NORTH CITY DEVELOPMENT SITE - CoStar AH...sponsor the Jazz Walk where 15th Avenue NE is closed from NE 175th to NE 180th and the street is filled with jazz, food and people. Another

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Offering Memorandum

NORTH CITY DEVELOPMENT SITE

17552 12th Ave NE Shoreline, WA 98155

Exclusively offered by Paragon Real Estate Advisors


Offering Summary

Name North City Development Site

Addresses 17552 12th Ave NE, Shoreline WA 98155

Parcel Number 16390-0650

Lot Size 19,041 Square Feet

Zoning CB

Price $888,000

Price Per Lot Sq.Ft. $47

Existing Improvements Single Family Residence

Paragon Real Estate Advisors is pleased to offer for sale the North City Development Site. This 19,041 square foot site zoned CB is located in the North City neighborhood of Shoreline. This site provides an investor or developer with the opportunity to build apartments, condominiums, or senior housing among other possibilities.

A feasibility analysis has been completed showing the potential to construct a five story, 34 unit apartment building with ground level parking. The units would all be one bedroom ranging in size from 550 to 600 square feet.

North City is a 15 minute drive to Seattle, has a large number of neighborhood amenities and is close to future light rail. With home prices in Seattle skyrocketing a buyer has a great opportunity to build a highly desirable product.

NORTH CITY DEV SITE


Investment NotesPermitted Uses The CB zone would allow housing styles such as apartments, and commercial uses including: ground-floor commercial with residential units above, senior care facilities, hotels and professional offices.

Tax Exemptions 12 year tax exemption available for residential improvements with allocation of 20% of the total units towards affordable housing. Studios and 1 bedrooms must be affordable to residents making 70% of the King County median income and 2 bedrooms to residents making 80%.

Setbacks

0’ Setbacks

0’ Transition Setbacks

Building Height - 60’

Hardscape Coverage - 85%


Apartment Plan


Condo Plan


Aerial Map

SEATTLE CBD

U DISTRICTUNIVERSITY OF WA

JACKSON PARK GOLF COURSE

NORTHGATE

LAKE CITY

NORTH CITY DEV SITE

WALLINGFORD


Shoreline Snapshot

Population 54,774

Male Female

49% 51%

Single Married

54% 46%

Median household income $82,500

Owner Occupied Renters

51% 49%

Median 1 Bd/1 Bth Rent $1,403

Median 2Bd/1 Bth Rent $1,929

TOP JOB SECTORS: *

Administrative: 12.6% Management: 10.9% Sales: 9.8% Educational: 5.8% Food Service: 5.8% Financial: 5.7% Production: 5.1%

Personal Care: 4.9% Comp/Mathematical: 4.6% Health Practitioners: 4.3% Construction: 4.0% Maintenance: 3.4% Arts and Recreation: 3.1% Social Services: 2.8%

* datausa.io/profile/geo/shoreline-wa/


Shoreline

Shoreline is Seattle’s closest neighbor to the North. In fact, the two have basically grown together with no physical or geographical barrier in between. For that reason, Shoreline is appealing for commuters and anyone who wants to claim “North Seattle” as their home.

Shoreline boasts a unique history and character derived from original settlements dating back to the late 1800s. The quality that drew early settlers to the area remains dominant to this day: location. The City of Shoreline offers classic Puget Sound beauty and the convenience of suburban living with the attractions of nearby urban opportunities.

From breathtaking views of Puget Sound to tennis, indoor swimming, to nature trails and beach access to skateboarding, Shoreline’s more than 400 acres of park land and open space offer a variety of enriching recreation and outdoor experiences. The city recently invested $18.5 million to improve its parks, which include saltwater shoreline, a botanical garden, an interurban trail and hiking trails, and newly improved athletic fields, courts and playgrounds.

Shoreline shares its south border with Seattle and downtown Seattle is approximately 12 miles away. Public transportation is readily available and easy to access. Metro Transit, Community Transit and Sound Transit all provide services to the surrounding communities and to the central business district.


