4000 Whitman Ave N, Seattle

THE FRELINGFORD CORNER

HOPE GOSPEL HALL - ADAPTIVE REUSE/REDEVELOPMENT

OFFERING MEMORANDUM

4000 Whitman Avenue N, Seattle WA

8,352 EXISTING SQUARE FOOTAGE

35 AVG TIMES/DAY FREMONT BRIDGE IS RAISED

27 MILES IN BURKE-GILMAN TRAIL

15,162

REDEVELOPMENT SQUARE FOOTAGE

“Cycling the Burke-Gilman Trail is an excellent way to savor sea-bound, lake-dappled Seattle and its luscious parks. As cyclists roll through the city, they whiff the evergreen trees, fish-tainted salty air or whatever is sizzling in the neighborhood café’s skillet.”

Elee Thalheimer, Lonely Planet, April 21, 2015

The view from…where old Wallingford meets newfangled Fremont is pure “only in Seattle” magic: Bikers and runners on the Burke-Gilman Trailareframedbyabackdropofdowntownhighrises that seem to float on the steel gray water of Lake Union, punctuated by the exclamation mark of the Space Needle.

Jenny Cunningham, Seattle Magazine, February 2013

The Offering

You are invited to consider, for adaptive reuse or redevelopment, a prime 5040 SF corner-lot property in Seattle’s conveniently located and services-rich Wallingford neighborhood, adjacent to the booming Fremont technology hub, two miles from the University of Washington, and less than three miles from South Lake Union, the home base of Amazon, the city’s biggest private employer. Apart from its proximity to major workplaces the location also offers a unique combination of arterial access, via both Interstate 5 and State Route 99, to the Greater Seattle area, and a rich urban environment, with all amenities within strolling distance (Walk Score 90, Walker’s Paradise).

The ideally located site holds an 8352 SF notable existing structure, the Hope Gospel Hall Church, built in 1907-08 as the Fremont Swedish Mission Church. Its Swedish-born Pioneer architect, John Alfred Creutzer (1874-1929), also designed what is now the First Covenant Church in Capitol Hill and the well-known Medical-Dental Building in downtown Seattle.

Opportunities abound for redeveloping the site; just bring your imagination and your architect. The site’s RSL zoning, coupled with its existing non-confirming use allowing for a church, welfare or religious service, indicates a variety of future functions, including the possibility of changing to a new non-conforming use.

The existing building’s grandfathered height of 46 ft may, with application to the city, permit a redeveloped interior area of 13462 SF, including possibly a 4000+ SF rooftop deck for panoramic Lake Union views, and a 300 SF main-level elevated outdoor terrace, for an effective FAR of 2.72. The addition of a 1520 SF underground garage would bring the total redeveloped area to 15162 SF. Using the current zoning, convert the existing non-conforming use into a conforming use as a residential structure. Such uses might include a substantially scaled single-family home (elevations provided), four spacious townhomes with ADUs, or perhaps four congregate dwellings with as many as 32 affordable, or even 40 market-rate, rental apartments.

Alternatively, the existing structure, with its many appealing architectural features and venerable history, could be creatively repurposed for social services within the existing non-conforming use, perhaps as an elegant events venue or welcoming civic or community event space with new non-conforming use. The seller makes no representations as to verified future uses. Instead, the buyer is encouraged to directly investigate and verify their preferred specific future use for the site through the City of Seattle.

Potential total square footage of new buildings is 15,162 SF

Redevelopment Potential

Varied Adaptive Reuse Options rebuilding or developing for sale or rental income property

Vibrant Panoramic Views from new rooftop deck(s) in all redevelopment options

Vibrant and Connected

Once a sleepy railroad suburb of Seattle, defined mainly by its proximity to University of Washington, characterful Wallingford has enjoyed almost uninterrupted stability and prosperity for a hundred years. This classic Seattle neighborhood occupies an advantageous position on the north shore of Lake Union, with magnificent southerly views across the lake to the downtown skyline. Flanked by the city’s two major north-south arteries, I-5 and SR 99/Aurora Avenue, Wallingford feels more central than most parts of the city. Aurora Avenue, mere blocks from the subject property, offers RapidRide public transportation in both directions. Conveniently placed as it is for highway access, Wallingford also boasts a privileged connection to another active thoroughfare – the paved, multi-use Burke-Gilman Trail. Enjoyed each day by thousands of bicycle commuters and outdoor enthusiasts, the Trail hugs the Lake Union shoreline at Wallingford’s southern edge and provides a scenic route to UW, Children’s Hospital and other Northeast Seattle destinations.

