Post on 03-Apr-2018
Premier Development Site on Capitol Hill
206 Broadway E Seattle, WA 98102
206 Broadway
[ www.CapitalPacific.com ]
206 Broadway
206 BroadwayBroadway is a generational development site in Seattle’s highly-desirable Capitol Hill neighborhood, less than one mile from the downtown core.
The property has a premier location in the heart of Capitol Hill, adjacent to the new Link Light Rail transit station, near major education and employment centers, and immersed in this lively and densely-populated neighborhood’s many amenities.
SITE SIZE . . . . . . . . . . . . . . . . .±12,800 SF or 0 .29 Acres
BUILDING SIZE . . . . . . . . . . . . .±13,556 SF
PARKING . . . . . . . . . . . . . . . . . .±36 Spaces or 2 .7/1,000 SF
ZONING . . . . . . . . . . . . . . . . . .NC3P-75*
ACCESS . . . . . . . . . . . . . . . . . .Via Broadway and 10th Ave E
TOPOGRAPHY . . . . . . . . . . . . .Level, at street grade
PARCEL NUMBERS . . . . . . . . .6003501230, 6003501320
Price: Best Offer
ADDRESS: 206 Broadway E, Seattle, WA 98102
206 Broadway
*Subject to Housing Affordability and Livability zoning changes to take effect in near future .
CAPITOL BUILDING APARTMENTS
ZULA RESTAURANT & APARTMENTS
BROADWAY LOCKSMITH
DUPLEX
THE LYRIC APARTMENTS
LINK LIGHT RAIL STATION
206 Broadway
E JOHN ST
E THOMAS ST
BROADWAY E
10TH AVE E
Site
#6003501320
#6003501230
PARCEL OUTLINEBIKE LANE LIGHT RAIL BUS
17,055 DAILY
CAPITOL BUILDING APARTMENTS
ZULA RESTAURANT & APARTMENTS
BROADWAY LOCKSMITH
DUPLEX
THE LYRIC APARTMENTS
206 BROADWAY | 4
Amenities
206 Broadway
5
CAL ANDERSON PARK
VOLUNTEER PARKLAKE UNION
PIKE/PINE NEIGHBORHOOD
DOWNTOWN:0.4 MI
LAKE WASHINGTON
INTERSTATE-90: 2.5 MI SOUTH
US 520: 1.5 MI NORTH
Avvo CobaltCynergy DellDeloitte DigitalExpediaGetty ImagesGoogleHines HTC Hulu
IntelMicrosoftNordstromPort of Seattle REIRussell InvestmentsSeattle Art MuseumTicor Title Company TwitterURS Corp .Weyerhaeuser
Wunderman Zillow Zynga
LARGEST DOWNTOWN SEATTLE EMPLOYERS
Allen Institute Amazon Facebook Fred Hutchinson Group Health NBBJPATHPEMCO Seattle BioMedSeattle Cancer Care Alliance UW Medicine
LARGEST SOUTH LAKE UNION EMPLOYERS
Major Employers
Greater Seattle Business AssociationGroup Health Cooperative Kindred HospitalNorthwest Kidney CenterPediatric Echo ClinicSeattle UniversitySound Mental HealthStarbucks Reserve Roastery and TastingSwedish Medical CenterThe Northwest SchoolVirginia Mason
LARGEST CAPITOL HILL EMPLOYERS
206 Broadway
Zoning & Development
PURPOSE A larger pedestrian-oriented shopping district serving the surrounding neighborhood and a larger community, citywide or regional clientele; allowing comparison shopping among a range of retail businesses . The P designation preserves and encourages an intensely pedestrian-oriented, retail shopping district where non-auto modes of transportation, both to and within the district, are strongly favored . TYPICAL ALLOWED USES Supermarkets, restaurants, offices, hotels, clothing shops, business support services, and residences that are compatible with the area’s mixed-use character .
BUILDING TYPES Single purpose commercial structures, office buildings, multi-story mixed-use and residential structures . Nonresidential uses typically occupy the street front .
BUILDING HEIGHT 40 Feet for non-residential uses . Mixed uses with residential components can increase up to 65 feet, as long as all portions of structure above 40 feet contain only residential uses .
MANDATORY AFFORDABLE HOUSING Mandatory Affordable Housing (MHA) will expand rent-restricted affordable housing as Seattle grows by requiring new commercial and multifamily residential development to contribute to affordable housing . MHA requirements will take effect in zones where new height and/or floor area limits are adopted to increase development capacity . The zoning changes are being proposed to city council in Spring 2017 and will be integrated into the code in very near future .
Existing zoning: NC3P-40MHA draft zoning: NC3P-75
MHA REQUIREMENTS: (M1) Performance option: In new buildings, 8-10% of homes will be reserved at affordable rents for low-income people .