Neighborhood Amenities - Shoreline

1 North City Bistro2 Easy Monkey Taphouse 3 Franks Lumber/The Door Store4 Hamlin Park5 Northcrest Park6 Pagliacci Pizza7 Nile Shrine Golf Course8 Echo Lake Elementary School9 Sanmaru grill10 Gateway Tavern11 Lenna’s Cafe12 Safeway13 Meridian Park Elementary School14 Aurora Marketplace15 Walgreens16 Town Center at Lake Forest Park17 Shoreline Public Library18 Dicks Drive in19 Spartan Recreation Center20 Mountlake Terrace Transit Center21 Aurora Square Retail Center22 Fred Meyer23 Shoreline Community College24 Terrace Creek Park25 Shorewood High School26 North City Park

20

19

13

11

4

5

8

12

7

16

24

18

Food/DrinkShopping/ServicesParks/Schools

20

1

17

23

69

10

15

14

26

25

22

3

11

2

NORTH CITY DEV SITE


North City

North City is a quaint neighborhood within the City of Shoreline offering a vibrant pedestrian friendly commercial district and affordable housing. Located 12 miles north of Seattle, North City is a 15 minute drive from downtown Seattle. This neighborhood promotes community as seen by the annual North City Jazz walk. The North City Business Association in partnership with the City of Shoreline sponsor the Jazz Walk where 15th Avenue NE is closed from NE 175th to NE 180th and the street is filled with jazz, food and people. Another neighborhood festival the North City community looks forward is the annual Tree Lighting Festival that takes place every December at Les Schwab where there is live music, singing and refreshments.

In very recent years developers have also taken note of North City as seen by the current development and recent sales activity. On January 24th, 2018, Katerra Construction started building a 240 unit apartment complex at the corner of NE 175th and 15th Avenue NE. This apartment building will have 2 towers, 2 levels of underground parking with no retail space.

In 2007 Epic Asset Management completed the 88 unit, Arabella Apartment Homes, at the corner of NE 177th and 15th Avenue NE. Today Epic Asset Management is building the Arabella II, an 80 unit apartment building adjacent to the Arabella.

As more and more people are moving North in search of affordable housing North City offers a quiet neighborhood within the highly sought after Shoreline School District. Many shops in North City offer a full range of everyday amenities and services including a Safeway grocery store, Walgreens drug store, coffee shops, pubs, restaurants and more.

Bus stops along 15th Avenue provide direct service to the Northgate Transit Center, the Mountlake Terrace Transit Center, and central Shoreline. Due for completion in 2023, the planned Lynnwood Link Extension of Sound Transit’s light rail service will have a station just over half of a mile away from the property on the East side of Interstate 5 at NE 185th Street.

NORTH CITY


Neighborhood Development

1. NE 175th and 15th Ave NE 240 Unit Apt (Construction Underway)

2. NE 180th and 15th Ave NE Arabella I (2007)

3. NE 180th and 15th Ave NE Arabella II (Construction Underway)

4. 17563 15th Ave NE Sold 8.21.2017

5. 17521 15th Ave NE Sold 09.07.2017

6. 17735 15th Ave NE Sold 04.13.2017

Location Planned Project

NORTH CITY DEV SITE

Arabella I

17521 15th Ave NE

17735 15th Ave NE

240 Unit Site

17563 15th Ave NE

Arabella II


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.

NORTH CITY DEV SITE


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.

Silicon CanalKirkland

Seattle CBD

Canyon Park

Northpointe Campus


Major Employers - Central Business District


Major Employers - South Lake Union


Employment Outlook

The Seattle metro area is currently characterized by positive job growth, with a 2.9% gain in employment, which represents an increase of 43,000 new jobs. Downtown Seattle ranks 12th among the 231 major employment markets in the U.S. for job density, and that ranking is expected to rise.

In February 2015, the unemployment rate in Seattle, hit the “ideal” rate of 4.4%. Economists consider anything under 5% full employment. Employment at software publishers is up 4 percent from a year ago, edging out a 3.4 percent gain at hospitals. A main beneficiary is the retail sector, with year-over-year job growth of 5 percent.

In nearby South Lake Union, Amazon’s new 3.3 million square foot headquarters is currently under construction. The project is estimated to bring an additional 23,000 Amazon employees to the area, bringing Amazon’s total employment near 50,000. Amazon is expected to occupy a total of 10 million square feet of office space by 2019. Other top area employers include F5 Networks, Zulily and the Bill and Melinda Gates Foundation which are all centrally located in the CBD.


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 billion in sales and have closed nearly 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 20 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.

Documents

NORTH CITY DEVELOPMENT SITE - CoStar AH...sponsor the Jazz Walk where 15th Avenue NE is closed from NE 175th to NE 180th and the street is filled with jazz, food and people. Another