Abutting Wallingford on its indistinct western border, close to the subject property, Fremont has rapidly morphed from industrial warehouse district to seat of the counterculture to thriving technology hub. The data visualization company Tableau (which contributes software to the Burke-Gilman Trail bicycle counters) has built its main campus in Fremont, and both Google and Adobe have a significant Fremont presence. The three companies bring to the area a rising demand for restaurants, bars, cafes, services – and, of course, places to live.

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The Frelingford Corner Adaptive Reuse/Redevelopment Location

Investing In Seattle

A nationally ranked Top Five investment market, Seattle boasts a strong and resilient economy. Economic growth fuels a thriving market in which the demand for rental units and new homes is expected to continue increasing. As they do in Manhattan and in the peninsular Bay Area, geographic and topographic barriers limit Seattle’s land supply and concentrate demand in thriving urban villages and neighboring suburbs.

Over the last decade the Puget Sound region has outperformed the nation in employment, population, and personal income growth and enjoyed a commensurately low unemployment rate. A distinctly diverse, skilled, and educated workforce attracts highprofile corporations, both established and burgeoning, and the city has long been home to top-ranked research institutions.

The local demographic includes educated high-income singles and dynamic two-career couples earning mid-to-upper-scale salaries. Aging Baby Boomers, the most affluent demographic category, make up over 40 percent of Seattle’s homeowning population.

Flourishing Frelingford

Affectionately named “Frelingford” (a portmanteau of Fremont and Wallingford), the bustling Stone Way corridor that includes the subject property has seen a spate of new construction and development in the last few years, driven by growing demand and fueled by progressive upzoning in and around the Fremont Urban Village.

Long-term residents of the area already know what it means to be the beneficiaries of visionary urban planning. Two iconic 1970s public projects centered on the Wallingford/ Fremont neighborhood became models of urban reclamation, widely imitated throughout the country: Gas Works Park and, of course, the Burke-Gilman Trail. Creative leadership and community collaboration transformed a toxic industrial waste site, formerly a synthetic-gas plant, into one of Seattle’s most recognizable landmarks, freeing its stunning location on a promontory over Lake Union to once again bring joy and solace to the city. Around the same time, Seattle launched the development of one of the earliest rail-to-trails, on another industrial vestige, the right-of-way of the Seattle Lakeshore & Eastern railroad, which became the Burke-Gilman Trail – named for two of the Pioneer-era sponsors of the original railroad. These are urban green spaces in the truest sense.

Also within jogging distance, 90-acre Woodland Park, known for its playfields, tennis courts, cross-country course, rose garden, and zoo, and the 50,000-year-old glacial reservoir, Green Lake, ringed by a 2.8 mile paved path for walking, running, cycling or rollerblading, establish the area as a recreational nirvana. Rent a canoe or paddleboard in Green Lake on a lazy summer afternoon; or run an invigorating autumnal 5K race at Woodland Park. When social distancing is necessary the many surrounding parks and green spaces relieve urban density and promise serenity and relaxation.

February Months Supply of Inventory

February Median Price Per Square Foot

February Median Sales Price

Neighborhood Amenities

Restaurants, Cafes & Bars

1. Kamonegi

2. The Whale Wins

3. Joule

4. Rockcreek Food & Spirits

5. Uneeda Burger

6. Westward

7. Le Coin

8. Café Turko

9. Aroom Coffee

10. Fremont Brewing’s Urban Beer Garden

1. PCC Community Market

2. Markettime Foods

3. QFC

4. Durn Good Grocery

5. Wallngford Farmers Market

Grocery / Shopping

1. BF Day Playfield

2. Gasworks Park

3. Woodland Park

4. Wallingford Playfield

5. Fremont Canal Park

6. Green Lake Park

Parks

1. Flow Fitness

2. Anytime Fitness

3. NW Fitness Project

4. Bala Yoga Fremont

Fitness 1

4

3 2 3 2 View Interactive Map 4000 WHITMAN AVENUE N, SEATTLE WA

GREEN LAKE 5 5 4

4 1 2 3

4

5 6

7 9 8 10 2

3 1 1 1.1 miles GAS WORKS PARK

0.5 miles SEA WOLF BAKERS

1.3 miles WESTWARD

0.7 miles PCC MARKET

AURORA AVE N

5

6 Fremont Troll

Woodland Park Zoo Dick’s Drive-In FREMONT

MERIDIAN PHINNEY RIDGE

Other amenities, from gourmet markets to yoga studios, bakeries to boutiques, are all within easy reach.

