PDF The Pike Investment And Development Opportunity

The Pike Investment And Development Opportunity

OFFERING

Paragon Real Estate Advisors is proud to exclusively offer for sale The Pike Investment and Development Opportunity, a 9,870 square foot site located just above downtown Seattle in an A+ Capitol Hill location. The property originally built in 1920 currently consists of a one story commercial building with three retail tenants that provides an unparalleled location in the heart of Seattle's booming job market. This offering presents the rare opportunity to develop one of the last remaining corner lots within 3 blocks of Downtown Seattle.

NAME

The Pike Investment and Development Opportunity

ADDRESS

314 E Pike Street, Seattle, WA 98122

PARCEL NUMBERS

872560-0275

LOT SIZE

9,870 Square Feet (0.23 Acres)

ZONING

NC3P-75 (M)

BUILDING SIZE

11,174 Square Feet

PRICE

$9,860,000

PRICE/LOT SQ.FT.

$998.99

PRICE/NET RENTABLE SQ.FT. $882.41

TENANTS

Noren Sushi, Seattle Eagle Bar, and Victrola Coffee Roasters

EXISTING NOI

$261,938

DEVELOPMENT POTENTIAL 70-100 Units + Commercial Space

TERMS

Cash to Seller

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies.

LOCATION/PROPERTY HIGHLIGHTS

A+ "trophy" location 3 blocks to Downtown Across the street from the first Starbucks Roastery Reserve Build 70-100 units plus ground floor retail Two blocks away from the $1.6B convention center expansion Corner lot Walk Score of 91 ? a walker's paradise and a transit score of 73 Potential for redevelopment Less than a five minute drive from Seattle CBD, Amazon head quarters, and South Lake

Union Half mile from the main Capitol Hill drag on Broadway comprised of shops, restaurants,

grocery stores, and bars full of nightlife

WALK SCORE

91

AMENITIES MAP

The Pike Investment

59

and Development

Opportunity

12 24 1

2

2 13 14

8 1

2 3 4 5 6 15 17 18

11 10 4 7 23 21

1 3

9 8

4

16 12

11

19

Pine

St

20

6

22

57

3 10

8

10

9

6

27

E Madison St

25

26

E Cherry St

7

FOOD & DRINK

1. Starbucks Reserve Roastery 2. Mamnoon 3. Terra Plata 4. Taylor Shellfish Oyster Bar 5. Sitka and Spruce 6. Lil' Woody's 7. Foreign National 8. Stateside 9. McMenamins Six Arms 10. Rumba 11. Tango Restaurant & Lounge 12. Trove 13. East Trading Company 14. The Belmont Lounge 15. Kaladi Brothers Coffee 16. Salt & Straw 17. Ayutthaya Thai 18. Marination Station 19. Sizzle Pie 20. Yard House 21. The Cheesecake Factory 22. Palomino 23. Ruth's Chris Steak House 24. Dick's Drive-In 25. Barrio Mexican Kitchen

& Bar 26. Rhein Haus 27. Chop Suey

SERVICES 1. Cal Anderson Park 2. Rival Fitness 3. CrossFit Amped 4. Westlake Park 5. Virginia Mason Hospital 6. Kaiser Permanente Capitol Hill Campus 7. Seattle University 8. Seattle Central College 9. Capitol Hill Light Rail Station 10. Swedish Hospital 11. AT&T Store 12. Chase Bank

SHOPPING

1. Walgreens 2. Pike Grocery 3. Whole Food Market 4. QFC 5. Rite Aid 6. Banana Republic 7. Urban Outfitters 8. Bartell Drugs 9. Amazon Go 10. Pike Place Market

CAPITOL HILL

Capitol Hill is situated on a hill just east of the city's downtown central business district. This popular residential neighborhood is funky and fast-paced, with an endless number of cool blocks to explore. During the day, markets, boutiques, and salons are a big draw. Nightlife is hopping with clubs, bars, and music venues, and you'll often find coffee shops that moonlight as cocktail lounges

This desirable location contains some of Seattle's wealthiest neighborhoods, including "Millionaire's Row" along 14th Avenue E, a charming collection of single family residences on tree-lined streets, and the Harvard-Belmont Landmark District. It also has many distinguished apartment houses, including several designed by the distinguished builder Fred Anhalt.

To the north is Capitol Hill's largest and most popular public park. The 48 acre Volunteer Park is home to Seattle's Asian Art museum, tennis courts, a conservatory, and a variety of city-wide events.

The demand for Capitol Hill apartments continues to rise as nearby Amazon continues its feverish hiring pace alongside other technology companies that are hiring as well as relocating to the South Lake Union area. This location is also home to longstanding health care providers including Swedish Medical Center, Group Health and Virginia Medical Center. Nearby Seattle University and Seattle Central College provide a consistent base to the apartment demand in the area.

The neighborhood figures prominently in nightlife and entertainment, with many bars hosting live music and with numerous avant-garde theaters. Most of the Hill's major thoroughfares are dotted with coffeehouses, taverns and bars, and residences cover the gamut from modest motel-like studio apartment buildings to some of the city's most historic mansions, with the two types sometimes shoulder-to-shoulder.

NEIGHBORHOOD MAP

FIRST HILL

SEATTLE CBD

CAPITOL HILL LIGHT RAIL

CAPITOL HILL

BELLTOWN

QUEEN ANNE

SOUTH LAKE UNION

LAKE UNION

EASTLAKE

POPULATION, EDUCATION AND INCOME

King County contains estimated 872,411 households. This number is forecast to increase to more than 912,000 by the year 2021. The county currently has 18 cities with populations greater than 20,000.

Seattle is one of the most educated cities in the United States. Over 57 percent of Seattle's adult residents have a Bachelor's degree or higher, nearly twice the national average. An educated city means an educated workforce--a solid backbone for the innovative, knowledge-based industries that drive Seattle's economy. King County also boasts high educational attainment, with 47 percent of residents over 25 having received a Bachelor's degree or higher.

Roughly 28 percent of King County residents are in professional business/managerial positions. As a result, median household income in King County is well above the U.S. average. Cost of living is generally higher than the U.S. average, but it is in line with other metropolitan areas with similar income levels.

TOP KING COUNTY EMPLOYERS The Boeing Co Microsoft Corp. University of Washington Inc Starbucks Corp Swedish Health Services City of Seattle Costco Wholesale Corp Nordstrom Group Health Cooperative

FULL TIME EMPLOYEES 81,919 43,031 30,200 24,700 13,400 11,239 10,758 10,080 9,264 8,982

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