offering memorandum - loopnet › d2 › y_hn9k16l1duhizqbbqor5wa2... · 2018-07-12 · offering...

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

Offering Memorandum

PINEHURST DEVELOPMENT SITE

11552 15th Ave NE Seattle, WA

Exclusively offered by Paragon Real Estate Advisors

A Newly Discovered Neighborhood of Proximity


15TH AVE NE

PINEHURST WAY NE

NE 117T

H ST


Offering Summary

Name Pinehurst Development SiteAddress 11552 15th Ave NE

Seattle WA 98125

Parcel Number 679810-0765

Lot Size 16,259 Square Feet

Zoning NC2-40

Price $2,150,000

Price Per Foot $132.23

Built 1945

Existing Use 5,656 Square Foot Service Building

Development Potential 50 - 60 Unit Mixed Use Building or 16 Townhouse Units

Terms Cash Out

Paragon Real Estate Advisors is pleased to offer for sale the Pinehurst Development Site. This 16,259 square foot site zoned NC2-40 is located in the Pinehurst neighborhood of Northgate which is on the cusp of experiencing an urban renaissance.

With the explosion of high paying jobs and increasing housing costs in Seattle, Pinehurst provides affordable housing for both home ownership and rental housing within minutes of the downtown core. Developers and investors alike have recently discovered Pinehurst and are able to build and provide affordable housing which benefits from the close proximity to downtown, the future light rail services and neighborhood amenities. The Pinehurst Site affords developers a great opportunity to build 16 +/- townhomes with some live-work or accessory dwelling units. The site can also accommodate the development of a 50 to 60 unit mixed-use building.



Investment Highlights

A neighborhood of proximity

Transit oriented location

Close to the future Northgate Light Rail Station

Increased desire for home ownership

Increase in new development including single family houses, townhouses and apartment buildings

2 blocks to the Hazel Wolf K-8 STEM school

High visibility corner lot however building is set back from the street

Diverse shopping neighborhood anchored by the Northgate Mall

Minutes to Seattle’s CBD and Amazon’s South Lake Union headquarters

Near major employment centers including Aerospace, Healthcare, Technology and Universities

Conveniently located near the two major north-south highways - Interstate 5 and Highway 99


Pinehurst

Pinehurst is a neighborhood in the Northgate area of Seattle Washington. Residents enjoy true urban living within walking distance to transit, grocery stores, quaint coffee shops and bakeries. Residents also enjoy the restaurants, entertainment, recreational venues and highly rated schools in this neighborhood. Pinehurst has two neighborhood parks, Pinehurst Playfield and Pinehurst Pocket Park, and the neighborhood is bounded on the north by Jackson Park and Thornton Creek Park

The Northgate Mall is located within blocks of the subject property. In recent years the Northgate Mall has experienced some major transformations. One of the most recent development is Thornton Place. This urban center is home to a 14 screen cinema, an IMAX screen and an array of restaurants and retail all located within the Thornton Place complex.

Pinehurst has recently been discovered by both residents looking for well-located affordable housing and developers seeking to build in areas ready to expand.

The Pinehurst Development Site is located within 2 blocks of the acclaimed Hazel Wolf K-8 STEM school. The construction of the school was completed in 2016 and the student body moved in the same year. This is a “choice school” with an innovated curriculum based on environmental learning. This school is highly regarded and draws students from all over the city.

The Pinehurst Development site is well situated on the ST3 Light rail Expansion schedule for completion in 2021.


Sound Transit Link Light Rail

The Northgate Link Extension will connect the Northgate, Roosevelt and U District neighborhoods to downtown Seattle and the airport The elevated Northgate Station will be located east of 1st Ave NE, spanning NE 103rd Street. Station entrances will be on the Northgate Mall property north of NE 103rd Street and near the Northgate Transit Center south of NE 103rd Street. Construction is currently underway and this station is slated to open in 2021.

