VALUE-ADD RETAIL & REDEVELOPMENT

Transcription

1 VALUE-ADD RETAIL & REDEVELOPMENT ROOSEVELT WAY NE SEATTLE, WA MICHAEL MCQUAID Principal TIM McKAY Senior Vice President DAN CHHAN Senior Vice President SAM WAYNE Vice President

2 EXECUTIVE SUMMARY Colliers International McKay Chhan Wayne and Michael McQuaid present Roosevelt Way NE an existing, single-story retail building and an outstanding future development opportunity. Situated on a 7,620 SF parcel, and located on the hard corner of a signalized intersection with alley access, the current zoning is NC3P-85, and is proposed to increase to NC3P-95 (M) under the pending MHA legislation. The site is immediately adjacent to a Whole Foods anchored neighborhood center, and only one block to the Roosevelt Light Rail Station, scheduled to open in The Walk Score is 95 [Walkers Paradise], the Bike Score is 96 [Biker s Paradise], and Future Transit Score is 95+ [Rider s Paradise] according to walkscore.com. Current site improvements consist of a 8,378 SF one-story structure that is divided into 5 retail suites 4 of the 5 suites are leased, while the 2,600 SF storefront facing Roosevelt has been intentionally left vacant by ownership to provide multiple value-strategies and flexibility for prospective purchasers. That space used to be leased to Sunlight Café and market rents are $30/NNN. Highest-and-best use is redevelopment given the zoning and location, however the in-place income provides development flexibility and cash-flow during the interim. Roosevelt is an ideal value-add investment opportunity, strategically located in the center of the Roosevelt Submarket, a true emerging life-style destination. PRICING SUMMARY Purchase Price $3,500,000 Pro Forma Cap Rate 5.0% Price Per Lot SF $459 ROOSEVELT WAY NE PROPERTY SUMMARY Address Roosevelt Way NE Seattle, WA Site Area 7,620 SF (0.17 ACRES) Parcel Urban Village Roosevelt Zoning NC3P-85 Net Rentable SF 8,378 Year Built 1929 Retail Suites 5 NE 65TH STREET NE TH STREET 2 COLLIERS INTERNATIONAL

3 DEVELOPMENT POTENTIAL. NC3P-85 ZONING AND 7,620 LOT SF IN-PLACE INCOME. 4 OF 5 SUITES ARE LEASED. 2,600 AVAILABLE SF; PRO FORMA 5 CAP LOCATION. 1 BLOCK TO LIGHT RAIL. MINUTES TO UW & DOWNTOWN SEATTLE CORNER SITE. EXCELLENT CONSTRUCTION ACCESS AND GOOD EXPOSURE FOR LEASING UNIVERSITY OF WA SEATTLE CBD North COLLIERS INTERNATIONAL 3

4 ROOSEVELT STATION (2021) ROOSEVELT SQUARE North 4 COLLIERS INTERNATIONAL

5 ROOSEVELT STATION THE ROOSEVELT LINK LIGHT RAIL STATION will be located along the west side of 12th Ave NE between NE 65th and NE 67th streets in the Roosevelt neighborhood, just three blocks south of 70 Roosevelt. The station will include a plaza with seating, public art and bike parking. Opens for service: MIN 45MIN One train every 4MIN during peak weekday commutes ROOSEVELT STATION 4MIN UNIVERSITY OF WASHINGTON 10MIN DOWNTOWN SEATTLE 16MIN DOWNTOWN BELLEVUE OVERLAKE TRANSIT CENTER 45MIN STADIUMS SEATAC AIRPORT EACH LINK CAR CAN HOLD riders 4 wheelchairs 4 bicycles Multiple suitcases COLLIERS INTERNATIONAL 5

6 CURRENT OPERATIONS SPECS TERM RENT TENANT ADDRESS SF LEASE START LEASE END RENT/YEAR RENT/SF Vacant Roosevelt Way NE 2,600 Vacant $76,860* $29.56* Ride Bicycles 05 Roosevelt Way NE 1,400 4/1/24 M - M $28,920 $20. Aquarium Zen 920 NE th St 1,350 1/1/22 M - M $19,4 $14.16 Triple R Brewing 916 NE th St 1,120 1/4/26 M - M $17,700 $15.84 Bol Pho Bistro 918 NE th St 1,908 3/1/23 2/28/2022 $38,172 $20.04 TOTALS: 8,378 $181,116 *Pro Forma Rent North 6 COLLIERS INTERNATIONAL

7 AVAILABLE RETAIL UNIT COLLIERS INTERNATIONAL 7

8 RIDE BICYCLES AQUARIUM ZEN TRIPLE R BREWING 8 COLLIERS INTERNATIONAL BOL PHO BISTRO

9 BOL PHO BISTRO TRIPLE R BREWING RIDE BICYCLES AQUARIUM ZEN AVAILABLE COLLIERS INTERNATIONAL 9

10 MICHAEL MCQUAID Principal TIM MCKAY Senior Vice President Direct: DAN CHHAN Senior Vice President Direct: SAM WAYNE Vice President Direct: This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, express or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this documents and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). 29. All rights reserved.