lake union view development site · 2018-05-23 · 600 university street suite 2018 seattle, wa...

1600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com

Offering Memorandum

LAKE UNION VIEW DEVELOPMENT SITE

2436 - 2440 Dexter Ave N Seattle WA

Exclusively offered by Paragon Real Estate Advisors


Offering Summary

Paragon Real Estate Advisors is pleased to exclusively offer for sale the Lake Union View Development Site. This unique property offers the opportunity to redevelop two large parcels in the highly desirable Queen Anne/Westlake neighborhood.

The wonderful location and site characteristics can be leveraged to develop luxury housing with incredible views of Lake Union as well as quick access to everything that makes Seattle spectacular.

LAKE UNION VIEW DEV SITE

Name Lake Union View Development SiteAddress 2436 - 2440 Dexter Ave N, Seattle WA

Lot Size 13,056 Square Feet

Lot Dimensions Approximately 95’ X 137’

Zoning LR3 - Frequent Transit Area

Price $3,995,000

Price Per Lot Sq.Ft. $305.99

Existing Improvements 1 - 3,000 Square Foot Triplex 1 - 2,400 Square Foot Triplex

Proposed Development Luxury Townhomes/Rowhouses


Neighborhood Map

ELLIOTT BAY

SEATTLE CBD

FREMONT

BALLARD GREENLAKE

SOUTH LAKE UNION

QUEEN ANNE

BELLTOWN


UNIVERSITY OF WASHINGTON

CAPITOL HILL


Investment Highlights

Excellent Queen Anne Location with amazing Lake Union Views

Corner lot with an alley

LR3 zoning in Frequent Transit Area

Opportunity to develop high-demand townhomes/rowhouses

Existing Triplex is in good condition and generates income with potential to increase rents

Across the street from Thomas C. Wales Park

Convenient bike lanes and bus line located on Dexter Ave N

4 minute drive to SLU (1 mile) and 12 minute drive to Seattle CBD (2 miles)

Quick access to Seattle’s most popular neighborhoods and destinations


Aerial Photo


Location Highlights

Queen Anne is consistently ranked as one of the city’s hottest neighborhoods, most desirable places to live, most competitive real estate markets and most walkable/livable communities!

Close to schools: Queen Anne Elementary School, Seattle Country Day School, John Hay Elementary School, St. Anne School, Mc Clure Middle School, Seattle Pacific University and more.

Nearby Grocery Stores: Quality Food Center (QFC), Whole Foods, Trader Joe’s, Metropolitan Market, Safeway, PCC, Ken’s Market and Lyon’s Grocery.

Nearby Restaurants/Coffee Shops: Herkimer Coffee, Citizen, Canlis, How To Cook A Wolf, 5 Spot, Molly Moon’s, Revel, Ballard Pizza Company, Laredos Grill, China Harbor, Hilltop Ale House, and many more!

Just minutes from Seattle Center, the Museum of Pop Culture, Key Arena, MOHAI, and many other wonderful parks and recreational destinations.

Less than 1 block from the 62 bus line stops offering quick public transportation to SLU and the CBD as well as north to destinations such as Fremont, Wallingford and Green Lake.


Existing Improvements

Unit Number

Type

Size

Current Rent

1 - 2436 2Bd/1Bth 1,200 Sq.Ft. Owner Occupied

2 - 2436 1Bd/1Bth 600 Sq.Ft. $1,300

3 - 2436 1Bd/1Bth 450 Sq.Ft $1,000

1 - 2440 2Bd/1Bth 1,610 Sq.Ft. $2,995

2 - 2440 1Bd/1Bth 834 Sq.Ft. $1,200

3 - 2440 1Bd/1Bth 556 Sq.Ft $950

Monthly Income

Monthly Scheduled Rent $7,445

Other Income Proforma $257

Total Monthly Income $7,702

Operating Expenses

Real Estate Taxes 2018 ($9,890/$10,538) $20,428

Existing Use 2 Triplexes (6 Units Total)

Year Built 1951/1948

Building Size 2,400/3,000 (5,400 Total Square Feet)

Stories 1 + Daylight Basement

Roof Pitched Composition

Parking 1 Attached Garage Space 4 Detached Garage Spaces

Construction Wood Frame with Brick Veneer

Plumbing PEX (recently updated)/Copper/Galvanized

Windows Double Pane Vinyl

Heat System Electric in Wall Forced Air / Electric Baseboard


Existing Improvements


Development Highlights

Address 2436 - 2440 Dexter Ave N, Seattle WA 98109

Parcel Numbers 352890-0970 and 352890-0980

Lot Size 13,056 Sq.Ft.

