othello - loopnet

OTHELLOD E V E L O P M E N T S I T E

Paragon Real Estate Advisors is pleased to exclusively offer for sale the Othello Development Site. This property presents an investor with the opportunity to acquire a property that is primed for development in one of the fastest-growing cities in the country. The property is located a stone’s throw from the Othello Light Rail Station, providing a fast and reliable transportation connection to Downtown, SeaTac Airport, the University of Washington, and more.

A preliminary study concluded the highest and best use to be construction of three spacious townhomes with large yards and plenty of parking. Don’t miss out on this conveniently located, transit-oriented development opportunity.

NAME Othello Development Site

ADDRESS 4406 S Webster Street, Seattle WA 98118

PARCEL NUMBER 071700-0215

TOTAL LOT SIZE 7,482 Sq.Ft.

ZONING SF5000 to RSL (Residential Small Lot)

PRICE $450,000

PRICE PER SQUARE FOOT $60

DEVELOPMENT POTENTIAL 3 - 1,800 Sq.Ft. Townhomes

EXISTING USE Single Family Residence

O F F E R I N G

This information 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 all information and bears all risk for inaccuracies.


P R O P E R T Y H I G H L I G H T S A N D I M P R O V E M E N T S

The property is currently occupied by an 820 square foot rambler constructed in 1944. It is extremely well-located, within walking distance to the Othello Light Rail Station and Lake Washington. The house consists of 3 bedrooms and 1 bathroom with a large back yard for entertaining and plenty of parking. The property is well maintained, has carpeted bedrooms and electric baseboard heat. The home will provide good income at nearly $2,100 per month as a buyer waits for permits.

Q Less than 20 minutes to Downtown Seattle via Link light rail

Q Easy access to I-5

Q Nearby amenities include: Safeway, Starbucks, Chase Bank, Bank of America, UPS Store

Q Flat, rectangular lot

Q Less than ¼ mile (3 min walk) to Othello light rail station

Q Moderate density zoning (RSL)

Q Build up to 30 feet

Q Othello is a rapidly developing area


P R O P E R T Y P H O T O S

This information 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 all information and bears all risk for inaccuracies.

ADDRESS 4406 S Webster Street, Seattle, WA 98118

LOT SIZE 7,482 SF

ZONESF 5000 TO RSL (Residential Small Lot)

SE Seattle Reinvestment Area: Yes

MAXIMUM LOT COVERAGE 50%

MAXIMUM FAR .75

HEIGHT LIMIT 30 feet

DENSITY LIMIT 1 unit per 2,000 SF of lot area

SETBACKS

Front: 10 feet

Rear: 10 feet

Sides: 5 feet

MINIMUM PARKING 1 per unit

MAX DWELLING UNIT SIZE 2,200 SF

TREE PLANTING REQUIREMENTS

Point system designed to encourage preservation of existing trees and planting of larger trees

PRESERVATION OF INCOME50% of floor area ratio in a preserved existing single-family home is exempt from FAR

D E V E L O P M E N T N O T E S


This South Seattle neighborhood is enjoying a resurgence in popularity. Its affordable houses and beautiful views are just a few of its draws.

For over 100 years this area has been a landing place for immigrant and refugee communities, and an “incubator” of small, family-owned businesses, including farms, restaurants, and specialty shops. Alongside long-term residents, new arrivals from around the globe have created a vibrant, progressive community that is unique in its diversity, and ready to take hold of its own strong economic future.

In 2009, Sound Transit opened a new light rail line running along Martin Luther King Jr. Way, including a station at Othello, bringing new development and a new wave of transit-driven community members, continuing a tradition of optimism for a bright, opportunity-filled future. The station is situated between the Rainier Beach and Columbia City stations on the Central Link line, which runs from Seattle–Tacoma International Airport to Downtown Seattle and the University of Washington as part of the Link light rail system. The station consists of two at-grade side platforms between South Othello Street and South Myrtle Street in the median of Martin Luther King Jr. Way South.

The station is approximately fifteen minutes from SeaTac/Airport station and 23 minutes from Westlake station in Downtown Seattle. In 2017, an average of 2,492 passengers boarded Link trains at Othello station on weekdays.

The station is served by three bus routes operated by King County Metro that use bus stops adjacent to the station: Route 36, an electric trolleybus route,begins at the station and travels north through Beacon Hill and the International District to Downtown Seattle; Route 50 travels west from the station to Seward Park, Columbia City, SoDo and West Seattle; Route 106 provides local, frequent-stop service on Martin Luther King Jr. Way South as well as service to the International District, Renton and Skyway.