The Sound Transit Lynnwood Link Extension Light Rail Project will give riders a fast, frequent and reliable connection through some of the worst traffic congestion in Washington State. This extension builds four new light rail stations from Northgate to Lynnwood along the Interstate-5 corridor, two of which will be located in Shoreline, one at 148th Street and the other at 185th Street. These stations will provide access to the Northgate Mall, bus transfers at the transit center, adjacent park-and-ride facilities, North Seattle Community College and nearby homes and businesses.

Sound Transit anticipates the project starting construction in 2018 and opening for service in 2023 with daily projections estimating between 63,000 and 74,000 riders each weekday by the year 2035. With trains arriving every 4 to 5 minutes riders can expect a 16 minute commute from the station at 145th and downtown Seattle. These transit times will save approximately 14 - 16 min during peak morning commute times.


Neighborhood Map


SEATTLE CBD

UW

CAPITOL HILL

LAKE WASHINGTON

LAKE CITY

NORTHGATE

QUEEN ANNE

BALLARD

U DISTRICT


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


Neighborhood Development

NORTHLINE 12510 15th Ave NE, Seattle 43 Unit Mixed-Use Townhome Community

Plans for 33 townhouse units and 6 Live/Work units. Project is scheduled to break ground before June 2018.

NOREN PINEHURST 11202 Roosevelt Way NE, Seattle 13 Four Story Townhouses 7 Four Story Live/Work Units Parking for 20

Plans for a residential and retail development with 13, four-story townhouses and 7, four-story live-work units. Parking for 20 vehicles to be provided. Permits imminent.

SINGLE FAMILY DEVELOPMENT 1228 - 1240 117th St , Seattle 7 Single Family Homes

Recent single family development 2 blocks from the subject site. Built by Granger.


Site Photos


Neighborhood Amenities



Development Potential - Apartments

L1 Assume 100% foot print buildout = 16,259 sf FAR (actually lower)

COMMERCIAL Assume approx. 190 linear feet of commercial x 30‘ avg depth = 5,700sf of commercial. Live-Work units are definitely an option.

RESIDENTIAL Remaining FAR = 36,582 Sf / 3 Floors = 12,194 sf floorplate @ 85% efficiency = 10,365 sf Residential @ 650 sf avg = 16 units per floor x 3 floors = 48 units. Since you might as well build out an entire underground story of parking I would push it to an avg sf of 600 or less. May also be able to pick up units along the back, not build out all the way to the east PL

SUMMARY 50-60 Unit Mixed-Use Building 5,000 -6,000 square feet of Commercial Space (or 5 Live-work units and corner commercial) Parking at and below grade for 55-60 stalls Total GSF = 69,000 Square Feet

Lot Area: 16,259 Sq.Ft.

Lot Dimensions: 120’ x 135.5’

Zoning: NC2-40

Overlays: Northgate District

Parking: Required

FAR: 3.25

Buildable Sq.Ft.: 52,841 Sq.Ft.

Setbacks: 15’ along E property line above 13’ x 120 lot width = 1,800 Sq.Ft. Max floorplate = 14,459 Sq.ft. (no loss of developable area)

Amenity Area: Roof-top Deck

Other: Power Pole along SW corner may require a setback, new curbs, planting strips and sidewalks will be required. Design review required.

Parking: At grade within building, 20 Stalls 1 level below grade - 35 - 40 Stalls


According to preliminary plans this site can accommodate 16 Townhouse Units with 8 units including accessory dwelling units and 22 below grade parking spaces. This unique and innovative design is well-suited to the needs of the local Pinehurst community, offering multi-generational living opportunities as well as a potential rental option.

Development Potential - Townhouses

NE 117TH ST

15TH

AVE

NE

Architectural Survey Provided By


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.

offering memorandum - loopnet › d2 › y_hn9k16l1duhizqbbqor5wa2... · 2018-07-12 · offering...

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