EVERETT 41ST - images1.loopnet.com

EVERETT 41ST DEVELOPMENT SITE

NE Corner of 41st Street & Colby Ave | Everett, WA

RICK GRAFF

[email protected]

ANDREW GRAFF

[email protected]

KYLE GRAFF

[email protected]

4.35 acres (189,483 SF)

Prime development opportunity “Gateway to Everett’s Central Core”

Close proximity I-5 on ramps

Excellent visibility and access

Paine Field now has daily commercial flights from Delta, United and Alaska Airlines

Near Sounder train and bus service from Everett Station

Close proximity to major employers including: Boeing, Providence Medical, State of Washington, Naval Station Everett, The Everett Clinic, Funko Inc., Premara Blue Cross, Kaiser Permanente, Fortive, Frontier Financial and Fluke Corporation

Unobstructed, picturesque views of Cascade Mountains, Snohomish River Valley and Funko Field

Zoned C-1R (General Commercial) and CRA (Commercial Residential Area)

P R O P E R T YOVERVIEW

P R O P E R T Y T Y P E Land

S U B T Y P E Multi-family

Z O N I N G C1-R (General Commercial)

L O T S I Z E 4.35 Acres (189,483 SF)

J U R I S D I C T I O N City of Everett

Located on the 41st Street corridor and Gateway to Everett’s Central Core, this 4.35 acre site provides one of Everett’s premier multifamily development opportunities. It’s central location provides close proximity to Everett’s water front and marina, Downtown, Interstate 5, Everett Memorial Stadium, Funko Field, employment hubs (Downtown Everett and Boeing) and many other amenities. The MU Zoning provides flexible uses and allows up to a 5 to 7 story building. The site currently has 5 buildings with the potential of 6 tenants with 3 occupied and would allow for income until development took place. Incredible views of the Cascade Mountains, Snohomish River Valley, Everett Memorial Stadium and Funko Field would be available from all floors.

11,500,000

Z O N I N GOVERVIEW

Z o n i n g B - Business

J u r i s d i c t i o n City of Everett

P e r m i t t e d U s e s Multi-Family, Retail, Office, Hotels, Motels, Schools, Place of Worship.

S t r u c t u r e H e i g h t Base Height Maximum= 5 FloorsIncentive Height Maximum = 2 Additional Floors

S e t b a c k s Front = 0’ MinimumSides = 0’ MinimumRear = 10’ – 0”

P a r k i n g Residential Requirements:

1 Parking Stall for Studio and 1-Bedroom Units1.5 Parking Stalls for 2-Bedroom Units

Commercial Requirements:

1 Parking Stall For Every 400 SF of Retail or Services1 Parking Stall For Every 200 SF of Eating and/or Drinking Establishments

THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT ITS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. G:\SHARED DRIVES\ADMIN TEAM\MARKETING\MARKETING - INDESIGN\2021\BROKERAGE\OFFERING MEMORANDUMS\EVERETT 41ST DEVELOPMENT SITE\EVERETT 41ST DEVELOPMENT SITE OM

0041

1301

0009

00

0041

1301

0009

01

00582101001101 00582101001101 00582100901200

0041130090080029052900302600

29052900302700

00411301002300

41st Street

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

RICK GRAFF

[email protected]

ANDREW GRAFF

[email protected]

KYLE GRAFF

[email protected]

P R O P E R T YINFORMATION

1621 41st Street

P R O P E R T Y T Y P E Retail/Drive-Thru

PA R C E L S0058210100170100411301002300

B U I L D I N G S I Z E 5,142 SF

L O T S I Z E 39,204 SF

1703 41st Street

P R O P E R T Y T Y P E Office/Medical

PA R C E L S0041130090080000582100901200


L O T S I Z E 22,651 SF

4031 Colby Ave

P R O P E R T Y T Y P E Retail Standalone

PA R C E L 00582101001101


L O T S I Z E 18,295 SF

4019 Colby Ave

P R O P E R T Y T Y P E Retail Standalone

PA R C E L S0041130100090000411301000901


L O T S I Z E 10,890 SF

E V E R E T TOVERVIEW

Everett, Washington is a city located in Snohomish County. As the largest city in Snohomish County, Washington, Everett serves a diverse community of more than 110,000 residents. Located 25 miles north of Seattle, the city is nestled between Port Gardner Bay and the Snohomish River. North Everett’s quaint historic downtown is home to a vibrant arts, culture and music scene, delicious dining, pubs and breweries, Angel of the Winds Arena, and family-oriented festivals year-round. The downtown also hosts unique shopping experiences including toy maker Funko’s headquarters.

Everett benefits from world-class education partners, serving students from pre-K to college. Everett School District students outperform the state on assessments in every subject and every grade. Everett Community College and Washington State University at Everett offer world-class higher education with a wide, growing range of programs that are relevant to our region, such as avionics, technology, healthcare, engineering and agriculture. The incredible education partners in the Everett area help support the major employers, such as Boeing, and the robust network of high-tech and manufacturing enterprises that call Everett home.

Everett is easy to access to by car, train, bus and air. Paine Field at Everett began commercial air service in early 2019 with 24 daily flights to destinations along the west coast and beyond, connecting Everett to the world. The two-gate terminal, operated by Propeller Airports, offers service from Alaska and United airlines to many popular domestic destinations.

D E M O G R A P H I C S

1 Mile 3 Mile 5 Mile

P O P U L AT I O N 12,409 66,380 142,058

A V G . H H I N C O M E $76,973 $84,328 $90,517

T O TA L B U S I N E S S E S 860 2,726 4,594

T O TA L E M P L O Y E E S 14,351 40,154 101,969

Custom Map

Source: ©2020 Esri.

April 02, 2021

©2021 Esri Page 1 of 1

M A R K E T OVERVIEWEverett has become one of the most high-demand peripheral submarkets in the metro over the past decade due to its affordability. Everett has also been one of the most active submarkets for sales over the past decade as large investors have targeted suburban assets. All told, $2.6 billion has traded over the past ten years, of which $1.4 billion was in the past five years. Strong absorption and limited deliveries for several years have resulted in tight vacancies. Sales activity has been strong in Everett over the past decade, with notable price appreciation and cap rate compression.

Due to a limited delivery schedule over the past decade, communities opening over the past several years have dealt with limited competition. The near-term outlook is being put to the test though, especially with a sizable pipeline in the works during a recession. Currently, 460 units are under construction in the submarket, equivalent to 2.5% of existing inventory. Hundreds of units are slated to deliver near the Port of Everett and east of I-5 in the near term. In Silver Lake, Wolff Company’s 4 Star, 200-unit Helm opened in early September and will set the stage for this new wave of development. Multifamily projects at the Port of Everett include SeaLevel Properties’ 266-unit Waterfront Place, slated to open by the end of 2021. It was reportedly 80% reserved in October 2018, well before it its groundbreaking date in late 2019. The property is part of a $580 million public private development that will bring more than 650,000 SF of office and retail space, 15 public gathering spots and more than 600 residential units to the city.

100% Camera: 29 km 47°59'51"N 122°02'38"W 78 m

L O C AT I O N MAP

Boeing

Paine Field

DowntownDowntownEverettEverett

Everett High School

Everett Community College

Everett Marina

Development Site

Cascade High School

Everett Mall

E X C L U S I V E LY M A R K E T E D B Y

Rick GraffSenior Vice President

+1 206 332 [email protected]

Andrew GraffAssociate


Kyle GraffAssociate


EVERETT 41ST - images1.loopnet.com

Documents

Transcript of EVERETT 41ST - images1.loopnet.com