Upload
others
View
12
Download
0
Embed Size (px)
Citation preview
601 Union Street, Suite 1100 • Seattle, WA 98101 • jll.com/seattle
G R E E N W O O D C O L L E C T I V E
11,620 square foot retail / multifamily /creative space opportunity in Seattle’s highly desirable Greenwood submarket
I N V E S T M E N T O F F E R I N G
JLL • 601 Union Street, Suite 1100 • Seattle, WA 98101 • jll.com/seattle
MARK JACKSON, JRAssociateCapital Markets+1 206 607 1733 [email protected]
LORI HILLManaging DirectorCapital Markets+1 206 971 7006 [email protected]
JOHN LOManaging DirectorReal Estate Investment Banking+1 206 607 [email protected]
I N V E S T M E N T C O N TA C T S
ANN MARIE KOEHLER Managing DirectorAgency Leasing+1 206 607 [email protected]
L E A S I N G S P E C I A L I S T
F I N A N C I N G
G R E E N W O O D C O L L E C T I V E
INVESTMENT OFFERING
167
520520
908
908
522
522
522
202
527
527
104
104
524
525
513
900
900
169
515
181
518
599
509
509
509
99
99
99
99
99
99
99
99
90
90
9
9
5
5
5
405
405
405
Puget Sound
LakeWashington
GreenLake
UnionBay
Lake
Union
ElliotBay
S ammamIsh
Rive r
Duwam ish
River
Cedar River
LakeWashington
Puget Sound
SEATTLE-TACOMAINTERNATIONAL
AIRPORT
RentonTukwila
Sea-Tac
KirklandRedmond
Edmonds
Lynnwood
MillCreek
MountlakeTerrace
Bellevue
Seattle
EXECUTIVE SUMMARY 5
PROPERTY DESCRIPTION 8
MARKET OVERVIEW 13
FINANCIAL SUMMARY 21
DISCLAIMER 24
TA B L E O F C O N T E N T S
G R E E N W O O D C O L L E C T I V E
D i s c l a i m e r : The property is offered for sale in an ‘AS-IS’, where-is with all faults condition. There is no representation or warranty of any kind, expressed or implied, including without the limitation, warranty of income potential, operating expenses, uses, habitability, merchant-ability or fitness for a particular purpose.
B A L L A R D
G R E E N W O O D
C O L L E C T I V E
B A L L A R D
G R E E N W O O D
C O L L E C T I V E
C R O W N H I L L
Greenwood Avenue North
85th Street N
orth
Palantine Avenue North
INVESTMENT OFFERING
G R E E N W O O D C O L L E C T I V E
5
E X E C U T I V E S U M M A R Y
O F F E R I N G M E M O R A N D U M 6
G R E E N W O O D C O L L E C T I V E E X E C U T I V E S U M M A R Y
OFFERING OVERVIEW
Executive Summary
Jones Lang LaSalle is pleased to exclusively offer for sale the Greenwood
Collective (“G.C.”), located in the Greenwood neighborhood of Seattle,
Washington. The G.C. is situated on the strongest commercial intersection in
the heart of Greenwood’s commercial core. Originally constructed in 1926,
the G.C. has been well-maintained and continues to be a strong performer
within this trade area. The 11,620 square-foot, mixed-used building features
two retail stores, three apartment units and creative space in the lower-level
artist’s studios; its tenants include Urban Light Studios and well-renowned
restaurateur, Josh Henderson’s, Huxley-Wallace-Collective. The property
features zoning that permits the construction of a 65 foot structure, therein
providing an investor with future development possibilities.
With 100% occupancy, the Greenwood Collective offers the neighborhood
a new entertainment destination in a growing submarket. The property
serves a large customer base including the neighboring towns of Greenlake,
Queen Anne, Ballard and Fremont.
Investment Highlights
Strong Market Fundamentals: The Greenwood submarket is experiencing
low vacancy (1.80%) and increased rents (+20.00% over 5-Year Average) in
2015, both indicators of a strong market. Coupled with a strong economic
forecast we are projecting high to mid-single digit rent growth through 2017
with continued demand for retail and residential tenants.
Neighborhood Revitalization: The City of Seattle is developing a long-term
transit priority concept plan for Greenwood Avenue. The focus of this plan
is to improve transit stops and nearby non-motorized connections between
North 85th Street and North 105th Street. The objective for this section of
Greenwood Avenue is to improve transit speed and reliability in a manner
consistent with Seattle’s Corporate Streets Policy.
Address: 8537 Greenwood Ave. l Seattle, WA 98103 # of Tenants: 5 tenants: 2 retail, 3 multifamily
Size: 11,620 square feet Parcel No: 923190-0030
Year Built: Built in 1926 Site Area: 5,850 square feet
Occupancy: 100% occupancy Zoning: NC2 - 65
Price: $4,250,000 Cap Rate: 5.01%
O F F E R I N G M E M O R A N D U M 7
G R E E N W O O D C O L L E C T I V E
NEIGHBORHOOD PHOTOS
E X E C U T I V E S U M M A R Y
INVESTMENT OFFERING
G R E E N W O O D C O L L E C T I V E
8
P R O P E R T Y D E S C R I P T I O N
O F F E R I N G M E M O R A N D U M 9
G R E E N W O O D C O L L E C T I V E P R O P E R T Y D E S C R I P T I O N
Though a staple in the Greenwood neighborhood, the
Greenwood Collective will soon have a new identity.
Thanks to renowned restaurateur, Josh Henderson, the
property will be a new home to a branch of his well
regarded Huxley-Wallace Collective.
The revitalization of the building includes a
new outdoor patio, floor to ceiling exterior
windows and a completely re-vamped interior.
O F F E R I N G M E M O R A N D U M 1 0
G R E E N W O O D C O L L E C T I V E P R O P E R T Y D E S C R I P T I O N
GREENWOOD AVE.
