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LISTING

EVALUATION & PROPOSAL

MERCER ISLAND

Twenty-Four-Eleven | A Luxury Condo Development

2411 76th Ave SE | Mercer Island, WA

2 Parcels Totaling 23,509 SF

 

OFFERING SUMMARY

2411 76th Ave SE, Mercer Island, WA

 

LOCATION

2411 76th Avenue Southeast, Mercer Island, WA 98040. This site is the Northwest Gateway into Mercer Island’s Town Center and directly across SE 24th Street from the 90 acre, 2.8-mile-long Aubrey Davis Park, lid over Interstate 90.

 

PROJECT SUMMARY

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  • Total Project Size: 143,600 GSF

  • Five-Story mixed use including

  • +/- 73 high-quality condominium units totaling 65,442 Saleable Square Feet (SSF)

  • 4 commercial/retail units totaling 6,531 SSF for a project total 71,973 SSF.

  • Project Owner owns SE parcel (11,409 SF) and has NW parcel (12,100 SF) under contract with the City of Mercer island.

  • Zoning: TC 5 (Town Center) with height limit of five stories to 63 feet

 

Project Schedule:

  • Construction to start Q2 2020

  • Project completion scheduled for Q4 2021

  • Total Project Cost is $55.4 million

Source of Funds:

  • Owner’s Current Land Equity: $4.0 million

  • Bridge Loan: $2.5M (will be paid off at first construction draw)

  • Additional Equity: $18.2 million (will go towards land purchase and first 4 months of construction.

  • Construction Loan: $33.2 million ($2.5 million will pay back the bridge loan)

Project special location advantages:

  • Across the street from the City’s major park, the Aubrey Davis Park

  • One block access to I-90 West to Seattle

  • Three blocks access to I-90 East to Bellevue

  • One block walk to Sound Transit’s Mercer island Station Opening 2023

  • Two blocks walk to bus transit hub at the sound Transit’s park and ride

Parking

181 stalls (includes easement access to 70 weekday public commuter stalls, open to Mercer Island Residence only, managed and all maintenance costs provided by the City of Mercer Island). 1.15 parking stall per residential unit, 27 stalls allocated to the commercial/retail.

 
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PROJECT COSTS

 
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LISTING PROPOSAL

DISCOVER A BETTER WAY

 

2411 76th Ave SE, Mercer Island, WA

2411 76th Ave SE. will have the support of a 6 person project team.  Our team will execute a direct marketing campaign.  This will be followed by aggressive personal outreach and feedback acquisition.  We will report our progress to you every 2 weeks or more frequently when needed.

We anticipate that we'll find the right buyer within the first 60 days.

 

PREMIUM LAND SALES COMPS

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$8,000,000

Buy now market price

$9,000,000

Close on entitlements

(est. 18 month carry and buyer pays development fees)

$10,500,000 + FEES

Close on entitlements

(est. 18 month carry + developer fee + 50% of owner rep + buyer paid fees)

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5% /3.5%

listing commission

(buyer has a broker / direct to buyer)

2

phase marketing execution

60-day

marketing campaign

 

DETAILS BELOW

 
 

3 PHASE MARKETING EXECUTION

Comprehensive. Strategic. Aggressive.

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+ 1. Private Offering

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Targeting: Top 10 Merchant Developers

Timeline: 21 Days

We market your property privately & directly (one-by-one) to a hand picked pool of the most active buyers.

These highly qualified buyers provide us with the highest quality feedback. In many cases we capture key concerns necessary to be more effective with the next 40.

Furthermore, if they have completely passed on the opportunity and it’s solely due to price, we’ll ask: ”If it makes it past this round, the price may come down. At what price does this make sense to you?”

+ 2. Call for Offers

-

Targeting - Top 40 Merchant Developers

Timeline: 21 Days

Typically, this buying pool is comprised of 30 well known buyers and 10 newcomers (based on surprising recent deals or heavy activity in another market).

This is a larger list. For merchant developers, we may reach the majority of the buying pool.We'll set a deadline for receiving offers, we'll collect them as they come in, and we'll review each bid with you.

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Targeting - All Active Merchant Developers

Timeline: 150 Days

We'll comprehensively market your property to all of the buyers, brokers, and financial institutions worldwide. We'll set a deadline for receiving offers, we'll collect them as they come in, and we'll review each bid with you.