Payment option: Developers will contribute $11-30 per square foot into a City fund for affordable housing .
TYPE OF DEVELOPMENT
HEIGHT LIMIT
MAXIMUM FAR
Residential-only or nonresidential only
Single use within mixed-use development
Mix of residential and nonresidential uses
30’ 40’ 65’ 85’ 125’ 160’
2 .25 3 .00 4 .25 4 .50 5 .00 5 .00
n/a n/a 4 .25 4 .50 5 .00 5 .00
2 .50 3 .25 4 .75 6 .00 6 .00 7 .00
ZONING: NC3P-40
FAR CHART
206 BROADWAY | 7
Conceptual Renderings
DEVELOPMENT POTENTIAL 206 Broadway’s site characteristics and zoning allow for a multi-story, mixed use property most likely involving ground-floor retail shops, building lobby, and several stories of residential units . Alternative uses include office and hotel use .
A recent feasibility study provided by Ankrom Moisan Architects estimates that 68 units could be placed on the site over approximately 5,000 SF of ground floor retail once HALA zoning is in place . Contact Capital Pacific for additional details on the feasibility study .
206 BROADWAY - CONCEPTUAL RENDERING
206 BROADWAY - CONCEPTUAL RENDERING
Renderings provided by Ankrom Moisan Architects
206 BROADWAY - CURRENT
Area Developments118 BROADWAY E - ZONING: NC3P-740 - Development: 7-story, 427-unit Apartment complex with 25,000 SF of commercial/common space .
1
1818 HARVARD AVE - ZONING: NC3-40 - Development: 7-story hotel/apartment complex with 68 rooms and 28 efficiency units .
2
1833 BROADWAY - ZONING: NC3P-40 - Development: 6-story, 50-unit apartment complex with 3,551 SF ground floor retail .
3
1525 11TH AVE - ZONING: NC3P-65 - Development: 5-story addition to Kelly Springfield Building with 65,000 SF office and 12,000 SF retail .
4
1300 E PIKE ST - ZONING: NC3P-65 - Development: 6-story, 45-unit apartment complex with 3,187 SF ground floor retail .
5
PROJECTS IN DESIGN REVIEW
101 BROADWAY E - ZONING: NC3P-65 - Development: 6-story, 44-unit apartment complex with ground floor retail .
1
802 E THOMAS ST - ZONING: NC3-40-P65 - Development: 7-story, 75-unit apartment complex with 3,000 SF ground floor retail .
2
1634 11TH AVE - ZONING: NC3P-65 - Development: 6-story, 80-unit apartment complex with 10,300 SF community center and 1,500 SF retail .
3
1200 E PIKE ST - ZONING: NC3P-65 - Development: 6-story, 88-unit apartment complex with 3,900 SF ground floor retail .
4
PROJECTS WITH PERMITS ISSUED
1427 11TH AVE - ZONING: NC3P-65 - Development: 6-story, 136-unit apartment complex with 6,335 SF ground floor retail .
1
600 E PIKE ST - ZONING: NC3P-65 - Development: 7-story, 285-unit apartment complex with 20,000 SF ground floor retail .
2
501 E PIKE ST - ZONING: NC3P-65 - Development: 8-story mixed-use facility with 89-unit apartment complex, 6,600 SF retail, and 5,100 SF office .
3
RECENTLY COMPLETED PROJECTS
206 Broadway E
DEVELOPMENT SITES WITH SIMILAR ZONING
1
2
34
51
23
4
1
23
Transportation
TRANSIT SCORE
91*“EXCELLENT TRANSIT”
WALK SCORE
99*“WALKER’S PARADISE”
*Scores out of 100 . Source: Apartmentfinder .com
BIKE SCORE
78*“VERY BIKEABLE”
206 BROADWAY
LIGHT RAIL
Link Light Rail directly connects Capitol Hill to Westlake (downtown) and the University of Washington, each one stop away . The light rail spans 20 miles from The University of Washington to Angle Lake, just south of SeaTac Airport with a Northgate extension slated for 2021 and an additional extension reaching Shoreline, anticipated to begin in 2023 .
BUS
Capitol Hill is well connected with bus lines 8, 9, 10, 43, 47, 49, and 60 servicing the area . Approximately 36 bus stops are located within a half-mile (10 minute walk) from 206 Broadway E . SEATTLE STREETCAR
The Seattle Streetcar, commonly called the First Hill Streetcar, stretches 2 .5 miles connecting Capitol Hill, First Hill, and the International District to one another . This is one of two lines in the developing streetcar system . BIKE
Capitol Hill has several designated bike lanes plus numerous bike-friendly arterials . WALKING
Capitol Hill is considered “a walkers paradise” with a walk score of 97 . Approximately 8 large grocery stores are located within a half-mile (10 minute walk) from 206 Broadway E as well as abundant bars, restaurants, and shops .