ALLEY
17'-4" 15'-3" 17'-4"
2,675 SF
240 SF
50'-0"
119'
-1"
2,430 SFRetail 1
Retail 2
A1First Floor Plan The Greenwood Collective 8537 Greenwood Ave N, Seattle, WA scale: 1'0" = 1/16"
evolution Projectsdate: 8/1/2015
UNIT A
COMMON
UNIT B
A2Second Floor Plan
roof drainx12
'-3"
UNIT C
36'-4
"
600 SF
390SF
hw
410 SF
200 SF
kitchen living bath
officebedroom
bedroom kitchen + living
bath
bath
kitchen
bedroom
office
The Greenwood Collective 8537 Greenwood Ave N, Seattle, WA scale: 1'0" = 1/16"
evolution Projectsdate: 8/1/2015
Main Floor Plan Second Floor Plan
ALLEY
Bathroom
hvac
Studio B
Studio E
Studio CStudio D
Greenwood Ave
electrical
590 SF
1070 SF
gas
Studio H 400 SF
Studio F350 SF
Studio G320 SF
Studio A610 SF
575 SF
410 SF590 SF
Common
A0BSMT Floor Plan The Greenwood Collective 8537 Greenwood Ave N, Seattle, WA scale: 1'0" = 1/16"
evolution Projectsdate: 8/1/2015
Artist’s Studios
FLOOR PLANS
Greenwood Avenue North
Palatine Avenue North G R E E N W O O D
C O L L E C T I V E
O F F E R I N G M E M O R A N D U M 1 2
G R E E N W O O D C O L L E C T I V E
TRANSPORTATION MAP
P R O P E R T Y D E S C R I P T I O N
JapaneseGarden
SeattleCenter
CenturyLinkField
SafecoField
ShorelineCC
Bastyr U
Town Center atLake Forest Park
NorthwestHosp &Med Ctr
NorthSeattleCollege
Seattle Children’sHospital
NorthgateMall
Swedish Med CtrBallard Campus
UWMedicalCenter
UW
SeattlePacific U
VAPugetSoundHealthCare -SeattleDivision
Group Health RainierMedical Center
Columbia PublicHealth Center
SwedishMed Ctr First Hill
GroupHealth
Capitol HillCampus
SeattleCtrl Coll
Seattle U
Husky Stadium
KING COUNTY
FARE ZONE BOUNDARYFARE ZONE BOUNDARY
West Seattle – Downtown Seattle
Bainbridge Island – Seattle
Bremerton – Seattle
Vashon Isla
nd – Downtown Seattle
SNOHOMISH COUNTY
SNOHOMISH COUNTYKING COUNTY
FARE
ZO
NE
B
OU
ND
ARY
UnionBay
SalmonBay
HallerLake
Duw
amish W
aterway
BitterLake
GreenLake
Elliott Bay
LakeBallinger
ShilsholeBay
DiscoveryPark
RavennaPark
InterbayAthletic
Field
WoodlandPark
GoldenGardens
Park
CarkeekPark
RichmondBeach Park
Centennial Park
Squire’sLanding
Big
Finn
Hill
Park
Alki B
each
Par
k
SchmitzPark
JudkinsPark
Colman Park
Genesee Park
Luther BurbankPark
Rhodo-dendron
Park
WashingtonPark
Arboretum
PugetPark
Olympic Sculpture Park
Myrtle Edwards Park
Gas WorksPark
InterlakenPark
VolunteerPark
MadronaPark
Leschi Park
MatthewsBeachPark
ShoreviewPark
HamlinPark
JacksonParkGolf
Course
Green LakePark
WestSeattle
GolfCourse
Jefferson ParkGC
MedinaPark
O. O. Denny Park Juanita
WoodlandsPark
Magnolia Park
MercerdalePark
WOODWAY
KENMORE
BRIER
SHORELINE
MOUNTLAKE TERRACE
LAKEFORESTPARK
HUNTSPOINT
MEDINA
NorthBeach
HarborIsland
Wedgwood
UniversityDistrict
MapleLeaf
Beacon Hill
Crown Hill
Wallingford
Magnolia
Central
District
Green-wood
Finn Hill
Fremont
SewardPark
LakeCity
Mount Baker
Northgate
Georgetown
Bitter Lake
QueenAnne
ColumbiaCity
Ballard
CapitolHill
West Seattle
Alki Admiral
GreenLake
MadisonPark
SODO
L Wash ington Blvd S
NE Pacific
Mar
tin L u
ther
Kin
g Jr.
Way
Eastl
ake E
Lake Wash ington B lvd E
NE N
orthl
ake W
y
Alas
kan
Way
SE
Gree
n La
ke Way N
W M
ercer Way
Island Crest Way
West Seattle Bridge
SW Spokane
East
Mar
gina
l Way
S
Alas
kan
Way
Via
duct
East
Mar
gina
l Way
S
W Nickerson
West M
arginal Way SW
Harbor SW
West lake N
Delri
dge
Way
SW
24th NE
40th Pl NE
NW Innis Arden Wy
NE Perkins Way
Lake
City
Way
NE
68th
NE
NE 175th
NW Richmond Beach Rd
Juanita Drive NE
Holmes Point Dr NE
Juanita Dr NE
Sand
Poi
nt W
ay N
E
NE Bothell Way
73rd
NE
61st
NE
NE 197th 55th NE
Both
ell W
ay N
E
NE 178 t h
W Commodore Way
N Pa
cific
N 35th
Thor
ndyk
e W
Mon
tlake
Bl
vd N
EW Green
L Dr
N
E Green L Dr N
NW M
arket
Seav
iew
NW
Magnolia Blvd W
Alki
SW
Martin Luther King Jr W
ay S
Overl
ake
Dr E
SW Admiral Way
F aun
tlero
y Way
SW
Beach Drive SW
Lake
side
Ave S
Dayton N
Airp
ort W
ay S
Simonds Road NE
NE NorthgateWay
SW A
valo
n W
y
Wy NE
Ballinger
Beacon S
15th
S Genesee
23rd
E Aloha
50th
S
Wilson S
Rainier S
15th
S
86th
SE
E Galer
E Union
Rainier S
E Cherry
E Yesler Way
S Orcas
31st
S
E Jefferson
Unive
rsity
Way
NE
19th
E
14th
14
th S
24th
E25
th N
E
Roos
evel
t Way
NE
20th
NE
12th
NE
Fairvi
ew N
NE 55th
38th
S
S McClellan
E Mad
ison
NE 65th
S College
12th
S10
th E
34th
S Spokane
SW Genesee SW Genesee
SW Alaska
Calif
orni
a SW
63rd
SW
55th
SW
48th
SW
49th
SW
49th
SW
Magnolia Bridge
W Galer
W Bertona
Florentia
Gilman W
Shilshole NWLeary NW
Auro
ra N
Taylo
r N
Dext
er N
9th
N
24th
NW
20th
NW
Broa
dway
E
1st S
1st S
4th
S4t
h S
S Holgate
6th
S
S Lander SW Hanford
SW Charlestown
SE 24th
SE 40th
Ever
gree
n Po
int R
d
3rd
NW
12th
W McGraw
84th
NE
S Lucile
8th
NW
5th
N
1st N
Ston
e W
y N
E Pike
Quee
n Ann
e N
35th
SW
S Dearborn
Elliott W
Broad
15th
NW
16th
SW
Mercer
NE 202nd
15th
NE
15th
NE
N 145th
5th
NE5t
h NE
Sand Point Way NE
40th
NE
NE 92nd
30th
NE
NE 125th
8th
NW
22nd
NE
NE 160th
Wes
tmins
ter W
ay N
NE115th
Mer
idia
n N
NE 155th
NE 110th
19th
NE
15th
NE
NE 80th
35th NE
NE 75th
84th
NE
3rd
NW
NE 70th
NE 155th
Frem
ont N
Roos
evel
t Way
NE
NE 205th
244th SW
35th
NE
N 205th 244th SW
N 200th
NE 95th
88th
NE
20th
NW
NW 175th
Ballinger Way NE
NE 141st
80th
NE
NE 145th
1st N
E
NE 195th
Auro
ra N
5th
NE
5th
NE
NE 185th
NE 175th
NW 65th
3rd
NW
N 65th
NW Market
NE 41st
35th
NE
15th
NW
1st N
E
Gree
nwoo
d N
Boyer E
Mer
idia
n N
N 130th
28th
W 22nd
W
NE 45th NE 45th
Roosevelt Wy N
47th
NE48
th N
E
42nd
NE
24th
NW
N 50th
10th
W
Auro
ra N
Auro
ra N
Mer
idia
n N
3rd
W
NW 96th
W Emerson
34th
W
N 125th
W Dravus
Holman Rd NW
N 40th
NW 85th
Phin
ney N
Gree
nwoo
d N
NW 80th
14th
NW
Auro
ra N
Lato
na N
E
N 45th
Wal
lingf
ord
N
Frem
ont N
Dayt
on N
Gree
nwoo
d N
NW 100th
N 105th
N 90th
28th
NW
Green L Dr N
Winona
N
Linde
n N
Linde
n N
20th
NE
NE 75th
NW LearyWay
32nd
NW
36th
NW
N 39th N 36th
W McGraw
W Barrett
6th
WWes
t Vie
wm
ont W
y W
Mag
nolia
Blvd
W
Boston
Fuhrman E
E John E Thomas
Fairv
iew
N
Republican
9th
E Pine NE 6th
NE 12th
Leary Way NW
Queen
Anne Dr
Brie
r Rd
Cedar Wy
48th W56
th W 236th SW
76th
W
238thSW
Firdale Ave LockwoodRd
Carter Rd
Mer
idia
n S
240th SE
30th
