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620 S 7TH STRENTON WA OFFERING MEMORANDUM
PLEASE CONTACTLauren Hendricks Gloria Touch Chris HewittOffice: 206.448.6400 Office: 206.971.0625 Office: 206.436.2346 Mobile: 206.999.9161 Mobile: 206.931.2267 Mobile: [email protected] [email protected] [email protected]
SUBJECT PROPERTY
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Lake Washington
SUBJECT PROPERTY
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Renton MunicipalAirport
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Renton City Hall
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TABLE OF CONTENTS01 EXECUTIVE SUMMARY
02 PROPERTY INFORMATION
03 LOCATION INFORMATION
04 MARKET INFORMATION
05 PHOTO GALLERY
06 FLOOR PLANS
07 COMPS
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SUBJECT PROPERTY
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EXECUTIVE SUMMARY
Windermere and Cannon Commercial is pleased to present the opportunity to acquire 620 South 7th St located in Renton WA. This offering includes two industrial-flex buildings totaling 24,168 SF. The property sits on a 53,400 SF site providing for a great owner-user/investment opportunity with excellent future development potential. In recent years, Renton has transformed into a retail and business hub. With the surrounding development of The Landing in Renton and the new $1 billion-dollar investment at Southport, Renton has firmly planted itself as a retail, office and hospitality destination.
OFFERING PROCESSThe offering price is $3,650,000. Seller will review offers as they are submitted.
PROPERTY OVERVIEW
Address 620 S 7th St Renton WA 98055 Tax Parcel Number King County Parcel 1823059046 Total Lot Size 53,400 SF Zoning CD #of Buildings 2Total Rentable SF 24,168 SFConstruction Class Masonry Year Built 1958/1977 Parking 30+ stallsGrade level roll up doors 1 Ceiling Height Approximately 9’Sprinklers No$/SF/Bldg. $151.03 $/SF/Land $68.35
THE OFFERING
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Barriers to Entry in the Industrial MarketWith only a fraction of new product being built in the surrounding Renton submarket alongside high construction costs, the property will continue to see pressure on occupancy and market rents. Industrial vacancy rates are currently 4.1%.
Strategic LocationLocated by Kent Valley’s booming industrial center. Of the top 15 industrial leases signed in the Puget Sound YTD, 12 were in the Kent Valley.
Highly Desirable Location Less than 10 miles from downtown Bellevue and 12 miles from downtown Seattle.
Ideally Situated in South King CountyPositioned at the confluence of I-5 and I-405 with easy access to the Kent Valley
Robust Growth One of the fastest growing cities in Washington. Renton’s population increased 15% over the last 6 years
Convenient Transit AccessCore location providing excellent access to pedestrians, bikers as well as public transit riders
Numerous Nearby AmenitiesLocated within a hub of restaurants, bars, parks and shops
78WalkScore
62Bike
Score
56TRANSITScore
HIGHLIGHTS
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ZONING
Height l imit 95’Maximum Net Residentia l Density 100 Dwel l ing Units Per Net AcreMax Lot Coverage NoneUses Al lowed in Zoning Designation Medical , Dental , Vet Off ice, Cl in ic , General Off ice, Assisted L iv ing, School , Eat ing & Drinking Establ ishment, Retai l Sales , Hotel , Daycare, Craft Dist i l l ier ies , Microbreweries and many more
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CDCenter Downtown
The purpose of the Center Downtown Zone (CD) is to provide a mixed-use urban commercial center serving a regional market as well as high-density residential development. Uses include a wide variety of retail sales, services, multi-family residential dwellings, and recreation and entertainment uses.
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CONSTRUCTION&
DEVELOPMENT
Final Phase: Seco’s Office Development
730K SF Class A Office
30K SF Retail
$350 MILLION $1.22 BILLIONI-405 & State Route 167
Renton and Bellevue Corridor
Expansion
$150 MILLIONValley Medical Expansion
160K SF medical office
expansion
21 ACRES Quendall Terminal Property
Mixed-Use Redevelopment
41.2K SF Retail
692 condominium and apartment units
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156K7.21%
TOTAL POPULATION within 3 miles radius
Population Growth 2018-2023
NEIGHBORHOOD OVERVIEW
The subject property is situated in North Seattle in the Haller Lake neighborhood near the city limits of Seattle. The neighborhood is centered on the confluence of N 130th Street and Highway 99 also known as Aurora Ave N which is a principal north - south arterial into Seattle’s CBD. Seattle’s extremly active real estate market has driven land and housing prices signficaly in the past 2 years. Therefore, neighboring submarkets are now expericencing strong growth. Parallel to this growth, developers have also targeted this neighborhood for development.
The neighborhood offers a full range of amenities such as anchored centers, fitness, restaurants, coffee shops and much more. In addition to the neighborhood amenities, Haller Lake will enjoy the convenience of the Lynnwood Link Extension of Sound Transit’s light rail service which is scheduled for to open in 2024 with daily projections estimating between 63,000 and 74,000 riders each weekday by the year 2035. Riders will enjoy fast and frequent service between South Snohomish County and the University of Washington, downtown Seattle, the Eastside, Sea-Tac Airport and much more. The station is just 1.5 miles away from the property.