LINK LIGHT RAIL STATION
5
10 Min Walk
BIKE WALKING STREET CAR LIGHT RAIL BUS
206 BROADWAY | 10
Sound Transit Link Light Rail - Capitol Hill
CAPITOL HILL STATION
Capitol Hill Station is part of a brand new 3-mile University Link extension connecting downtown Seattle to Capitol Hill and the University of Washington through an underground light rail . Capitol Hill Station is located underground on Broadway and Denny Way with escalators providing access to street-level retailers, neighboring housing, and nearby employers . This station provides a connection to SeaTac airport, downtown, and the University of Washington, connecting the diverse and vibrant residential neighborhoods and business districts of Capitol Hill, First Hill, Yesler Terrace, Central Area, Chinatown-International District and Pioneer Square, while also serving major medical centers (Swedish Medical Center and Harborview Medical Center), institutions of higher learning (Seattle Central College and Seattle University) and major sporting event venues (CenturyLink & Safeco Field) . The Link Light Rail is considered the biggest transportation advance in Seattle since the Homer Hadley floating bridge crossing Lake Washington built in 1989 .
4 MINFROM DOWNTOWN SEATTLE & UNIVERSITY OF WASHINGTON
45,000ADDITIONAL WEEKDAY PASSENGERS BY 2021
6 MONTHS AHEAD OF SCHEDULE
OPEN
ED MARCH 2016
38 MINFROM SEATAC
Capi
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206 BROADWAY | 11
Capitol Hill Neighborhood
BROADWAY E, 1/2 BLOCK SOUTH OF PROPERTY BROADWAY E, 3 BLOCKS SOUTH OF PROPERTY
E PIKE ST, 6 BLOCKS FROM PROPERTY BROADWAY E, 1 BLOCK SOUTH OF PROPERTY
Financial Summary - Current
Rent Roll
LEASE TYPE
Tenant Name Size % of SFOccupancy
DateLease
ExpirationMonthly Base
RentAvailable 6,085 44.89%
Subway 710 5.24% 10/15/00 2/28/18 $2,200 Gross
Available 2,761 20.37%
Highline Bar & Grill 4,000 29.51% 3/1/10 MTM $10,805 Gross
Diamond Parking Services - - 7/1/08 MTM $2,000 Gross
Totals: 13,556 100% $15,005
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.Buyer must verify the information and bears all risk for any inaccuracies.
None
OPTIONSCURRENT RENT
comments: Tenant recently extended for one year term. Both tenant and landlord have the right to terminate the lease given 30 days notice.
TENANT INFO LEASE TERMS
comments: Tenant was formerly evicted but signed promissory note and issued consideration to stay in premises and repay charges in arrears.
comments: Maintains and manages subject parking lot. If 75% of gross sales exceed natural breakpoint tenant is obligated to pay percentage rent.
None
None
3/28/2017 [ <www.CapitalPacific.com> ]
Income & Expense
INCOME & EXPENSE SUMMARY 2016 ACTUALS 2017 PROFORMASCHEDULED INCOME Per SFScheduled Rent: $12.57 $170,460 $180,060Plus: Expense Reimbursement $0.16 $2,197 $0Equals: Scheduled Gross Income $12.74 $172,657 $180,060
Less: OPERATING EXPENSES Per SFCAMS $3.18 $43,170 $44,465Property Taxes $3.29 $44,660 $46,081Insurance $0.32 $4,380 $4,512Management Fee $1.22 $16,500 $9,003Total Operating Expenses $8.02 ($108,710) ($104,060)
Equals: NET OPERATING INCOME $4.72 $63,947 $76,000
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. Buyer must verify the information and bears all risk for any inaccuracies.
3/28/2017 [ <www.CapitalPacific.com> ]
2017 PROPERTY TAXES:
$46,081
PARCEL 6003501230: $35,969PARCEL 6003501320: $10,112
206 BROADWAY | 13
Capitol Hill Neighborhood
CAPITOL HILL AVERAGE HOUSEHOLD INCOME
$$92,840
OVERVIEW
Capitol Hill is located just east of Seattle’s downtown central business district and Interstate 5 . The neighborhood is one of the most densely populated in the city and is known for having one of the most prominent nightlife and entertainment districts . Broadway serves as Capitol Hill’s main thoroughfare, forming the commercial center of the district .
DEMOGRAPHICS
Capitol Hill is home to a wide demographic including young professionals and wealthy families . Capitol Hill is home to some of Seattle’s wealthiest neighborhoods, including “Millionaire’s Row,” comprised of 4 blocks of historic homes each valued well-over $1 million . A dense number of multifamily and single-family homes are situated within close proximity to one another among a growing number of developments, as the population and popularity of Capitol Hill has continued to grow .
