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PRIVATE PROPERTY REPORT

 

Wedgwood Development Site

9400 35th Ave NE | Seattle, WA 98115

11,832 SF Lot Zoned NC1-30

CONTENTS

• EXECUTIVE SUMMARY

• SEATTLE OVERVIEW

• NEIGHBORHOOD OVERVIEW

• PROPERTY DETAILS

• COMPARABLE TOWNHOME SALES

• NORTH SEATTLE APARTMENT MARKET

• CONTACT INFORMATION


Summary

Development Potential for Townhomes, Apartment, & Retail

 

Anomaly Commercial and Keller Williams Realty Bellevue are pleased to present our analysis for this North Seattle development site in the Wedgwood neighborhood. The property includes one parcel on the corner of NE 94th St. and 35th Ave NE.  The property features a 2,323 SF retail building and 11,832 SF of land zoned NC1-30.

 

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

 

Wedgwood, a community in N. Seattle, combines commercial proximity, urban walkability, and convenient commutes with a neighborhood feel.

With Seattle's major employment centers in close reach (less than 2 miles to the University of Washington, less than 6 miles to the South Lake Union technology core), residents enjoy incredibly convenient commuting options: I-5 borders the area to the West, and 35th Avenue is home to major bus lines. The completion of the planned Northgate light rail station will put Wedgwood residents within walking distance of the future of Seattle public transportation.  

Restaurants, coffee shops, and retail abound on 35th Avenue and directly to the East in Northgate Mall.

 


Property Details

 

11,832 SF

Lot Size

29,580 SF

Buildable SF Allowed

NC1-30

Zoning (2.5 Max FAR)

$69,960 NNN

Potential Annual Rental Income

$12,419

Annual Property Taxes

1

Current Tenants

 

Existing Buildings:

 

2,323 SF Retail Building

(WONG'S)

 
 

Environmentally Sensitive Areas

None Known

 

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

 

13

Est. # of Units

(Townhomes)

$100K to $125k

Price Per Townhome Unit

(Undeveloped)

$1.30 - 1.63M

Est. # Sale Price

(Further Feasibility Req.)

 

N. Seattle Apartment Market

MARKET OVERVIEW

 

Contact:

Lloyd Ball

(206) 947-5053

Lloyd@anomalyco.com

Danielle Song

(206) 234-3396

Song@anomalyco.com

Justin Sult

(206) 724-3676

Justin@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.