75kMEDIAN
HOUSEHOLD INCOMEwithin 3 mile radius.
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55kDaytime Employees
106K6.43%
TOTAL POPULATION within 3 mile radius
Population Growth 2018-2023
NEIGHBORHOOD OVERVIEW
Situated in the heart of the thriving Puget Sound region, the city of Renton is the fourth-largest city in King County. From 2000 to 2010, of the ten most populated cities in the state, Renton experienced the fastest population increase of 82%. The city of Renton is an integral part if the Seattle-Tacoma-Bellevue Metropolitan Statistcal Area.
Building on the growth from previous years, Renton is forecasted to move upward alongside the U.S. and Puget Sound economies. Renton has a diverse marketplace, strong economic base and a business climate that has attracted attention of nationally recognized companies. The city is home to leading companies in the technology, aerospace, and manufacturing sectors with industry leaders such as Boeing and PACCAR. The Seco Development project, Southport, covers just over 17 acres on the south shores of Lake Washington. The total investment of over $1 billion includes Class “A” office space, restaurants, ground floor retail, and a 347-room hotel. Developments of this magnitude will attract new employers to the area. As prices in Seattle and Bellevue continue to soar, businesses and residents are targeting neighboring markets such as Renton. Affordable land costs and lease rates, as well as large blocks of developable property, all provide Renton with opportunities unseen throughout the rest of the Puget Sound region.
67.8kMEDIAN
HOUSEHOLD INCOMEwithin 3 mile radius.
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67.6kDaytime Employees
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PHOTOS
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PHOTOS
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PHOTOS
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TOP 100BEST PLACES TO LIVELIVABILITY.COM
TOP 50BEST REAL ESTATE MARKETSWALLET HUB
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Renton City Hall
SUBJECT PROPERTY
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FLOORPLANS
FIRST FLOOR
SECOND FLOOR
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Address Zoning405 S 7th St CASale Price Sale Date$3,400,000 6/6/2016Bldg. Sq. Ft. $/SF/Bldg.23,500 sq. ft. $144.68Land. Sq. Ft. $/SF/Land89,620 sq. ft. $37.94
Address Zoning846 Lind Ave SW IMSale Price Sale Date$5,500,000 7/31/2017Bldg. Sq. Ft. $/SF/Bldg.30,000 sq. ft. $183.33Land. Sq. Ft. $/SF/Land60,984 sq. ft. $90.19
Address Zoning109 S Tilicum St CASale Price Sale Date$1,590,000 5/19/2017Bldg. Sq. Ft. $/SF/Bldg.10,000 sq. ft. $159.00Land. Sq. Ft. $/SF/Land21,000 sq. ft. $75.71
Address Zoning400 Olympia Ave NE CASale Price Sale Date$1,270,000 1/30/2018Bldg. Sq. Ft. $/SF/Bldg.18,731 sq. ft. $141.57Land. Sq. Ft. $/SF/Land8,971 sq. ft. $67.80
SALECOMPS
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EXCLUSIVE REPRESENTATIONWindermere and Cannon Commercial Real Estate are the exclusive listing Brokerages for this Offering. Lauren Hendricks, Gloria Touch and Chris Hewitt is exclusively representing the Seller in the Sale of 620 S 7th St Renton.
OFFER REQUIREMENTS• All offers must be submitted to Lauren Hendricks at [email protected], Gloria Touch at [email protected] and
Chris Hewitt at [email protected].• Offering is $3,650,000.• For Title & Escrow, please use Cidney Bryan at Old Republic Title. Offers must outline the following: (i) Purchase Price (ii) Closing date (ii) Earnest money deposit (iii) Timing for due diligence inspection and post-diligence closing period• Source of funds for acquisition
PROPERTY TOURSAll property tours will be conducted exclusively by Listing Brokers and by appointment only. To learn more about this property and to schedule private tour, please contact Listing Brokers directly.
EXCLUSIVE LISTING BROKERS
Lauren Hendricks Gloria Touch Chris HewittOffice: 206.448.6400 Office: 206.971.0625 Office: 206.436.2346Mobile: 206.999.9161 Mobile: 206.931.2267 Mobile: [email protected] [email protected] [email protected]
Windermere and Cannon Commercial have been retained as the exclusive listing brokers for 620 S 7th St Renton. Any legal documents and reports summarized in this Offering Memorandum are not intended to be comprehensive statements of the terms or contents of such documents and reports. While the Seller, Windermere and Cannon Commercial believe the information to be accurate, potential buyers should conduct an independent investigation and reach conclusions without reliance on materials contained herein. The material contained in this Offering Memorandum is confidential, under the terms and conditions of a Confidentiality Agreement, which has been executed by the recipient as Reviewer, and furnished solely for the purpose of considering the purchase of the property described herein and is not to be copied and/or used for any other purpose or made available to any other person without the express written consent of the Seller.
This document has been prepared by Windermere and Cannon Commercial for marketing purposes and general information only. Windermere and Cannon Commercial 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. Cannon Commercial excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from.
