Embed Size (px)
Citation preview
SAM WAYNE Vice President+1 206 515 4498 [email protected]
TIM McKAY Senior Vice President+1 206 223 5586 [email protected]
DAN CHHAN Senior Vice President+1 206 223 1265 [email protected]
TRANSIT ORIENTED DEVELOPMENT SITEWWW.7001ROOSEVELT.COM
7001 ROOSEVELT WAY NESEATTLE, WA 98115
Permitted 54 Unit Apartment Building
COLLIERS INTERNATIONAL2
EXECUTIVE SUMMARYEXECUTIVE SUMMARYColliers International’s McKay | Chhan | Wayne present 7001 Roosevelt Way NE, a fully permitted 54 unit apartment building, located just three blocks from the future Sound Transit light rail station in the heart of the blossoming Roosevelt neighborhood. Roosevelt has rapidly transformed over the past five years in anticipation of the light rail station, slated for completion in early 2021. Once open, light rail will provide swift service to the University of Washington (four minutes), Downtown Seattle (10 minutes), and Seatac Airport (45 minutes), among other stops throughout the region. The building’s Walk Score is 88, Very Walkable, and will continue to improve as more retail options open. The Bike Score is 84, Very Bikeable, with minimal hills and great bike lanes.
The 7001 Roosevelt Way NE site has been fully vested, allowing for avoidance of any MHA fees, thus saving a developer hundreds of thousands of dollars. Closing can occur upon building permits being issued, which is expected February 2019. The 54 apartments feature an attractive unit mix, with 49 large, one-bedroom units and five two-bedrooms, most of which are townhomes. Amenities include one parking space, ample bike storage, a rooftop terrace with BBQ, lounge area, and panoramic territorial views. The corner commercial space is perfect for a small café, restaurant, boutique, or office.
PROPERTY SUMMARYAddress 7001 Roosevelt Way NE | Seattle, WA 98115Site Area 8,979 SF (0.21 acres)Parcel 913810-0505Urban Village RooseveltZoning NC2-40Units 54Bike Stalls 14Parking 1Gross Rentable SF 35,306
PRICING SUMMARYPurchase Price $4,150,000Price Per Unit $76,852Price Per Lot SF $462
COLLIERS INTERNATIONAL 3
SEATTLE CBDLIST PRICE: $4,150,000
LOCATION
3 blocks to light rail. Minutes to UW & Downtown Seattle
PERMIT IN HAND
Vested under existing zoning and not subject to MHA/HALA fees
CORNER SITE
Excellent construction access and good exposure for leasing
UNIT MIX
Great mix of 1 and 2 bedroom units
ROOSEVELT STATION
(2021)
COLLIERS INTERNATIONAL4
ROOSEVELT STATION
(2021)
COLLIERS INTERNATIONAL 5
WHY BUYCHEAPER CONSTRUCTION COSTS:
Efficiently designed with maximization of net rentable square feet – 54 units, five floors, 8,000 square foot floorplates
Five stories of wood frame construction, minimal concrete and steel
Slab-on-grade concrete, no subterranean parking
Limited shoring
No Seattle City Light vault
Simple exterior siding and widow system
MULTI FAMILY TAX EXEMPTION PROGRAM - Tax exemption with the dedication of 11 units, ten 1-bedrooms and one 2-bedroom, to tenants earning no more than 60% of the average median income. Exemption and dedication is for 12 years, and relieves the owner from paying taxes on the assessed value of the apartment improvements. Banks can earn Community Reinvestment Act (CRA) credits by providing debt on this investment, increasing the desirability and probability for financing.
PENTHOUSE CAN BE DIVIDED INTO TWO OR THREE UNITS - Originally designed as an owner/user units, the top floor penthouse can be split into two or three units, increasing unit count. Smaller units can be rented for a higher rate per square foot.
COLLIERS INTERNATIONAL6
WHY BUYPROXIMITY TO GREEN LAKE
GREEN LAKE
COLLIERS INTERNATIONAL 7
4MINOne train every
ROOSEVELT STATION
UNIVERSITY OFWASHINGTON
DOWNTOWNSEATTLE
DOWNTOWNBELLEVUE
OVERLAKETRANSIT CENTER
SEATACAIRPORT
STADIUMS
4MIN
32MIN
10MIN
45MIN
45MINduring peak weekday commutes 16MIN
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 7001 Roosevelt. The station will include a plaza with seating, public art and bike parking.
Opens for service: 2021
EACH LINK CARCAN HOLD ... 4 wheelchairs Multiple suitcases
ROOSEVELT STATION
4 bicycles200 riders
COLLIERS INTERNATIONAL8
SOUND TRANSITST3 LINK EXTENSION
Green Lake :: 3 min
University Village :: 11 min
Gas Works Park :: 14 min
Amazon :: 23 min
BALLARD
CAPITOL HILL
WEST SEATTLE
BELLEVUE
MERCER ISLAND
QUEEN ANNE
MAGNOLIA
RAINIER VALLEY
BEACON HILL
CENTRAL DISTRICT
U-DISTRICT
Northgate Mall :: 14 min
Downtown Seattle :: 27 min
South Lake Union :: 38 min
Downtown Bellevue :: 44 min
Northgate Mall :: 7 min
South Lake Union :: 12 min
Downtown Seattle :: 18 min
Downtown Bellevue :: 21 min
U District :: 2 min
Northgate :: 3 min
Downtown Seattle :: 10 min
SeaTac Airport :: 45 min
Roosevelt Station Coming 2021
16799
16799
167520
The Sound Transit 3 Plan adds 62 new miles of light rail with stations serving 37 additional areas for a regional system spanning 116 miles. The plan also establishes Bus Rapid Transit on I-405/SR 518 and SR 522/NE 145th; expands capacity and service of the Sounder Rail south line; includes Sound Transit Express bus service; improves access to stations for bicyclists, pedestrians, drivers, and pick-up and drop-off services; and expands parking at stations.
COLLIERS INTERNATIONAL 9
SAM WAYNEVice PresidentDirect: +1 206 515 [email protected]
TIM MCKAYSenior Vice PresidentDirect: +1 206 223 5586 [email protected]
DAN CHHANSenior Vice PresidentDirect: +1 206 223 [email protected]
