5803 15TH AVE NW€¦ · The Ballard Dental Arts Building is a 100% leased, 4,500 SF dental office...
Transcript of 5803 15TH AVE NW€¦ · The Ballard Dental Arts Building is a 100% leased, 4,500 SF dental office...
KIDDER.COMKIDDER.COM
5803 15TH AVE NW
NW 58TH ST
15TH A
VE N
W
5803 15TH AVE NWOFFERING MEMORANDUM | SEATTLE, WA
BALLARDINVESTMENT.COM
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews.
This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies.
01EXECUTIVE SUMMARY
02PROPERTY DETAILS
03LOCATION OVERVIEW
KIDDER.COM
JASON ROSAUER
EXCLUSIVELY LISTED BY
ROB ANDERSON
KRISTYN KRUEGER
TABLE OF CONTENTS
35803 15TH AVE NW OFFERING MEMORANDUM KIDDER MATHEWS
01EXECUTIVE
SUMMARY
Kidder Mathews has been retained to exclusively market the Ballard Dental Arts Building off 15th Ave NW northwest just blocks north of NW Market St in the heart of Seattle’s dynamic Ballard submarket.
THE OFFERING
The Ballard Dental Arts Building is a 100% leased, 4,500 SF dental office building on a 10,000 SF lot with outstanding visibility and an abundance of surface parking. This single-tenant investment offering provides long-term income in a fast-growing submarket.
Ballard is located just north of Queen Anne, connected to downtown via 15th Ave through Interbay and Expedia’s new home, and just west of Fremont. Large,
EXECUTIVE SUMMARY
well-paying employers like Google, Tableau, and now Expedia are within a few miles from Ballard, causing thousands of millennials and long-time Seattleites alike to relocate to Ballard in this most recent cycle. Over 2,280 new residential units have come to the area in the past five years as the submarket has ballooned to a population of over 24,000 estimated residents. In addition to the employment and overall residential growth in and around Ballard, the area also boasts one of the highest brewpubs to resident per capita in the country. This area won’t see a slow down in demand or activity any time soon.
The Ballard Dental Arts Building is a unique opportunity for an investor to acquire an extremely well-constructed, stable cash-flowing building in an area with consistently rising land values due to the lack of available opportunity. This offering is well-positioned for a long-term
100% LEASED to strong, stable tenant for long term
ANNUAL RENTAL GROWTH increases return over the length of the hold
APPROXIMATELY $500K in recent building improvements minimize any capital reserve requirements
PRICED BELOW current nearby land values near the heart of one of Seattle’s strongest submarkets
ABUNDANT PARKING and outstanding visibility are extremely beneficial to current tenant’s requirements
EXCELLENT demographics and growing submarket with strong, local employers located nearby
OFFERING HIGHLIGHTS
investor to collect stable, bond-like cash flows for the next 12 years while the underlying land values continue to climb.
OFFERING PROCESS
This property is available for sale at $4,050,000.
The ownership will review offers as received though reserves the right to set a definitive bid date.
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55803 15TH AVE NW OFFERING MEMORANDUM KIDDER MATHEWS
02PROPERTY
DETAILS
5803 15TH AVE NW
NW 58TH ST
PROPERTY DETAILS
Property Address 5803 15th Ave NW
King County Parcel Number 2767604530
Structure Type / Stories 1 Dental Office Building | 1 Story
Years Built/Renovated 1963 / 2016
Net Rentable Area 4,527 SF
Site Area 10,000 SF
Zone NC3-55’(M)
Parking Type Surface
Total Parking 17 stalls (3.55:1,000 SF)
BUILDING DETAILS
Construction Type Single-Story Wood Frame with Brick Veneer and Siding
Interior Walls / Ceilings
Walls Are Painted Gypsum Wallboard or Wood PanelingCeilings Are Painted Drywall or Acoustical Panels
Windows Single-Pane
HVAC Forced Warm Air for Heating & Cooling
Plumbing/Bathrooms 2 Restrooms
Interior Layout
Reception Area With Restrooms10 Total Operation Stations A Sterilization RoomTech Station & LabSeveral Private Offices
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AERIAL
5803 15TH AVE NW
DOWNTOWN BALLARD
MAGNOLIA
NW 5
8TH ST
15TH AVE NW
SHIP CANAL BALLARD LOCKS
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APARTMENT BUILDING OFFERING MEMORANDUM KIDDER MATHEWS 8
INTERIOR
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LAND TITLE SURVEY
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FLOOR PLAN
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115803 15TH AVE NW OFFERING MEMORANDUM KIDDER MATHEWS
03LOCATION
OVERVIEW
LOCATION OVERVIEWLocated in Northwest Seattle, the Ballard neighborhood is one of Seattle’s highly populated and fastest growing submarkets in the region with immediate access to a robust residential, commercial and industrial community.