NE
L ocu
st W
y
513
5
99
523523
522
104
513
520
99
99
5
90
90
5
5
99
5
5
99
522
104
104
5
630Shuttle
775
775
773
773
372X522
775
630
630
630
630
630
3030
30
30
244
303X
312X
312X
312X
312X
373X
309X
309X
309X
303X
355X
355X
355X
355X
303X
116X118X119X
37X
28X
28X
64X
64X
64X
77X
77X
77X
373X
373X
373X
373X
77X
64X 74X
74X74X
64X
28X 28X
17X
17X
18X
18X
18X
18X
17X
17X
29
19
19
19
29
29
29
29
5X
5X
5X
5X
26X
26X28X
28X
28X
26X 28X
56X56X
21X
57
57
76 76
55
55
15X
15X
29 15X
15X
304
304
304
242
342
342
342
113
342
154
301 301
416
416416
308
308
308
308
308
201
201
201
304
304
316
316
316
316
316
116X
119X
123
118X
301
301
301
301
121122
242
242
242
76
Woodlawn N
37
SLU
FHlate2015
37
37
37
372X522
372X522345
346
345346
66X67
347348
347348
3132
66X67
3132
3132
3132
3132
6575
2628
71X72X73X
213
34
34
213
50128
131132
27
27
331
331
331
331
101 130115130 130112111
119 130 810 871
345
330
330
346
347
347
348
348
348
348
331
346
72X
73X 65
330
330
345
330
346
347
372X
372X
72X
72X73X
71X
71X
28 16
16
16
16
1675
75
75
75
75
2525
13
33
65
65
26
26
68
68
31
522
28
28
345
68
28
71X
331
331
331
331
101 130115130 130112111
119 130 810 871
345
330
330
346
347
347
347
348
348
348
348
331
346
72X
73X 65
330
330
345
330
330
346
372X
372X
72X
72X
72X
72X73X
71X
71X
28 16
16
16
16
1616
75
7575
75
75
75
2525
13
33
65
65
65
26
26
68
68
31
68
522
522372X
28
28
28
345
68
28
73X
9X
9X
2
2
1 3
3
3
4
4
4
4
11
11
11
16
16
33
60
14
14
13
3260
60
33
24 24
24
24
25
25
47
25
31
31
66X
128
9X
9X
9X
9X
9X
50
14
60
50
5022
124
124
106128
50
5050
60
124
106
204
204
204
234
4
3324
50
4 4
48
48
48
345
64X65
*Route 4 operatessouth of Jeffersonon weekends only
*Route 4 operatessouth of Jeffersonon weekends only
5
5
5
41
41
4148 484840
40
40 40
Swift
41
5
5
44
4444
40
48
40
2
2
8
8
8
8
512
12
10
10
48
48
48
70
4343
4340
49
49
8
8
8
8
7
7
7 48
36
36
21
36
271
48
8
44
717273
eve& Sun
SR 9912012521X375556X
57113121122123
I-54171X72X73X52264X74X76X77X197242
301303X304308309X312X316355X555586
W Sea. Bridge2121X375556X
57116X118X119X
I-5150101577578594102143X157158159177
178179190192193X197586590592595
Snohomish County–Downtown Seattlevia I-5512510511513
402405410
412413415
416417421
422425435
Snohomish County–University Districtvia I-5810821
855860
871880
SR 522372X522331309X312X342
I-90
550554111114212214
216217218219630
FS
FS
FS
FS
FS
FS
MountBaker
Seacrest Dock
Seattle(Pier 52)Pier 50
Intl District
Rainier
SODO
KingStreet
Station
BeaconHill
ColumbiaCity
Montlake
NE 45th& I-5
NE 145th& I-5
Stadium
P
PP
P
P
P
P
P
P
P
P
P
P
P
PP
P
P
P
I-5/NE 65th St/Green Lake
Kenmore
MercerIsland
Shoreline
BethanyBible
ChurchKenmoreCommunityChurch
Aurora Churchof the Nazarene
Korean Zion Presbyterian Church
BethelLutheranChurch
NorthJackson
Park
Prince ofPeace
LutheranChurch
ShorelineUnited
MethodistChurch
SouthJackson
Park
Lamb of GodLutheranChurch
MercerIslandUnited
MethodistChurch
Airport &Spokane
SW Spokane St MountBaker
AuroraVillage
MountlakeTerrace
NorthgateNorthgateTCP
TCP
TCP
TC
Safeway
Safeway
QFC
QFC
QFC
Bartell Drugs(add value only)
Safeway
QFC
Safeway
Safeway
QFC
SafewayQFC
QFC
QFC
QFC
QFC
QFC
QFC
QFC
QFC
Safeway
Safeway
Safeway
Safeway
Safeway
Safeway
Safeway
Safeway
SEATTLE
S Jackson
Stewart
Olive
Wy
TS3rd
5th
Seneca
Madison
HarborviewMed Ctr
Virginia MasonMed Ctr
Denny Way
Pioneer Square
UniversityStreet
Westlake
Convention Pl
201 S Jackson
Westlake Station
8213
630Shuttle630
123
125
120
131132
775
0 ½ 1
Miles
2
5205
MEDINAAdmiral
TS
TC TCP
FS
P P
StoreName
SLU FH
Schedules vary—see timetablesST = Sound Transit, CT = Community TransitTransit Service at Major Park & Rides and Other Transfer Points
Aurora Village Transit Center and Park & Ride E Line, 301, 303X, 331, 342, 346, 373X | CT Swift, 101, 115, 130
Evergreen Point Park & Ride and Freeway Station 167, 242, 252, 255, 257, 268, 277, 311 | ST 540, 542, 545, 555, 556 | CT 424
I-5/NE 65th St/Green Lake Park & Ride 48, 64X, 76, 242, 316 | ST 542
Kenmore Park & Ride 234, 244, 309X, 312X, 331, 342, 372X | ST 522
Mercer Island Park & Ride 201, 204, 216, 630 | ST 550, 554
Mountlake Terrace Transit Center and Park & Ride 111, 112, 119, 347, 413, 415 | ST 511, 512, 513 | CT 130, 810, 871
Northgate Transit Center and Park & Rides 16, 40, 41, 66X, 67, 68, 75, 242, 303X, 345, 346, 347, 348 | ST 555, 556
Shoreline Park & Ride E Line, 301, 303X, 342, 373X
I-5 at NE 45th St Freeway Station 44, 76, 301, 316, 355X | ST 512
I-5 at NE 145th St Freeway Station 242, 301, 303, 304, 308, 347, 373X | ST 512
Montlake Freeway Station (SR 520 at Montlake Blvd) 25, 43, 48, 167, 242, 252, 255, 257, 268, 271, 277, 311 | ST 540, 542, 545, 555, 556
Mount Baker Transit Center 7, 8, 9X, 14, 48
Rainier Freeway Station (I-90 at Rainier Ave S) 7, 9X, 111, 114, 212, 214, 216, 217, 218, 219 | ST 550, 554
Alaska Junction (SW Alaska St and California Ave SW) C Line, 22, 37, 50, 55, 128, 773
Ballard (NW Market St and Ballard Ave NW) 17X, 18X, 29, 40, 44,
Capitol Hill (Broadway and E Pine St) 9X, 10, 11, 12, 49, 60
Delridge (SW Genesee St and Delridge Way SW) 50, 120, 125
Fremont (Fremont Ave N and N 34th St) 26, 28, 31, 32, 40
Kenmore (NE Bothell Way and 68th Ave NE) 234, 244, 309X, 312X, 331, 342, 372X | ST 522
Lake City (Lake City Way NE and NE 125th St) 41, 64X, 65, 72, 75, 309X, 312X, 330, 372X | ST 522
Roosevelt (NE 65th St/Roosevelt Way NE/15th Ave NE) 48, 64X, 66X, 67, 71, 72, 73, 64, 76, 373X
University District (University Way NE/15th Ave NE and NE Campus Parkway)
25, 30, 31, 32, 43, 44, 48, 49, 65, 67, 68, 70, 71, 72, 73, 74, 75, 167, 197, 271, 277, 372, 373X | ST 540, 542, 556
University of Washington Campus 25, 31, 32, 65, 67, 68, 75, 271, 277, 372X, 373X | ST 540 | CT 810, 821, 855, 860, 871, 880
Uptown (1st Ave N and Mercer St) D Line, 1, 2, 8, 13, 29, 32
Bus Routes and Facilitiesfrequent all-day route (every 15 minutes or less until 6pm Mon–Fri)all-day routeall-day routes that combine for frequent servicepeak-only route
RapidRide line and stop
Community Shuttle route and flexible service area*
*Reserve a ride off the scheduled route in this area.