O T H E L L O H I G H L I G H T S

N E I G H B O R H O O D D E V E L O P M E N T A C T I V I T Y

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1 DYNASTY: Seven Story mixed use building containing 130 unit apartments with ground floor retail. Parking for 100 vehicles will be located below grade

MERCY OTHELLO PLAZA

108 affordable apartment homes with 1,2,and 3 bedroom floor plans, a large community center, courtyard and commercial space available on the ground floor. Project was completed in 2017.

BRIGHTON GREENHOUSE

44 row houses and town homes, with 12 reserved for market rate rental. 2-4 bedrooms, two car garages, some open space, and no retail. Urban Village: Othello Residential Urban Village

OTHELLO SQUARE

Culturally competent, relevant, and welcoming place where community members in Southeast Seattle - and beyond - can access opportunities for higher education, good paying jobs, childcare and health services, affordable rental and ownership housing, and support to start and keep a business

ASSEMBLY118 A transit-oriented retail and residential project including 359 residential units, ground floor commercial space and 257 garage parking spaces. Project was completed in 2018.

STATION AT OTHELLO PARK

351 Market Rate Apartment Units

LIHI - 1 Quality affordable rental housing for lower income residents.

CUBIX OTHELLO

A modern take on micro-apartments. Larger than most, ultra efficient layouts don’t sacrifice functionality for size. 92 Market rate units

LIHI - 2 Quality affordable rental housing for lower income residents.

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http://www.helloothello.com/development-map/


A HIGHLY-SKILLED WORKFORCE The region’s highly skilled and educated workforce provides a deep talent pool, with 47 percent of adults holding a bachelor’s degree or higher.

Top-tier talent is one of the key reasons out-of-state companies, such as Google, Facebook, Apple, Dropbox, Twitter, Alibaba, and SpaceX, are attracted to opening strategic locations in Seattle-King County. ESTABLISHED INDUSTRY CLUSTERS The success of the clusters has contributed to innovation for emerging industry segments such as biomedical devices, interactive media, e-commerce, clean energy, and space exploration. Small and medium-sized businesses provide a vital contribution to the cluster ecosystem, and in turn benefit from the collaborative climate for which the Seattle-King County region is known.

CUTTING-EDGE RESEARCH The success of the clusters has contributed to innovation for emerging industry segments such as biomedical devices, interactive media, e-commerce, clean energy, and space exploration. Small and medium-sized businesses provide a vital contribution to the cluster ecosystem, and in turn benefit from the collaborative climate for which the Seattle-King County region is known.

W H Y C H O O S E S E A T T L E - K I N G C O U N T Y ?

*Data Sources: Washington State Employment Security Department, 2015; Washington State

Department of Revenue, 2015; Washington Military Alliance; Washington Aerospace Economic

Impacts 2016 Update; US International Trade Administration, 2014.

King County contains estimated 872,411 households. This number is forecast to increase to more than 912,000 by the year 2021. The county currently has 18 cities with populations greater than 20,000.

Seattle is one of the most educated cities in the United States. Over 57 percent of Seattle’s adult residents have a Bachelor’s degree or higher, nearly twice the national average. An educated city means an educated workforce—a solid backbone for the innovative, knowledge-based industries that drive Seattle’s economy. King County also boasts high educational attainment, with 47 percent of residents over 25 having received a Bachelor’s degree or higher.

Roughly 28 percent of King County residents are in professional business/managerial positions. As a result, median household income in King County is well above the U.S. average. Cost of living is generally higher than the U.S. average, but it is in line with other metropolitan areas with similar income levels.

P O P U L A T I O N , E D U C A T I O N A N D I N C O M E

TOP KING COUNTY EMPLOYERS

FULLTIME EMPLOYEES IN WA

The Boeing Co 81,919

Microsoft Corp. 43,031

University of Washington 30,200

Amazon.com Inc 24,700

Starbucks Corp 13,400

Swedish Health Services 11,239

City of Seattle 10,758

Costco Wholesale Corp 10,080

Nordstrom 9,264

Group Health Cooperative 8,982

S E A T T L E M A P

COLUMBIACITY

BEACON HILL

MOUNT BAKER

SODO

DUNLAP

LAKEWASHINGTON

MERCER ISLAND


M A J O R E M P L O Y E R S - C E N T R A L B U S I N E S S D I S T R I C T

M A J O R E M P L O Y E R S - S O U T H L A K E U N I O N

600 University St, Suite 2018

Seattle Washington 98101

206.623.8880 / [email protected]

www.ParagonREA.com


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