CULTURE & ATTRACTIONS
Capitol Hill is a culturally diverse neighborhood known as the center for counterculture communities, wIth a strong music culture and growing food scene . The Capitol Hill Block Party is held annually, drawing crowds of 20,000 for the three-day music festival . Capitol Hill is home to several parks and greenspaces including Volunteer Park, a 48-acre park and conservatory . The Landmarks Preservation Board designated the park a Seattle Landmark in 2011 .
CAPITOL HILL 2016 POPULATION
(1.88 SQUARE MILES)
32,890
19,03920,969
22,780
2010 2016 2021
TOTAL HOUSING UNITS
206 BROADWAY | 14
Seattle Metropolitan Overview
Seattle is a national center for manufacturing, technology, services, international trade and tourism . Today some of the world’s most recognizable companies call Seattle home: Microsoft, Starbucks, Amazon, Nordstrom, Costco and REI . The Puget Sound region is projected to generate 1 .2 million new jobs by 2040 .
Seattle has remained one of the most resilient cities due to its diverse industries, making it more attractive for new companies to relocate and expand in the area . The Port of Seattle was ranked the 6th business seaport in the US, playing a key role in bringing international trade, transportation and travel to the Pacific Northwest . As the home of Microsoft and Amazon, Seattle accounts for over 20% of the nation’s software publishing employment . Healthcare employment is projected to continue to grow dramatically and Seattle has the 5th largest biotechnology Research and Development alliance between the University of Washington and the Fred Hutchinson Cancer Research Center . In addition, Puget Sound is one of the capitals of aerospace and computing, with Boeing as an industry leader and one of the largest employers .
The region is known for its quality of life, arts, and outdoor lifestyle which helps attract an educated workforce . Numerous camping, hiking, winter sports, and recreational activities are located a short drive from the city . Seattle’s main attractions include Pike Place Market, the Space Needle, and Seattle Center, home of the 1962 World’s Fair .
EMPLOYER FULL-TIME EMPLOYEES
The Boeing Co. 80,000
Microsoft 42,00
University of Washington 25,800
Amazon 22,000*
Providence Health & Services 20,240
Source: Seattle.about.com, 2016.
*Amazon does not disclose their regional employment numbers. Estimate based on latest news reports.
LOCATION UNEMPLOYMENT
Seattle 3.3%State of Washington 5.5%National 4.8%
Data provided by Bureau of Labor Statistics
AVERAGE HH INCOME
$98,0460
LARGEST EMPLOYERS IN SEATTLE
MEDIAN HOME VALUE
$$609,100
Seattle
.5-Mile 1-Mile 1 .5-Mile Average $78,224 $79,917 $84,126Median $50,023 $51,463 $53,858
2016 HOUSEHOLD INCOMESArea Insight & Demos
206 BROADWAY
.5 Mile
.5-Mile 1-Mile 1 .5-Mile 2010 21,153 51,494 98,4112016 24,037 60,872 113,8172021 26,624 67,712 125,910
POPULATION
Bellevue
19 MIN 9.5 MILES
1 Mile
1.5 Mile
206 BROADWAY | 16
PETER DUNNpdunn@capitalpacific .com | (503) 607-0197
SEAN MACK smack@capitalpacific .com | (503) 675-8378
SCOTT FRANK sfrank@capitalpacific .com | (503) 675-8383
DAVID GELLNERdgellner@capitalpacific .com | (206) 693-3349
KEVIN ADATTO kadatto@capitalpacific .com | (503) 675-7726
MICHAEL HORWITZmhorwitz@capitalpacific .com | (503) 675-8381
SEAN TUFTS stufts@capitalpacific .com | (206) 693-3352
Capital Pacific is a Commercial Real Estate Brokerage Firm specializing in Retail Investment Sales in the Pacific Northwest as well as Nationally.
Our goal is to deliver results for our clients while providing a level of service that will earn repeat business. We have a very human approach that we call the Capital Pacific Experience - CPx. Our team works together on every single assignment, which ultimately benefits our clients.
Capital Pacific has offices in Seattle, Portland & San Francisco.
WE SELL COMMERCIAL REAL ESTATEBUT WE VALUE PEOPLE
[ www.CapitalPacific.com ]
FOR MORE INFORMATION ON 206 BROADWAY PLEASE CONTACT:
Contact Information
A unique HUMANRESULTS-DRIVEN client experience
THE CAPITAL PACIFIC EXPERIENCE - OUR DAILY COMMITMENT TO OUR CLIENTS
[ www.CapitalPacific.com ]
[ www.CapitalPacific.com ]
The information contained in this document has been obtained from sources Capital Pacific believes to be reliable .Capital Pacific makes no representation or warranty in respect to its accuracy . It is your responsibility to confirm its accuracy and completeness .
[ Copyright © 2017 Capital Pacific LLC ]