CBA - The most relied upon marketplace and the best database to achieve maximum exposure. It features the most widely used contracts which are now the industry standard in Washington. Many of the property statuses are not up to date and financial data for investment properties can be questionable. This is because the barrier to entry is very low.

Costar - Features the highest quality transaction data where professionals run comps. Purchasers are in the market of the present, past, and future.

LoopNet - LoopNet is only fully utilized when a searcher pays for the service. It is the least trusted and updated database but it ranks very well in google search results.

NWMLS - NWMLS users are held to the highest standard. To avoid penalties, listing data must be accurate and up to date, the marketing remarks must be legally appropriate, and the listing must be connected to county records (most accurate). Listings cannot point to a flyer or any outside marketing. All listing data and marketing remarks must be manually entered to ensure accuracy and conformity.


OUR PROPRIETARY DATABASE

With 2 years of development and a multitude of contributors, we've built a comprehensive database of the world's most active buyers.  It's regularly updated and we filter through our database to find the most qualified investors for your asset.

 
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About the Companies

  • Markets of Interest

  • Property types

  • Min and max

  • Multiple contacts

  • How they close

  • Acquisition activity

  • Source of Funds

  • Yield objectives

  • Hold period

  • Portfolio size

  • What they own in WA

 
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About the People

  • Titles

  • Geographic focus

  • Direct phone #

  • Office phone #

  • Email addresses

  • CEOs to secretaries

  • Social media accounts

 


PROJECT TEAM

Diverse skill sets, roles, and responsibilities.

President, Managing Broker

  • 17 Years of Experience

  • Board Director for Rental Housing Association of Washington

  • Multifamily and Senior Housing Investor

  • Education: Massachusetts Institute of Technology (MIT)

  • MIT Center for Real Estate (Partner 2015)

Vice President, Account Executive

  • 3 Years of Experience

  • Multifamily Specialist

  • Property Marketing Campaign Manager

  • Real Estate Broker, KW Commercial

  • Asian American Real Estate Association

 

Sr. Director of Operations

  • 5 Years of Experience

  • Associate, KW Commercial

  • Capital Markets Specialist

  • Education: CCIM

  • Education: eCornell University

 

VP of Sales

  • 14 years of Capital Markets Experience

  • Goldman Sachs & Merrill Lynch Alumni

  • Associate Broker, KW Commercial

  • Education: University of Washington

VP of Sales

  • 7 Years of Experience

  • Core Seattle Multifamily and Town Home Investor/Developer

  • Associate Broker, KW Commercial

  • Education: CCIM

  • Education: University of Washington (Mathematics)

Associate Broker

  • 1 Year of Experience

  • Property Marketing Campaign Contributor

  • Property Analyst

 


INTERNATIONAL

Many companies have attempted to translate their listings to Mandarin via online translation tools (i.e. Google Translate).  It takes someone who dreams and expresses love in Mandarin to execute it correctly.  We have this advantage.

 

Interesting Data About Chinese Buyers

"Chinese money now accounts for about 55 percent of all homes purchased by foreigners in Washington."

National Association of Realtors

 

"Most of those purchases are still in the suburbs, particularly in wealthier areas on the Eastside."

Seattle Times

 

"Overall, buyers from China bought about $1.6 billion in homes across Washington last year"

National Association of Realtors

 

Chinese buyers are predominantly targeting luxury homes, with an average price of $1.2 million.

Juwai 

JUWAI - the MLS of China


ALLIANCES

We've hand-picked the best partners for this type of asset.  They are financing, closing, and managing transactions of investment sales.

 
Internationally Recognized as the Authority on Investments

Internationally Recognized as the Authority on Investments

Moncord - Top Transaction and Listing Coordination Team in the Region

Moncord - Top Transaction and Listing Coordination Team in the Region

Fidelity National Title and Escrow - #1 Title Company in the US

Fidelity National Title and Escrow - #1 Title Company in the US

The top CRE team in the KW NW Region (WA, OR, ID, & AK)

The top CRE team in the KW NW Region (WA, OR, ID, & AK)

Keller Williams - The #1 Real Estate Company and the #1 Training Organization in the World

Keller Williams - The #1 Real Estate Company and the #1 Training Organization in the World

#1 Institution in the World for Real Estate Finance, Development, Urban Design, and Architecture

#1 Institution in the World for Real Estate Finance, Development, Urban Design, and Architecture