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OFFERING MEMORANDUM

 

Pinehurst Development Site

12303 15th Ave NE | Seattle, WA 98125

$1,750,000

15,141 SF Lot Zoned NC3P40

CONTENTS

• EXECUTIVE SUMMARY

• SEATTLE OVERVIEW

• NEIGHBORHOOD OVERVIEW

• PROPERTY DETAILS

• COMPARABLE TOWNHOME        SALES

• FINANCIAL ANALYSIS

•  MUP FOR APARTMENTS AND RETAIL

• APARTMENT DEVELOPMENT DETAILS

• NORTH SEATTLE APARTMENT MARKET

• CONTACT INFORMATION


Summary

Development Potential for Townhomes & Retail

Master Use Permit for a 31-Unit Apartment & Retail (8/17)

 

Anomaly Commercial and Keller Williams Realty Bellevue are pleased to present this North Seattle development site in the Pinehurst neighborhood of Northgate. The sale includes two parcels on the corner of NE 123rd St and 15th Ave NE, one of Seattle's busiest streets.

Conveniently located across the street from Safeway and Starbucks, as well as the 15th Ave transit line, this property is the ideal site for a new townhome/condominium project. Additionally, the purchase will include a Master Use Permit for a 31 unit apartment and retail building, providing another option for development.

The property currently has 4 retail tenants providing a new owner with cash flow to carry the property through the entitlement process.

 

 

Conceptual Site Plans

Scheme 1

Scheme 2

Scheme 2 - (floor 2)


Seattle Overview

Explosive population and job growth

 

#1

U.S. Census Bureau rank of fastest growing cities

3.1%  

population increase  (one-year period)

2.9%

employment increase (one-year period)

 

 

 

This unprecedented population surge has created one of the hottest housing markets in the country. Price gains for homes have ranked #1 nationally every month since September 2016,with sales outpacing listings 11 of the last 12 months. As of June 2017, median home sales price had risen to $735,00 and average price per square foot had climbed to $410. Meanwhile, inventory has fallen to 0.7 months.

 

Seattle's explosive growth is no secret. Ranked by the U.S. Census Bureau as the #1 fastest growing city in the country, Seattle's population growth is buoyed by the employment opportunities offered here by some of the world's strongest companies: Amazon, Microsoft, Starbucks, Google, Boeing.

 

 


Neighborhood Overview

 

Pinehurst, a community within Seattle's Northgate area, combines commercial proximity, urban walkability, and convenient commutes with a neighborhood feel.

With Seattle's major employment centers in close reach (less than four miles to the University of Washington, less than eight miles to the South Lake Union technology core), residents enjoy incredibly convenient commuting options: I-5 borders the area to the West, and 15th Avenue is home to major bus lines. The completion of the planned Northgate light rail station will put Pinehurst residents within walking distance of the future of Seattle public transportation.  

Restaurants, coffee shops, and retail abound on 15th Avenue and directly to the South in Northgate Mall. A walkability score of 72 reflects this convenience. 

 


Property Details

15,141 SF

Lot Size

49,208 SF

Buildable SF Allowed

NC3P40

Zoning (3.25 FAR)

$33,480

Annual Rental Income

$12,198

Annual Property Taxes

4

Current Tenants

 

Existing Buildings:

400 SF Coffee Shop

(Tree House Coffee Co.)

3,264 SF Retail Building

(Mara Grocery, Benefit Admin. Group, Emmett Henley)

1,144 SF House

(Vacant)

 

The subject property provides an excellent opportunity for development. The 15,141 SF lot is located on the corner of NE 123rd Street and 15th Avenue NE, Pinehurst's main commercial artery and location of main transit lines.

The property has many features that contribute to ease of development: a square shape, flat topography, and lack of wetlands or flooding concerns. NC3-P40 (Neighborhood Commercial 3, Pedestrian 40ft) zoning allows for a range of mixed-use development possibilities. 

In addition, four existing retail tenants provide positive cash flow until you are ready to break ground.

 

Recent Townhouse Sales

 

Comparable #1

Townhome Comp Pic #1.jpg
 

Comparable #2

 

Comparable #3

 

Comparable #4

$605,237.50

Average Sales Price

$441.86

Average $/SF

8

Average DOM


Financial Analysis

 

MUP for Apartments and Retail

31 Apartment Units | 3,600 SF Retail

 
 

Apartment Development Details

PROPERTY FEATURES | COMMUNITY AMENITIES | IMAGES

 
 

PROPERTY FEATURES | COMMUNITY AMENITIES

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IMAGES


N. Seattle Apartment Market

MARKET OVERVIEW

 

Contact:

Lloyd Ball

(206) 947-5053

Lloyd@anomalyco.com

Justin Sult

(206) 724-3676

Justin@anomalyco.com

Danielle Song

(206) 234-3396

Song@anomalyco.com


All information contained in this offering was obtained from sources we believe to be reliable; however, Anomaly Commercial and Keller Williams Realty has not verified its accuracy and makes no guarantees, warranty or representation about it.