FOR MORE INFORMATIONPLEASE CONTACT:

Nicholas GillPRINCIPAL | BROKER

206.505.9410

gill@ westlakeassociates.com

1740 NW Market Street, Seattle 98107

FOR SALE2 TENANT RETAIL | DEVELOPMENT SITE

Investment Highlights

+ 9,370 square foot building

+ 25 Parking stalls

+ Core Ballard location

+ $23,664 monthly income

+ 18,901 square feet property zoned NC3-85

+ National Tenant FedEx &

local restaurant Tropicos Breeze

+ Parking lot and Bulding can be sold separately

PRICE: $8,400,000

$/SF: $444.44

CAP: 3.41%

SITE

Nicholas GillPRINCIPAL | BROKER

206.505.9410

Area OverviewThe Ballard Neighborhood, a Seattle staple

since the early 1900’s, is a vibrant community

that has seen rapid growth throughout the past

few decades in both development and cultural

identity. Situated in the Northwest region of the

city; Ballard sits comfortably between Fremont,

Shillshole Bay, and the Lake Washington ship

canal. Ballard has become an urban hub with a

diverse population of inhabitants.

Events such as the yearly Ballard Seafood Fest

and Norwegian Heritage Parade have helped

turn Ballard into one of the most popular social

hubs within the city. With over 20 major retail

and multi-family development projects already

completed and several other projects in the

works, the Ballard neighborhood as a whole has

undergone a major transformation within the

last 15 years and will continue to grow in the

foreseeable future.

Investment & Development Overview

We are pleased to bring the 1740 NW Market Street

property to the market for sale. Currently the property is

a single story retail center that was built in 1980. The two

tenant property is currently leased to FedEx Office and a

restaurant, the Golden Beetle. This investment is a rare

opportunity to own a cash flowing retail asset with

potential development value. FedEx Office is leased

through April 30, 2018 and the Tropicos Breeze is leased

through 2021.

Ballard Locks

The development potential off the site is significant as the

site is zoned NC3-85, which offers a mix of commercial

and residential uses allowing for an 85-foot height limit

and over a maximum 113,400 square feet of floor area.

Currently both leases include parking; however, the city

code does nor require parking on this property. Allowing

for another option of developing the back 9,400 square

foot parking lot and keeping the current income of the

building in place.

Nicholas GillPRINCIPAL | BROKER

206.505.9410

NC3NEIGHBORHOOD COMMERCIAL 3

Typical Land 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.

Maximum Size of Commercial Use

No size limits for most uses; 25,000 square feet for

wholesaling, light manufacturing and warehouse

uses.

Street-level Non-residential Design

Transparency required for 60% of a street-facing

facade. Nonresidential uses at street level must

have an averagedepth of 30’, and have a minimum

height of 13’.

Street-level Residential Design

Must contain at least one visually prominent

pedestrian entry for residential uses. Dwelling

units must be at least 4’ above, or 10’ back, from

a sidewalk, unless conversion of a nonresidential

space to a residential use is authorized.

Parking Location

At the rear or side of a building, within a structure,

or off-site within 800’. Parking between a building

and a street is not allowed. Parking between

buildings along the street is limited to 60’. Within

a structure, street level parking must be separated

from the facade by another permitted use.

Parking Access

Must be from the alley if feasible. Curbcuts are

limited.

Parking Quantity

No minimum parking is required in Urban Centers,

and portions of Urban Villages with frequent transit

service within 1/4 mile.

Nicholas GillPRINCIPAL | BROKER

206.505.9410

Aerial Maps1740 NW Market Street, Mixed-use

SITE LOCATION

NW M

arke

t Stre

et

SITE

Nicholas GillPRINCIPAL | BROKER

206.505.9410

Property Photos1740 NW Market Street, Mixed-Use

Nicholas GillPRINCIPAL | BROKER

206.505.9410

Financial Analysis

1740 NW Market Street, Mixed-use

PROPERTY OVERVIEW

Year Constructed 1980

Rentable SF 9,370

Lot Size 18,900

Zoning NC3-85

Parking 25

PRICE ANALYSIS

List Price $8,400,000

Price per NRSF $896.48

Price per Land SF

$444.44

Current CAP Rate

3.41%

RENT ROLL

Tenant FedExTropicos Breeze

Avg SF 6,500 2,870

Rent $16,250 $7,636.58

Rent per SF $30 $31.92

Expires 04.30.18 03.30.21

Deposit N/A $7,000

Increase Rate N/A 3%

Increase Date N/A 04.01.18

Options N/A 1-5 years

Lease Type NNN NNN

Totals $9,370 $23,887

Total Month Income $23,887

Net Income $286,639

The statements, figures & computations herein, while not guaranteed, are secured from sources we believe reliable. Investors should verify all numbers, computations, and assumptions before committing to an investment.