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EMERGING MARKETS

AUBURN, WA

 

PLANES, TRAINS, AND AUTOMOBILES

 

AUBURN IS EMERGING

Auburn's location in a fertile river valley has always drawn people to it, and transportation drove Auburn's evolution from agricultural to industrial. The establishment of rail lines through town and better roads brought more businesses to Auburn, including Boeing. Today transportation convenience - with modern trains and buses, proximity to highways, and a municipal airport - remains an Auburn hallmark.

The City of Auburn understands their role can be "make or break" for local development. Beginning in 2010, local government aggressively pursued over $10 million in federal and state funding to revitalize the downtown core, upgrading utilities among other improvements. Their foresight paid off, as Auburn is now one of the fastest growing cities in the Seattle area. 


DEMOGRAPHIC SNAPSHOT

 

81,032

Population (2017)

87,851

Population

( 5-year projection )

$62,229

Avg. Household Income

$71,434

Avg. Income

( 5-year projection )

 

Source: Esri


MAJOR PROJECTS

 
Source: Arbor Building Group

Source: Arbor Building Group

AUBURN GATEWAY

Auburn Gateway is a sprawling 70-acre, multi-phase, mixed-use development. The site plan calls for 700,000 SF of retail, 500 residential units, and up to 1.6 million SF of office space. Plentiful parking and landscaped green space is in the works as well. 

The project is owned by Los Angles-based Robertson Properties Group, recognized as one of the country's top retail property owners and managers.

 
Source: The Reserve at Auburn

Source: The Reserve at Auburn

THE RESERVE AT AUBURN

One of the largest mixed-use developments underway in downtown Auburn, the Reserve is comprised of six buildings containing 297 senior apartments, 295 family units, 11,000 SF of commercial space, and surface parking. 

The project is strategically located near Auburn's Transit Center, a sure plus for future residents. 


REAL ESTATE MARKET STATS

Residential and Investment Data

 

MULTIFAMILY AFFORDABLE

$1.50/SF

Rental Rate

3.9%

Vacancy Rate

4.6%

Cap Rate

$228,000

Avg. $/Unit

 

MULTIFAMILY MARKET

$1.60/SF

Rental Rate

3.3%

Vacancy Rate

4.8%

Cap Rate

$207,000

Avg. $/Unit

 

RETAIL

$20.18/SF

Rental Rate

7.2%

Vacancy Rate

6.5%

Cap Rate

$236

Avg. $/SF

 

OFFICE

$24.71/SF

Rental Rate

1.7%

Vacancy Rate

5.1%

Cap Rate

$236

Avg. $/SF

 

Source: Costar, REIS, NWMLS and Dupree & Scott. Statistics are for Kenmore and surrounding markets. Cap Rate calculated from Costar and Dupree & Scott for all of 2017 only.  Statistics shown above are a blend of all qualities on investment spectrum (class A, B, & C).


TRANSPORTATION

 

 
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DOWNTOWN SEATTLE

30 Minute Drive

DOWNTOWN BELLEVUE

35 Minute Drive

AUBURN STATION IMPROVEMENTS

Thousands of people ride the Sounder Train from Auburn Station daily. To accommodate rising demand (projected to increase 70% by 2035), plans are in place to improve and expand existing infrastructure.

The Sound Transit 2 initiative calls for the creation of a new parking structure and a net increase of 500 stalls. Looking ahead further, Sound Transit 3 will further improve station access for pedestrians, bicycles, buses, and other vehicles, extend train platforms, and upgrade tracks and signals.

Source: Sound Transit

Source: Sound Transit


 
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