Lot Dimensions Approximately 95’ x 137’

Zoning LR3 - Frequent Transit Area

’95

137’

PROPERTY SUMMARY

Proposed Development Luxury Townhomes/Rowhouses

Floor Area Ratio 1.4

Density Limit 1 Unit/1,600 Sq.Ft. or No Limit

Building Height Potential 30’ - 40’

Building Setbacks Front 5’ Minimum Rear 7’ Average, 5’ Minimum Side 3.5’ Minimum

Parking Flexible Parking Area 50% Reduction in Minimum Parking

DEVELOPMENT POTENTIAL

Example


Views From Site - 35’ Elevation

LOOKING SE LOOKING E

LOOKING NE LOOKING E


Utility Information

SEWER AND DRAINAGE WATER

From DSO Water & Sewer


Townhouse Sales Comparables

1. 1220 B 5TH AVE N Seattle, WA 98109

Year Built 2018 Type 2 Bd/2 Bth Size 1,587 Sq.Ft. Sales Price $1,145,000 Price/Unit $721.49 Sales Date 2.27.2018

2. 1820 11TH AVE W UNIT B Seattle, WA 98119

Year Built 2017 Type 3 Bd/2.5 Bth Size 1,944 Sq.Ft. Sales Price $1,239,000 Price/Unit $637.35 Sales Date 1.29.2018

2. 1820 11TH AVE W UNIT C Seattle, WA 98119


5. 1224 B 5TH AVE N Seattle, WA 98109

Year Built 2017 Type 2 Bd/2 Bth Size 1,622 Sq.Ft. Sales Price $1,232,000 Price/Unit $759.56 Sales Date 11.17.2017

3. 2144 9TH AVE W Seattle, WA 98119


4. 1820 11TH AVE W UNIT A Seattle, WA 98119



Townhouse Sales Comparables Map

Lake Union View Dev Site 2346 - 2440 Dexter Ave N Seattle, WA 98109

1. 1220 B 5th Ave N Seattle, WA 98109

2. 1820 11th Ave W Unit B Seattle, WA 98119

3. 1820 11th Ave W Unit C Seattle, WA 98119

4. 2144 9th Ave W Seattle, WA 98119

5. 1820 11th Ave W Unit A Seattle, WA 98119

6. 1224 B 5th Ave N Seattle, WA 98109

5

6

1

2

4


3


Employment

> Adobe

> Alaska Airlines

> Amazon

> Apple

> AT&T Wireless

> Boeing

> Costco

> Expedia, Inc.

> Expeditors International

> F5 Networks

> Facebook

> Fred Hutchinson

> Gates Foundation

> Getty Images

> Google

> Microsoft

> Nintendo

> Nordstrom

> Paccar

> RealNetworks

> REI

> Russell Investments

> SpaceX

> Starbucks

> Symetra Financial

> Tableau Software

> T-Mobile

> Twitter

> Uber

> University of Washington

> Virginia Mason

> Weyerhaeuser

> Zillow

> Zulilly

Greater Seattle excels at the industries of the future - the region is a center of innovation and features some of the world’s top global brands. Our aerospace industry is one of the largest in the world, home to Boeing Commercial Airplanes and over 800 aerospace firms that employ 17% of all aerospace workers in the United States. Greater Seattle is also a leading center for information and communications technology, bolstered by industry pioneers such as Microsoft and Amazon. As a result, our region has emerged as a world leader in cloud computing and data visualization, and ranks 4th as a global startup hub ahead of New York and Boston.


Major Employers - Central Business District


Major Employers - South Lake Union


Paragon Real Estate Advisors

ABOUT PARAGON Paragon Real Estate Advisors is the leading Seattle real estate investment firm for multi-family property sales in Washington State. We have accrued over $3.4 billion in sales and have closed over 1,700 successful real estate transactions. We are locally owned, client-focused and highly experienced. When it comes to apartments and investment real estate in the Puget Sound region, we are the smart choice to partner with. At Paragon, we build long-term partnerships that help our clients reach their long- and short-term real estate investment goals while maintaining maximum profitability for them. Our brokers have an in-depth knowledge of the Washington state real estate market, particularly in the greater Seattle area and the I-5 corridor, that comes from more than 23 years’ experience in the industry. Paragon’s unique focus on sharing knowledge, teamwork and collaboration within the brokerage industry leverages our collective intellect for all our clients. Our brokers provide superior customer representation through our innovative and effective marketing campaigns, co-brokerage, skilled negotiations, and ongoing partnerships.

The information found in this offering memorandum has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.

lake union view development site · 2018-05-23 · 600 university street suite 2018 seattle, wa...

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