Dial-A-Ride (DART) route
Metro Transit (King County)
Sound Transit (regional express routes)
Community Transit (Snohomish County)
| transit centers: no parking | with and park & ride
| park & ride: more than | less than 250 spaces
freeway station
| Downtown Seattle Transit Tunnel station: bus only | bus and light rail
major transfer point
Other Transit Services and FacilitiesSounder commuter rail lineand station ( =Amtrak)Central Link light rail line and stationSeattle Streetcar line
=South Lake Union =First Hill (late 2015)Seattle Center Monorail line and terminalWashington State Ferries route and terminalKing County Water Taxi route and terminal (passenger-only ferry)
ORCA: customer service office| vending machine | retailer
Selected Base Map Featuresinterstate / state highway routes
In general, the designations “St” and “Ave” are not shown on this map. In King and Snohomish counties “Streets” usually run east–west and “Avenues” usually run north–south.
incorporated city (all capital letters)
neighborhood / unincorporated place
point of interest or common destination
June 2015
21X
CLYDEHILL
MERCERISLAND
Gilman Dr W
Dexter N
LakeUnion
PugetSound
520
SR 520255271545167242252257268
277311540542555556424
FARE
ZO
NE
BO
UNDA
RY
IslandCrestPark
12521
120
SaintEdwardStatePark
SewardPark
LakeWashington
EvergreenPoint
MagnusonPark
N
S
EW
Metro Transit System: Northwest Area
NE 24th
See above left for I-5 routes to/from Snohomish County
15th
W
2628
Islan
d Cr
est W
ay
MercerIsland
PresbyterianChurch
P
PugetSound
JapaneseGarden
SeattleCenter
CenturyLinkField
SafecoField
ShorelineCC
Bastyr U
Town Center atLake Forest Park
NorthwestHosp &Med Ctr
NorthSeattleCollege
Seattle Children’sHospital
NorthgateMall
Swedish Med CtrBallard Campus
UWMedicalCenter
UW
SeattlePacific U
VAPugetSoundHealthCare -SeattleDivision
Group Health RainierMedical Center
Columbia PublicHealth Center
SwedishMed Ctr First Hill
GroupHealth
Capitol HillCampus
SeattleCtrl Coll
Seattle U
Husky Stadium
KING COUNTY
FARE ZONE BOUNDARYFARE ZONE BOUNDARY
West Seattle – Downtown Seattle
Bainbridge Island – Seattle
Bremerton – Seattle
Vashon Isla
nd – Downtown Seattle
SNOHOMISH COUNTY
SNOHOMISH COUNTYKING COUNTY
FARE
ZO
NE
B
OU
ND
ARY
UnionBay
SalmonBay
HallerLake
Duw
amish W
aterway
BitterLake
GreenLake
Elliott Bay
LakeBallinger
ShilsholeBay
DiscoveryPark
RavennaPark
InterbayAthletic
Field
WoodlandPark
GoldenGardens
Park
CarkeekPark
RichmondBeach Park
Centennial Park
Squire’sLanding
Big
Finn
Hill
Park
Alki B
each
Par
k
SchmitzPark
JudkinsPark
Colman Park
Genesee Park
Luther BurbankPark
Rhodo-dendron
Park
WashingtonPark
Arboretum
PugetPark
Olympic Sculpture Park
Myrtle Edwards Park
Gas WorksPark
InterlakenPark
VolunteerPark
MadronaPark
Leschi Park
MatthewsBeachPark
ShoreviewPark
HamlinPark
JacksonParkGolf
Course
Green LakePark
WestSeattle
GolfCourse
Jefferson ParkGC
MedinaPark
O. O. Denny Park Juanita
WoodlandsPark
Magnolia Park
MercerdalePark
WOODWAY
KENMORE
BRIER
SHORELINE
MOUNTLAKE TERRACE
LAKEFORESTPARK
HUNTSPOINT
MEDINA
NorthBeach
HarborIsland
Wedgwood
UniversityDistrict
MapleLeaf
Beacon Hill
Crown Hill
Wallingford
Magnolia
Central
District
Green-wood
Finn Hill
Fremont
SewardPark
LakeCity
Mount Baker
Northgate
Georgetown
Bitter Lake
QueenAnne
ColumbiaCity
Ballard
CapitolHill
West Seattle
Alki Admiral
GreenLake
MadisonPark
SODO
L Wash ington Blvd S
NE Pacific
Mar
tin L u
ther
Kin
g Jr.
Way
Eastl
ake E
Lake Wash ington B lvd E
NE N
orthl
ake W
y
Alas
kan
Way
SE
Gree
n La
ke Way N
W M
ercer Way
Island Crest Way
West Seattle Bridge
SW Spokane
East
Mar
gina
l Way
S
Alas
kan
Way
Via
duct
East
Mar
gina
l Way
S
W Nickerson
West M
arginal Way SW
Harbor SW
West lake N
Delri
dge
Way
SW
24th NE
40th Pl NE
NW Innis Arden Wy
NE Perkins Way
Lake
City
Way
NE
68th
NE
NE 175th
NW Richmond Beach Rd
Juanita Drive NE
Holmes Point Dr NE
Juanita Dr NE
Sand
Poi
nt W
ay N
E
NE Bothell Way
73rd
NE
61st
NE
NE 197th 55th NE
Both
ell W
ay N
E
NE 178 t h
W Commodore Way
N Pa
cific
N 35th
Thor
ndyk
e W
Mon
tlake
Bl
vd N
E
W Green L
Dr N
E Green L Dr N
NW M
arket
Seav
iew
NW
Magnolia Blvd W
Alki
SW
Martin Luther King Jr W
ay S
Overl
ake
Dr E
SW Admiral Way
F aun
tlero
y Way
SW
Beach Drive SW
Lake
side
Ave S
Dayton N
Airp
ort W
ay S
Simonds Road NE
NE NorthgateWay
SW A
valo
n W
y
Wy NE
Ballinger
Beacon S
15th
S Genesee
23rd
E Aloha
50th
S
Wilson S
Rainier S
15th
S
86th
SE
E Galer
E Union
Rainier S
E Cherry
E Yesler Way
S Orcas
31st
S
E Jefferson
Unive
rsity
Way
NE
19th
E
14th
14
th S
24th
E25
th N
E
Roos
evel
t Way
NE
20th
NE
12th
NE
Fairvi
ew N
NE 55th
38th
S
S McClellan
E Mad
ison
NE 65th
S College
12th
S10
th E
34th
S Spokane
SW Genesee SW Genesee
SW Alaska
Calif
orni
a SW
63rd
SW
55th
SW
48th
SW
49th
SW
49th
SW
Magnolia Bridge
W Galer
W Bertona
Florentia
Gilman W
Shilshole NWLeary NW
Auro
ra N
Taylo
r N
Dext
er N
9th
N
24th
NW
20th
NW
Broa
dway
E
1st S
1st S
4th
S4t
h S
S Holgate
6th
S
S Lander SW Hanford
SW Charlestown
SE 24th
SE 40th
Ever
gree
n Po
int R
d
3rd
NW
12th
W McGraw
84th
NE
S Lucile
8th
NW
5th
N
1st N
Ston
e W
y N
E Pike
Quee
n Ann
e N
35th
SW
S Dearborn
Elliott W
Broad
15th
NW
16th
SW
Mercer
NE 202nd
15th
NE
15th
NE
N 145th
5th
NE5t
h NE
Sand Point Way NE
40th
NE
NE 92nd
30th
NE
NE 125th
8th
NW
22nd
NE
NE 160th
Wes
tmins
ter W
ay N
NE115th
Mer
idia
n N
NE 155th
NE 110th
19th
NE
15th
NE
NE 80th
35th NE
NE 75th
84th
NE
3rd
NW
NE 70th
NE 155th
Frem
ont N
Roos
evel
t Way
NE
NE 205th
244th SW
35th
NE
N 205th 244th SW
N 200th
NE 95th
88th
NE
20th
NW
NW 175th
Ballinger Way NE
NE 141st
80th
NE
NE 145th
1st N
E
NE 195th
Auro
ra N
5th
NE
5th
NE
NE 185th
NE 175th
NW 65th
3rd
NW
N 65th
NW Market
NE 41st
35th
NE
15th
NW
1st N
E
Gree
nwoo
d N
Boyer E
Mer
idia
n N
N 130th
28th
W 22nd
W
NE 45th NE 45th
Roosevelt Wy N
47th
NE48
th N
E
42nd
NE
24th
NW
N 50th
10th
W
Auro
ra N
Auro
ra N
Mer
idia
n N
3rd
W
NW 96th
W Emerson
34th
W
N 125th
W Dravus
Holman Rd NW
N 40th
NW 85th
Phin
ney N
Gree
nwoo
d N
NW 80th
14th
NW
Auro
ra N
Lato
na N
E
N 45th
Wal
lingf
ord
N
Frem
ont N
Dayt
on N
Gree
nwoo
d N
NW 100th
N 105th
N 90th
28th
NW
Green L Dr N
Winona
N
Linde
n N
Linde
n N
20th
NE
