Point Way Dev Site 4568 Sand Point Way NE Seattle, WA 2. Crown Hill Hardware-Land 7757 15th Ave NW Seattle, WA 3. Dexter Avenue Dev Site 1601-1607 Dexter Ave N Seattle, WA 4. 45th Street Dev Site 100 NE 45th St Seattle, WA 5. Roosevelt Dev Site 5300-5306 Roosevelt Way NE Seattle, WA 2 5 UNIVERSITY VILLAGE DEVELOPMENT SITE 4 1 3 18
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 $3.4 billion in sales and have closed over 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 23 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. 19