Managing Broker | President
206.947.5053 | Lloyd@anomalyco.com
Broker | Account Executive
206.773.6655 | Rebecca@anomalyco.com
For Sale Off-Market
Skyway Park Bowl, Casino & Event Center
11821 Renton Ave S | Seattle, WA 98178
46,000 SF of Retail | 166,376 SF of Land | Zoned CBSO
Anomaly Commercial and KW Commercial are proud to present a one-of-a-kind commercial investment property in the Skyway neighborhood of Seattle, WA. Skyway Park Bowl has been a popular entertainment venue and casino in the neighborhood for decades. The building has recently been remodeled and features opportunities for multiple streams of income from ancillary businesses. The flat and fully paved 3.81 acre site is zoned CBSO (high density development potential) and features +190 parking space.
Key property features:
+/- 46,000 SF of retail building
166,376 SF of land zoned CBSO (Community Business Special District Overlay)
Casino license (issued/permitted but not currently active)
Event venue with commercial kitchen #1 and bar: +/- 9,024 SF (638 person max occupancy)
Restaurant with commercial kitchen #2 and dining room
2nd floor apartment
2 commercial kitchens
Bar #1 with lounge: +/- 2,100 SF
Bar #2 with lounge: +/- 2,000 SF
Bar #3 located inside the event venue
Fully paved lot with ample parking
**We strongly encouraged any buyer to verify this information to their satisfaction. All information contained in this offering was obtained from sources that professionals 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.
Future Development Potential
3.81 acres of land with high density zoning
Project Address | 11821 Renton Ave S, Seattle
Project Type | Mixed Use
Zoning | CBSO
Overlay | Special District Overlay (SO)
Max FAR| 3.5 to 4.5 (with on site parking structure)
Building Area | 46,000 SF
Site Area | 166,376 SF
Max Project Size | 582,316 - 748,692 SF (max FAR)
Greater Seattle Commercial Outlook
The strongest market in the West
"Seattle (4). The fundamentals for the success of the Seattle market appear well established for another year. While the more traditional manufacturing sector may see some slowdown due to cuts in aerospace production, technology-related sectors of the economy are still growing rapidly.
The Seattle technology industry is dominated by information technology firms focused on cloud computing and those focused on internet retailing. Tech hiring in Seattle has been so competitive that the average hourly pay rate for an IT worker is now $10 higher than the national average. The outlook for tech hiring remains strong as firms continue to locate to the market to take advantage of the proximity to industry leaders. This is evidenced by the increase in venture capital flows to the market over the past 12 months.
Seattle has lowered its dependence on the aerospace industry from historical levels, but current cuts will still have an impact on the market. The job losses, along with the eventual loss of income, will be a negative to future economic activity.
Population growth in Seattle is projected to remain at nearly twice the national rate. This pace is impressive given the current size of the Seattle metro area, at around 3 million residents. The combination of strong job growth and rising incomes is projected to push household formation up in 2017, which will increase demand for both single- and multifamily housing. The multifamily market will need the higher level of demand since the market will add 5 percent to its existing inventory."
Seattle is the "Top Western Market"
New development opportunities are lacking
1.8% employment growth from 2016 to 2017
1.4% population growth from 2016 to 2017
International investors purchased $2.8 billion worth of assets in the region last year (2015), according to Real Capital Analytics
A snapshot of the property's neighborhood