NE 75th
NW LearyWay
32nd
NW
36th
NW
N 39th N 36th
W McGraw
W Barrett
6th
WWes
t Vie
wm
ont W
y W
Mag
nolia
Blvd
W
Boston
Fuhrman E
E John E Thomas
Fairv
iew
N
Republican 9th
E Pine NE 6th
NE 12th
Leary Way NW
Queen
Anne Dr
Brie
r Rd
Cedar Wy
48th W56
th W 236th SW
76th
W
238thSW
Firdale Ave LockwoodRd
Carter Rd
Mer
idia
n S
240th SE
30th
NE
L ocu
st W
y
513
5
99
523523
522
104
513
520
99
99
5
90
90
5
5
99
5
5
99
522
104
104
5
630Shuttle
775
775
773
773
372X522
775
630
630
630
630
630
3030
30
30
244
303X
312X
312X
312X
312X
373X
309X
309X
309X
303X
355X
355X
355X
355X
303X
116X118X119X
37X
28X
28X
64X
64X
64X
77X
77X
77X
373X
373X
373X
373X
77X
64X 74X
74X74X
64X
28X 28X
17X
17X
18X
18X
18X
18X
17X
17X
29
19
19
19
29
29
29
29
5X
5X
5X
5X
26X
26X28X
28X
28X
26X 28X
56X56X
21X
57
57
76 76
55
55
15X
15X
29 15X
15X
304
304
304
242
342
342
342
113
342
154
301 301
416
416416
308
308
308
308
308
201
201
201
304
304
316
316
316
316
316
116X
119X
123
118X
301
301
301
301
121122
242
242
242
76
Woodlawn N
37
SLU
FHlate2015
37
37
37
372X522
372X522345
346
345346
66X67
347348
347348
3132
66X67
3132
3132
3132
3132
6575
2628
71X72X73X
213
34
34
213
50128
131132
27
27
331
331
331
331
101 130115130 130112111
119 130 810 871
345
330
330
346
347
347
348
348
348
348
331
346
72X
73X 65
330
330
345
330
346
347
372X
372X
72X
72X73X
71X
71X
28 16
16
16
16
1675
75
75
75
75
2525
13
33
65
65
26
26
68
68
31
522
28
28
345
68
28
71X
331
331
331
331
101 130115130 130112111
119 130 810 871
345
330
330
346
347
347
347
348
348
348
348
331
346
72X
73X 65
330
330
345
330
330
346
372X
372X
72X
72X
72X
72X73X
71X
71X
28 16
16
16
16
1616
75
7575
75
75
75
2525
13
33
65
65
65
26
26
68
68
31
68
522
522372X
28
28
28
345
68
28
73X
9X
9X
2
2
1 3
3
3
4
4
4
4
11
11
11
16
16
33
60
14
14
13
3260
60
33
24 24
24
24
25
25
47
25
31
31
66X
128
9X
9X
9X
9X
9X
50
14
60
50
5022
124
124
106128
50
5050
60
124
106
204
204
204
234
4
3324
50
4 4
48
48
48
345
64X65
*Route 4 operatessouth of Jeffersonon weekends only
*Route 4 operatessouth of Jeffersonon weekends only
5
5
5
41
41
4148 484840
40
40 40
Swift
41
5
5
44
4444
40
48
40
2
2
8
8
8
8
512
12
10
10
48
48
48
70
4343
4340
49
49
8
8
8
8
7
7
7 48
36
36
21
36
271
48
8
44
717273
eve& Sun
SR 9912012521X375556X
57113121122123
I-54171X72X73X52264X74X76X77X197242
301303X304308309X312X316355X555586
W Sea. Bridge2121X375556X
57116X118X119X
I-5150101577578594102143X157158159177
178179190192193X197586590592595
Snohomish County–Downtown Seattlevia I-5512510511513
402405410
412413415
416417421
422425435
Snohomish County–University Districtvia I-5810821
855860
871880
SR 522372X522331309X312X342
I-90
550554111114212214
216217218219630
FS
FS
FS
FS
FS
FS
MountBaker
Seacrest Dock
Seattle(Pier 52)Pier 50
Intl District
Rainier
SODO
KingStreet
Station
BeaconHill
ColumbiaCity
Montlake
NE 45th& I-5
NE 145th& I-5
Stadium
P
PP
P
P
P
P
P
P
P
P
P
P
P
PP
P
P
P
I-5/NE 65th St/Green Lake
Kenmore
MercerIsland
Shoreline
BethanyBible
ChurchKenmoreCommunityChurch
Aurora Churchof the Nazarene
Korean Zion Presbyterian Church
BethelLutheranChurch
NorthJackson
Park
Prince ofPeace
LutheranChurch
ShorelineUnited
MethodistChurch
SouthJackson
Park
Lamb of GodLutheranChurch
MercerIslandUnited
MethodistChurch
Airport &Spokane
SW Spokane St MountBaker
AuroraVillage
MountlakeTerrace
NorthgateNorthgateTCP
TCP
TCP
TC
Safeway
Safeway
QFC
QFC
QFC
Bartell Drugs(add value only)
Safeway
QFC
Safeway
Safeway
QFC
SafewayQFC
QFC
QFC
QFC
QFC
QFC
QFC
QFC
QFC
Safeway
Safeway
Safeway
Safeway
Safeway
Safeway
Safeway
Safeway
SEATTLE
S Jackson
Stewart
Olive
Wy
TS3rd
5th
Seneca
Madison
HarborviewMed Ctr
Virginia MasonMed Ctr
Denny Way
Pioneer Square
UniversityStreet
Westlake
Convention Pl
201 S Jackson
Westlake Station
8213
630Shuttle630
123
125
120
131132
775
0 ½ 1
Miles
2
5205
MEDINAAdmiral
TS
TC TCP
FS
P P
StoreName
SLU FH
Schedules vary—see timetablesST = Sound Transit, CT = Community TransitTransit Service at Major Park & Rides and Other Transfer Points
Aurora Village Transit Center and Park & Ride E Line, 301, 303X, 331, 342, 346, 373X | CT Swift, 101, 115, 130
Evergreen Point Park & Ride and Freeway Station 167, 242, 252, 255, 257, 268, 277, 311 | ST 540, 542, 545, 555, 556 | CT 424
I-5/NE 65th St/Green Lake Park & Ride 48, 64X, 76, 242, 316 | ST 542
Kenmore Park & Ride 234, 244, 309X, 312X, 331, 342, 372X | ST 522
Mercer Island Park & Ride 201, 204, 216, 630 | ST 550, 554
Mountlake Terrace Transit Center and Park & Ride 111, 112, 119, 347, 413, 415 | ST 511, 512, 513 | CT 130, 810, 871
Northgate Transit Center and Park & Rides 16, 40, 41, 66X, 67, 68, 75, 242, 303X, 345, 346, 347, 348 | ST 555, 556
Shoreline Park & Ride E Line, 301, 303X, 342, 373X
I-5 at NE 45th St Freeway Station 44, 76, 301, 316, 355X | ST 512
I-5 at NE 145th St Freeway Station 242, 301, 303, 304, 308, 347, 373X | ST 512
Montlake Freeway Station (SR 520 at Montlake Blvd) 25, 43, 48, 167, 242, 252, 255, 257, 268, 271, 277, 311 | ST 540, 542, 545, 555, 556
Mount Baker Transit Center 7, 8, 9X, 14, 48
Rainier Freeway Station (I-90 at Rainier Ave S) 7, 9X, 111, 114, 212, 214, 216, 217, 218, 219 | ST 550, 554
Alaska Junction (SW Alaska St and California Ave SW) C Line, 22, 37, 50, 55, 128, 773
Ballard (NW Market St and Ballard Ave NW) 17X, 18X, 29, 40, 44,
Capitol Hill (Broadway and E Pine St) 9X, 10, 11, 12, 49, 60
Delridge (SW Genesee St and Delridge Way SW) 50, 120, 125
Fremont (Fremont Ave N and N 34th St) 26, 28, 31, 32, 40
Kenmore (NE Bothell Way and 68th Ave NE) 234, 244, 309X, 312X, 331, 342, 372X | ST 522
Lake City (Lake City Way NE and NE 125th St) 41, 64X, 65, 72, 75, 309X, 312X, 330, 372X | ST 522
Roosevelt (NE 65th St/Roosevelt Way NE/15th Ave NE) 48, 64X, 66X, 67, 71, 72, 73, 64, 76, 373X
University District (University Way NE/15th Ave NE and NE Campus Parkway)
25, 30, 31, 32, 43, 44, 48, 49, 65, 67, 68, 70, 71, 72, 73, 74, 75, 167, 197, 271, 277, 372, 373X | ST 540, 542, 556
University of Washington Campus 25, 31, 32, 65, 67, 68, 75, 271, 277, 372X, 373X | ST 540 | CT 810, 821, 855, 860, 871, 880
Uptown (1st Ave N and Mercer St) D Line, 1, 2, 8, 13, 29, 32