Known for its Scandinavian heritage, Ballard is rich in history and traditions being home to the
Nordic Museum, which celebrates both the community of Ballard and the local Scandinavian history, as well as several other landmarks including Ballard Locks, Shilshole Bay Marina, and Golden Gardens Park. Ballard includes a collection of six smaller neighborhoods (Sunset Hill, Loyal Heights, Whitter Heights, West Woodland, Crown Hill, North Beach/Blue Ridge) and is nestled against Shilshole Bay to the west
70 TOTAL PROJECTS
4.2M SF NEW DEVELOPMENT
4,520 NEW RESIDENTIAL UNITS
430K SF NEW OFFICE SPACE
316K SF NEW RETAIL SPACE
Ballard Development Pipeline Within 1-Mile Radius
and Salmon Bay to the south. Ballard has evolved to embrace its industrial nature with a modern twist by becoming one of Seattle’s most prominent restaurant, nightlife, and brewery scenes attracting significant foot traffic throughout the day. With downtown Seattle less than fifteen minutes away, this immediate area will continue to absorb the influx and growth the greater region continues to experience.
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5803 15TH AVE NW
3 MILES
1 MILE
1/2 MILE
PUGET SOUND
SLU
WALLINGFORD
SUNSET HILL
NORTHGATE
BROADVIEW
FREMONT
BALLARD
GREENWOOD
MAPLE LEAF
QUEEN ANNE
CAPITOL HILL
MAGNOLIA
GREEN LAKE
LAKE UNION
DEMOGRAPHICS
POPULATION
0.5 Mile 1 Mile 3 Mile
2019 Total Population 15,524 37,626 218,890
2024 Est. Population 16,428 39,882 232,224
Annual Population Growth 3.8% 2.6% 2.1%
Median Age (2019) 38.2 47.3 49.2
HOUSEHOLD
0.5 Mile 1 Mile 3 Mile
2019 Total Households 8,970 19,512 106,450
2024 Est. Households 9,592 20,865 114,188
HH Growth 2019-2024 1.4% 1.4% 1.5%
Median Household Income $94,585 $101,241 $106,103
Average Household Size 1.7 1.9 2.0
SEATTLE5803 15TH AVE NW OFFERING MEMORANDUM KIDDER MATHEWS 13
AIR
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WA
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LAKE WASHINGTON
TRANSIT KEY
Bus Route E
Bus Route #40
Bus Route #44
Bus Route #62
Bus Route D
Light RailGREEN LAKE
BALLARD
TANGLETOWN
MAGNOLIA
QUEEN ANNE
LAKE UNION
WALLINGFORDFREMONT
NW 65TH ST
N 50TH ST
NW 80TH ST
NW 85TH ST
NW 65TH ST
NW MARKET ST
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5803 15TH AVE NW
9 STATIONS
2025 GROUNDBREAKING
2035 EXPECTED COMPLETION DATE
7.1 MI OF LIGHT RAIL STATION
94 WALK SCORE
94 BIKE SCORE
54 TRANSIT SCORE
BA
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Future Ballard Light Rail
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15TH & MARKET
5803 15TH AVE NW
SEATTLE CBD
QUEEN ANNEFREMONT
BALLARD BRIDGE
NW 58TH ST15TH
AV
E NW
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KIDDER.COM
EXCLUSIVELY REPRESENTED BY
JASON ROSAUER
ROB ANDERSON
KRISTYN KRUEGER