Bror Elmquist - Offering Memorandum (261 Ericksen Avenue, Bainbridge Island)

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OFFERING MEMORANDUM

261 Ericksen Avenue NE Bainbridge Island

Listing Offering 261 Ericksen Avenue NE

One of the last Winslow development sites. Ideal location. Short walk to Winslow shops, grocery, dining, and entertainment. Nine-minute walk or three-minute bicycle ride to Seattle ferry. The current owner will extend the Feasibility contingency to allow the purchaser time to assess the approval of planning approvals for the purchasers proposed project. One conceptual project calls for six townhouses totaling 8,120 square feet. 8,856 square feet is the maximum allowed on the property.

The purchaser will be able to work directly with the City Planning Department.

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Price: $975,000 Land Size: 11,761 SF Buildable SF: 8,856 SF Zoning Description: City of Bainbridge Island Mixed-Use Town Center Area—Ericksen District

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Zoning Information

Ericksen Avenue Overlay District. The purpose of the Ericksen Avenue overlay district is to preserve the unique and historical features of the Ericksen Avenue neighborhood and should provide for a mix of residential and small-scale nonresidential development. Retail development is permitted only on the ground floor, while residential or residential and office development is permitted on the upper floors.

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Looking South

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Conceptual Design (E) Home

Carport

Common House

Carport

(E) Home

Carport

(E) Gravel Parking

1

Carport

2 Story Unit

2 Story Unit Footprint A: 592 sq ft

2 Story Unit Footprint A: 592 sq ft

2 Story Unit Footprint A: 658 sq ft

2 Story Unit Footprint A: 780 sq ft

4

3

7

2

Footprint A: 658 sq ft

2 Story Unit

6

5

Footprint A: 780 sq ft

Parking Tract

Included in this offering memorandum (OM) is just one conceptual format. Many other concepts are possible ranging from three to eight units, provided that they meet the criteria of COBI Municipal Code Title 18 with the following basic requirements:

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FAR: FAR (buildable SF based on size of lot) of 11,761 SF plus 3,000 SF lot size for a 8,856 Buildable SF - Additional FAR: Additional FAR has been awarded to this parcel in addition to lot size of 11,761 SF for a total of 14,761 SF

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Maximum lot coverage: 35% of land area or 4,116 SF with no building footprint being larger than 2,500 SF

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Building Height: 35’ or 3 levels

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Setbacks: - Street: 15’ to 20’ - Side: 5’ minimum - Rear: 5’ minimum

CENTERLINE

Potential Rain Garden

ERICKSON AVE NE

The potential developer is encouraged to confer directly with the COBI Planning Department to ascertain how these criteria pertain directly to this site.

Looking North

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Biography

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Bror Elmquist has been deeply involved in commercial real estate in Kitsap County and Bainbridge Island for over 25 years. Having established his development and construction management services firm, his first project was as the construction manager/owner representative, representing the city of Bainbridge Island in the construction of their new city hall.

Building upon that experience he became involved in several downtown, mixed-use projects; developing projects with long-term Island landowners. As developing manager, he directed the conceptual design based on market analysis and financial proformas. Subsequently architect and contractor selection, planning approvals and preconstruction management to meet the project’s financial goals; supervising the architect and contractor during construction, followed up by leasing, sales, and property management.

With the understanding of commercial markets and real estate development restraints and possibilities, Bror has specialized in commercial real estate acquisitions and dispositions. Based on his skill in complex real estate investments he provides comparisons studies, cap rate analysis and long-term return on investment, both for a purchaser and seller of these commercial assets.

Prior to his involvement in commercial real estate, Bror was involved in large scale commercial construction projects as project manager, chief estimator, vice president of preconstruction services and senior vice president for the Northern California division of a prominent nationwide commercial contractor.

Bror earned his degrees from Clemson University School of Architecture and Building Construction, studying real estate development, construction management, architectural and urban design.

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OFFERING MEMORANDUM

261 Ericksen Avenue NE Bainbridge Island

ELMQUIST COMMERCIAL Bror Elmquist 206.841.5091 brorelmquist.rsir.com bror.elmquist@rsir.com

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