Bus Routes and Facilitiesfrequent all-day route (every 15 minutes or less until 6pm Mon–Fri)all-day routeall-day routes that combine for frequent servicepeak-only route
RapidRide line and stop
Community Shuttle route and flexible service area*
*Reserve a ride off the scheduled route in this area.
Dial-A-Ride (DART) route
Metro Transit (King County)
Sound Transit (regional express routes)
Community Transit (Snohomish County)
| transit centers: no parking | with and park & ride
| park & ride: more than | less than 250 spaces
freeway station
| Downtown Seattle Transit Tunnel station: bus only | bus and light rail
major transfer point
Other Transit Services and FacilitiesSounder commuter rail lineand station ( =Amtrak)Central Link light rail line and stationSeattle Streetcar line
=South Lake Union =First Hill (late 2015)Seattle Center Monorail line and terminalWashington State Ferries route and terminalKing County Water Taxi route and terminal (passenger-only ferry)
ORCA: customer service office| vending machine | retailer
Selected Base Map Featuresinterstate / state highway routes
In general, the designations “St” and “Ave” are not shown on this map. In King and Snohomish counties “Streets” usually run east–west and “Avenues” usually run north–south.
incorporated city (all capital letters)
neighborhood / unincorporated place
point of interest or common destination
June 2015
21X
CLYDEHILL
MERCERISLAND
Gilman Dr W
Dexter N
LakeUnion
PugetSound
520
SR 520255271545167242252257268
277311540542555556424
FARE
ZO
NE
BO
UNDA
RY
IslandCrestPark
12521
120
SaintEdwardStatePark
SewardPark
LakeWashington
EvergreenPoint
MagnusonPark
N
S
EW
Metro Transit System: Northwest Area
NE 24th
See above left for I-5 routes to/from Snohomish County
15th
W
2628
Islan
d Cr
est W
ay
MercerIsland
PresbyterianChurch
P
PugetSound
Greenwood transit
Although Greenwood is one of the most walkable
neighborhoods in Seattle, with a walk score of 82,
there are convenient public transportation options
available throughout the neighborhood. There are 7+
bus lines offering service to the north and to Down-
town Seattle. It is approximately 7 miles to Downtown
Seattle from the Greenwood Collective, 13 miles to
the Eastside City Center in Bellevue, and 21 miles to
the Sea-Tac International Airport.
Legend
INVESTMENT OFFERING
G R E E N W O O D C O L L E C T I V E
1 3
M A R K E T O V E R V I E W
O F F E R I N G M E M O R A N D U M 1 4
G R E E N W O O D C O L L E C T I V E
The Puget Sound Region enjoys a diverse and highly stable economy, and is supported by many large,
well-known employers. The area is known for its highly educated workforce and ongoing ability to attract
companies across many market sectors, including manufacturing, distribution, technology, biotech,
and professional services. Highly regarded public and private universities, including The University of
Washington in Seattle and the University of Puget Sound and Pacific Lutheran University, both of which are
located in Tacoma, have long aided local employers in recruitment efforts and have greatly contributed
to the overall strength of the job market. Most recently, a study by the Forbes/Praxis Strategy Group
reported that Seattle has experienced more growth in technology sector jobs than anywhere else in the
country, even outpacing Silicon Valley. Strong employment, beautiful natural surroundings, and overall
quality of life all combine to make the Puget Sound region one of the most desirable live, work, and play
destinations in the country.
GROWING POPULATION BASE
The Puget Sound Region includes four counties: Snohomish County to the north, King County in the
central area, Kitsap County to the west across Puget Sound, and Pierce County to the south, where the
Property is located. With a current population of over 3.7 million people, the area is projected to grow by over 10%, or more than 376,000 people, over
the next 10 years. Combined, the four counties that make up the Puget Sound region boast the largest concentration of population north of San Francisco
and west of Chicago. The greater Seattle metro area is located within King County and with 1.9 million people living in 39 cities, this area is the heart of the
Puget Sound region.
EMPLOYMENT
The employment picture is bright for the Puget Sound region. The most recently available unemployment figures show that unemployment in April 2015
stood at 5.5% statewide and 4.3% in the Seattle/Bellevue/Everett area. Over the past 12 months, employment has grown by 3.1%, or 110,700 jobs, mostly
in construction, professional and business services, education and health services, and retail. Unlike previous years, public sector employment added to
employment growth overall, as 12,400 government jobs were gained.
PUGET SOUND OVERVIEW
M A R K E T O V E R V I E W
O F F E R I N G M E M O R A N D U M 1 5
G R E E N W O O D C O L L E C T I V E M A R K E T O V E R V I E W
THE GREENWOOD NEIGHBORHOOD
The Greenwood neighborhood is centrally located within what is known as
North Seattle. This area has a diverse mixture of businesses offering eclectic
bars, restaurants, coffee houses and specialty stores. Greenwood’s main com-
mercial hub is along Greenwood Avenue between NW 67th Street and NW
87th Street. The neighborhood is bordered by Ballard to the west, Lake City
and Wedgewood to the east, Broadview and Northgate to the North and
Green Lake to the south.
As with much of North Seattle, Greenwood has had to adjust to new condo
and townhome developments and increasing rents. Ballard, Fremont
and elsewhere have already been through this process and it is predicted
Greenwood is the next area in North Seattle to revitalize itself. The Greenwood
Neighborhood retail submarket totals 2.3 million square feet. This submarket
has seen a transformation as of late, with fundamentals improving substantially
as tenant demand has recently surged.
Net absorption was positive year-to-date, with 19,656 square feet of space
taking down 42% of the submarket’s inventory. Vacancy in the Greenwood
submarket currently stands at 2.0% which represents a decline of 230 basis
points year-over-year.
Security Properties recently announced the construction of a 116,758 square-
foot mixed use building at the intersection of NW 85th Street and 1st Avenue
NW. The new development will bring roughly 150 units online. As the hunt for
large swaths of land for development continues, expect several more com-
mercial and residential development projects to kick off.
O F F E R I N G M E M O R A N D U M 1 6
G R E E N W O O D C O L L E C T I V E
AMENITIES MAPSERVICES1. Great Clips 10. Public Library
2. Ladywell’s Vitality Spa 11. S Spa
3. US Bank 12. American Dance Institute
4. WA Karate Institute 13. Beautiful Things Spa
5. Chase Bank 14. Greenwood Elementary
6. Bank of America 15. Boys & Girls Club
7. US Post Office 16. Alaska USA FCU
8. Bureau of Fearless Ideas 17. Whole Life Yoga
9. Phinney Ridge Animal Hospital
32
1
4
3
2
1
4
3
2
5
4
56
5
6
76
7
8
7 8
9
8
9
10
9
10
11
10
11
12 11
12
131214
15
20
21
22
23
16
1718
19
13
14
15
16
17
24
25
26
26
13
14
Greenwood submarket detail
DINING AND ENTERTAINMENT1. New Huxley-Wallace Collective 15. Neptune Coffee
2. Naked City Brewery 16. The Angry Beaver
3. Bills on Greenwood 17. Coyle’s Bakeshop
4. Gainsbourg 18. The Yard Cafe
5. The Olive and Grape 19. The Pocket Theatre
6. Teachers Lounge 20. Kalbi Grill Express
7. Razzis Pizzeria 21. Bleachers Pub
8. Urban Light Studios 22. Manna Teriyaki & Burger
9. Baranof 23. Taco Del Mar
10. Munch Cafe 24. Diva Espresso
11. The House Sports Pub 25. Ampersand Pantry & Cafe
12. Taproot Theatre 26. Monkey Grind Espresso Bar
13. Cozy Nut Tavern 27. The Lodge Sports Grille
14. Gorditos 28. Rock Creek Seafood & Spirits
SHOPPING1. Mud Bay 8. La Conasupo Market
2. Top Ten Toys 9. Chocolati Greenwood
3. Bartell Drugs 10. The Fiber Gallery
4. Dream Stands Comics 11. I Do Bridal
5. Domino Beauty Boutique 12. Andalus
6. Fred Meyer 13. Walgreens
7. Zuma Grocery 14. MS Glass Outlet
G R E E N W O O D
C O L L E C T I V E
M A R K E T O V E R V I E W
1
27
28
O F F E R I N G M E M O R A N D U M 1 7
G R E E N W O O D C O L L E C T I V E
Photo Property Sale DateTotal /
Year BuiltSale Price /
Price psfCap Rate
Buyer Seller
Comments
Ballard Office Loft 2012 NW Market StreetSeattle, WA 98107
Apr - 20155,600
1901
$1,480,000
$264.29N/A
Ballard Building
Partners / 2016 Market Street LLC
• Short term leases• Leased to Anchor's Down and
Po Dog
8001-8007 Building8001-8007 Greenwood AveSeattle, WA 98103
Dec - 20145,208
1925
$1,335,000
$256.346.00%
Talon Private Capital / Jerel Yamamoto
• 100.00% leased at time of sale• Short Term leases• Future development potential
Hacienda Building5425 Ballard Avenue NW Seattle, WA 98107
Nov - 20148,000
1926 / 2009
$3,273,800
$409.235.15%
Hacienda in Ballard LLC /
Daniel Swanson
• 100% leased at time of sale• Two retail units ground floor• Four apartment units on second
floor
Ballard Annex5410 Ballard Avenue NWSeattle, WA 98107
Oct - 201410,000
1906 / 2001
$3,250,000
$325.00N/A
Opper Melang 5410 LLC /
Robert Vinnedge
• 100% leased at time of sale• Purchased by Restaurant Tenant
Portfolio Sale8310-8312 Greenwood Avenue NSeattle, WA 98103
Jul - 20147,127
1905 / 1938
$2,000,000
$280.624.50%
David Glick / Greenwood
8310 LLC
• 100% leased at time of sale• Short-term leases• Value-add• Potential for future
development
SALE COMPARABLES
M A R K E T O V E R V I E W
O F F E R I N G M E M O R A N D U M 1 8
G R E E N W O O D C O L L E C T I V E
RETAIL LEASE COMPARABLES
SignatureDate Rec’d
LeaseStart
Tenant Building Submarket TermSquareFeet
RentalRate / SF
RentType
AnnualIncreases
Lease Type
4/1/2015 5/1/2015The
Lodge
8501 Greenwood
Ave N.
Ballard/U District
Confidential 5,000 $27.60 NNN Confidential New
10/13/2014 12/1/2014The Lash and Wax Boutique
1400 W80th Street
Ballard/U District
60 1,224 $28.00 NNN $1.00 New
7/31/2014 9/1/2014 SubwayPiper Village
Building 5Ballard/
U District120 1,240 $28.00 NNN 2.00% Sublease
5/16/14 5/16/19Lael
Banner
8623 Greenwood
Ave N.
Ballard/U District
60 2,158 $26.00 NNN Confidential New
2/19/2014 6/1/2014 Menchie’sGreenlake
VillageBallard/
U District120 1,672 $34.00 FS $1.00 Renewal
9/1/2014 10/1/2014Coyle’s
Bakeshop
8300Greenwood
Ave N.
Ballard/U District
Confidential 3,947 $22.00 NNN Confidential New
11/26/2012 11/26/2012Community 1st Credit Union
Echo Lake Apartments
Northgate 82 1,172 $27.00 NNN3%
(after 2nd year)
New
9/6/2012 11/1/2012HomeStreet
Bank3417
Evanston Ave N.Ballard/
U District120 2,200 $40.00 FS
15% every 5th anniv. of
leaseNew
* Ballard/U District Submarket includes Greenwood
M A R K E T O V E R V I E W
O F F E R I N G M E M O R A N D U M 1 9
G R E E N W O O D C O L L E C T I V E
APARTMENT LEASE COMPARABLES
Photo Property Research DateTotal SF / Rooms
Year BuiltAsking Rent /
Rent /psfTerm
100 N 85th StreetSeattle, WA 98103
Jun - 2015415 square feet
Studio / 1 ba$1,401 / $3.83 MTM
1020 NE 63rd StreetSeattle, WA 98103
Jun - 2015750 square feet
1bd / 1ba$1,321 / $3.24 1 Year
7202 Linden Avenue NorthSeattle, WA 98103
Jun - 2015485 square feet
1bd / 1ba$1,295 / $2.67 MTM
8623 Greenwood Avenue NorthSeattle, WA 98103
Jun - 2015413 square feet
1bd / 1 ba$1,090 / $2.64 1 Year
522 N 85th StreetSeattle, WA 98103
Jun - 2015800 square feet
1bd / 1 ba$1,200 / $2.53 MTM
10306 MeridianAve NorthSeattle, WA 98103
Jun - 2015551 square feet
1 bd / 1 ba$1,350 / $2.45 1 Year
M A R K E T O V E R V I E W
O F F E R I N G M E M O R A N D U M 2 0
G R E E N W O O D C O L L E C T I V E Site Map8543 Greenwood Ave N, Seattle, Washington, 98103Rings: 1, 3, 5 mile radii Latitude: 47.69159
Longitude: -122.35575
June 01, 2015
©2015 Esri Page 1 of 1
Population
2010 Population 31,420 200,271 369,902
2015 Population 32,957 212,176 392,229
2020 Population 35,154 227,418 419,692
2015 Households 15,232 99,362 181,122
Income
2015 Average Income $84,888 $85,349 $94,383
2020 Average Income $97,157 $98,096 $108,713
Age
2015 Median Age 37.2 35.9 36.3
2020 Median Age 37.7 36.1 36.4
Source: ESRI Business Analyst
TRADE AREA DEMOGRAPHICS (5-mile radius)
• The property has a populated trade area with 392,229 people located in
181,122 households.
• The median age of residents living within the trade area is 35.9 years with
an average household income of $94,383, a median household income of
$67,374, and a per capita income of $44,219.
• The average household income of $94,383 is projected to grow over the
next five years to $108,713.
G R E E N W O O D
C O L L E C T I V E
Demographic and Income Profile8543 Greenwood Ave N, Seattle, Washington, 98103Ring: 5 mile radius Latitude: 47.69159
Longitude: -122.35575
AreaStateUSA
Trends 2015-2020Trends 2015-2020
Ann
ual Rat
e (i
n pe
rcen
t)
3
2.5
2
1.5
1
0.5
0Population Households Families Owner HHs Median HH Income
20152020
Population by AgePopulation by Age
Perc
ent
20
1816
14
1210
8
6
42
00-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+
2015 Household Income 2015 Household Income
<$15K11.0%
$15K - $24K6.5%
$25K - $34K7.8%$35K - $49K
11.6%
$50K - $74K17.2%
$75K - $99K13.6%
$100K - $149K13.6%
$150K - $199K9.4%
$200K+9.4%
2015 Population by Race2015 Population by Race
Perc
ent
70
60
50
40
30
20
10
0White Black Am. Ind. Asian Pacific Other Two+
2015 Percent Hispanic Origin: 6.1%
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2015 and 2020.
June 01, 2015
©2015 Esri Page 6 of 6
2015 INCOME - (5-mile radius)
M A R K E T O V E R V I E W
INVESTMENT OFFERING
G R E E N W O O D C O L L E C T I V E
2 1
P R O P E R T Y D E S C R I P T I O N
F I N A N C I A L S U M M A R Y
O F F E R I N G M E M O R A N D U M 2 2
G R E E N W O O D C O L L E C T I V E
FINANCIAL SUMMARY F I N A N C I A L S U M M A R Y
CURRENT
SF $/SF Annual
Apts 1,600 $36.00 $57,600
Retail 2,430 $29.00 $70,470
ULS 2,675 $15.40 $41,197
Artist's Studios 4,915 $16.00 $78,640
Rental Income 11,620 $21.33 $247,907
Reimbursements $25,177
Total Income $273,084
Vacancy 5.0% ($13,654)
Effective Income $259,430
R&M ($0.37) ($4,302)
Utilities ($1.66) ($19,251)
Security ($0.03) ($321)
Insurance ($0.42) ($4,909)
RE Taxes ($0.95) ($11,077)
Admin ($0.33) ($3,878)
Capital Reserves ($0.25) ($2,905)
Total Expenses ($4.01) ($46,643)
NOI $212,787
Cap Rate 5.01%
Stabliized Value $4,250,000
Price/psf $366
PROFORMA
SF $/SF Annual
1,600 $36.00 $57,600
2,430 $29.87 $72,584
2,675 $23.00 $61,525
4,915 $17.50 $86,013
11,620 $23.90 $277,722
$26,436
$304,157
5.0% ($15,208)
$288,950
($0.37) ($4,302)
($1.66) ($19,251)
($0.03) ($321)
($0.43) ($5,031)
($1.08) ($12,500)
($0.33) ($3,878)
($0.25) ($2,905)
($4.15) ($48,188)
NOI $240,762
RENT ROLL
Tenant Commencement Expiration $/SF Increases
Huxley-Wallace-Collective 11/01/2015 11/01/2025 $32.00 3%
Urban Light Studios 01/01/2010 06/30/2018 $15.37 CPI
O F F E R I N G M E M O R A N D U M 2 3
G R E E N W O O D C O L L E C T I V E
TENANT OVERVIEW
Huxley-Wallace Collective
Huxley-Wallace Collective owns and operates restaurants throughout the greater Northwest, providing handcrafted food, spaces and expe-riences throughout Washington State. The restaurant group has received local and national acclaim including a James Beard nomination in 2014. Restaurants have been featured in publications and broadcasts around the world including: The New York Times, Food & Wine, Bon Aptetis, GQ, SAVEUR, Conde Nast Traveler, Sunset Magazine, Coastal Living, USA Today and the Huffington Post. The Collective’s concepts include: nationally acclaimed Westward, Little Gull Grocery, Quality Athletics, Great State Burger and the Skillet Group.
Urban Light Studios
Urban Light Studios is a boutique photo studio, special event venue and art gallery. The retailer caters to the eclectic nature of the Greenwood neighborhood. It offers its services for wedding receptions, rehearsal dinners, corporate events and birthday parties
F I N A N C I A L S U M M A R Y
INVESTMENT OFFERING
G R E E N W O O D C O L L E C T I V E
2 4
D I S C L A I M E R
O F F E R I N G M E M O R A N D U M 2 5
G R E E N W O O D C O L L E C T I V E
The material contained in this Offering Memorandum is confidential and for the purpose of considering the purchase of the Real Estate described herein. It is
subject to the terms and provisions of the Confidentiality Agreement signed by the recipient of this material, and is not to be used for any purpose or made
available to any other person without the express written consent of JLL (“Broker”).
This Offering Memorandum was prepared on September 7, 2015, by Broker solely for the use of prospective purchasers of the Greenwood Collective offer-
ing (the “Real Estate”). Neither Broker, the Seller, nor any of their respective officers, employees or agents, make any representation or warranty, express or
implied, as to the completeness or the accuracy of the material contained in the Offering Memorandum or any of its contents, and no legal commitments or
obligations shall arise by reason of this package or any of its contents. Seller reserves the right to eliminate any portion or all of the Real Estate from any offer
for sale at any time prior to the completion of a binding contract of sale executed by both Seller and a prospective purchaser.
Prospective purchasers of the Real Estate are advised (i) that changes may have occurred in the condition of the Real Estate since the time of this Offering
Memorandum or the financial statements therein were prepared and that (ii) all financial projections are provided for general reference purposes only in that
they are based on assumptions relating to the general economy, competition, and other factors beyond the control of Broker and the Seller and, therefore,
are subject to material variation. Prospective purchasers of the Real Estate are advised and encouraged to conduct their own comprehensive review and
analysis of the Real Estate.
The Offering Memorandum is a solicitation of interest only and is not an offer to sell the Real Estate. The Seller and Broker expressly reserve the right, at their
sole discretion, to reject any or all expressions of interest or offers to purchase the Real Estate, and expressly reserve the right, at their sole discretion, to
terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the
Offering Memorandum or making an offer to purchase the Real Estate unless and until a written agreement satisfactory to the Seller has been fully executed,
delivered, and approved by the Seller and any conditions to the Seller thereunder have been satisfied or waived.
This Offering Memorandum is confidential. By accepting the Offering Memorandum, you agree (i) that you hold and treat the Offering Memorandum and
its contents in the strictest confidence, (ii) that you will not photocopy or duplicate any part of the Offering Memorandum, (iii) that you will not disclose the
Offering Memorandum or any of its contents to any other entity without the prior written authorization of Broker, and (iv) that you will not use the Offering
Memorandum in any fashion or manner detrimental to the interest of the Seller or Broker.
The terms and conditions stated in this section will relate to all of the sections of the package as if stated independently therein. If, after reviewing this pack-
age, you have no further interest in purchasing the Properties at this time, kindly return this brochure to Broker at your earliest possible convenience.
DISCLAIMER
EXCLUSIVELY OFFERED BY:
MARK JACKSON, JRAssociateCapital Markets+1 206 607 1733 [email protected]
LORI HILLManaging DirectorCapital Markets+1 206 971 7006 [email protected]
JOHN LOManaging DirectorReal Estate Investment Banking+1 206 607 [email protected]
I N V E S T M E N T C O N TA C T S
ANN MARIE KOEHLER Managing DirectorAgency Leasing+1 206 607 [email protected]
L E A S I N G S P E C I A L I S T
F I N A N C I N G
JLL • 601 Union Street, Suite 1100 • Seattle, WA 98101 • jll.com/seattle