The European-style open-air Fremont Sunday Market attracts visitors from all over Seattle and beyond with artisanal crafts, vintage wares and tasty treats. The local restaurant scene deserves particular mention as a crucible for culinary and atmospheric experimentation. Adventurous restaurateur Renee Erickson’s rustic eatery The Whale Wins serves locally sourced picnic-style small plates; next door, Chef Rachel Yang dazzles with piquant Korean-fusion fare. Another Renee Erickson venture Hamptons-inspired Westward, on Lake Union, charms with an outdoor bar and Adirondack chairs cozily arranged around fire-pits; you can arrive by boat. Both fine dining and casual eats are well represented in the neighborhood, as is global cuisine. Try Café Turko for Turkish mezze, Kabul for Afghan kabobs and basmati rice and Kamonegi for Japanese soba – cosmopolitan living in this deeply rooted, yet rapidly evolving, part of Seattle.

Demographics

Demographic data from 2019-20 show a mix of ages, educational qualifications and household incomes, and a relatively high level of affluence, in the area surrounding the subject property. Income distribution closely parallels King County ranges, with the majority of households earning $75000-$200000 a year. The median household income is $113899, compared with $102426 for King County. The median home value is $844963, somewhat higher than the King County median of $662137. 60% of homes in the subject area have a value of $500K-$1M, versus 46% in Seattle-Tacoma. 62.6% of dwelling units are renter-occupied, as distinct from 42% in Seattle-Tacoma. 75% of the population falls within the age range 25-52; 30% hold an advanced degree, 45% have a bachelor’s degree, 18% have some college, while the rest have a high school diploma or no diploma.

All demographic markers confirm that the area surrounding the subject property is moderately prosperous and socio-economically diverse, with a significant demand for rental properties in manty classes, including affordable, market-rate, SEDUs and luxury. Demand for rental housing is matched by demand for market-rate for-sale residences, including such product types as urban townhomes, priced in the $800K-$1.2M range, and single family homes, currently priced in the $1.8M-$2.3M range.

Households by Marital Status

2022 Highest Education Level

2022 Occupied Units

2022 Population Distribution

Age 75-79

Age 70-74

2022 Household Age

Age 65-69

Age 60-64

Age 55-59

Age 50-54

Age 45-49

Age 40-44

Age 35-39

Age 30-34

Age 25-29

Age 15-24

Age 25-34

Age 35-44

Age 45-54

Age 55-64

Age 65-54

Age 75-84

Age 85+

4000 Whitman Ave N

10 Minutes to Downtown Seattle

Gasworks Park

Lake Union

Stone Way N

Existing Building: Floorplan

Exterior Interior

Storied Legacy: 20th Century

The existing 1908 building by a noted architect makes a worthy candidate for restoration. The asymmetrical façade, dominant front-facing gable, pedimented entrance and round tower announce its relation to the Queen Anne style that evolved in the US in the late nineteenth and early twentieth centuries. The exterior is relatively austere and unadorned, without the bay or oriel windows and ornate surface detailing that generally characterize Queen Anne buildings. Perhaps it would not be too fanciful to see in the steeply gabled lines and plain front a reference to the National Romantic style that was then taking hold in the architect’s native Sweden.

Swedish Tabernacle, circa 1925, MOHAI

The new Medical Dental Building, circa 1925, pauldorpat.com

Storied Legacy 21st Century

The church’s interior offers a majestic, radiantly lit nave with a soaring vaulted ceiling; the lower level contains offices, an expansive kitchen and a convivial gathering area. Little work would be needed to equip the building as a theatrical space or events venue. In fact, in one incarnation (2014-18) the former church housed the Carter Family Puppet Theatre, which delighted audiences of all ages with its colorful, hand-carved marionettes and thoughtful storytelling – a whimsical postscript to a solemn ecclesiastical history. An imaginative investor might choose this route – adapting the structure’s non-conforming use – to honor the past and affirm the building’s legacy.

Redevelopment Potential

For a more lucrative investment option the savvy investor should look to redeveloping the property into residential units within the envelope of the existing structure. The nave’s 46-foot ceiling becomes a precious asset, providing grounds for application to the City for permission to construct up to that height and thus stretch the FAR from the 0.75 generally permitted for RSL zoning to a potential 2.72. Possible built configurations include (but are not limited to): a grand single-family residence; 18 condos (average 750 SF); 4 townhomes with ADUs (8 dwelling units, average 1705 SF); and 4 congregate dwellings with either 32 affordable rental apartments (average 426 SF), each fetching $900/ month, or 40 market-rate rental apartments (average 300 SF) with a monthly rent of $1250.

Land Use Code Review

Redevelopment Potential

It should be emphasized that these examples of redevelopment are purely illustrative and provided, without feasibility studies, simply to indicate the wealth of possibilities inherent in the site. The seller makes no representations as to verified future uses. Instead, the buyer is encouraged to directly investigate and verify their preferred specific future use for the site through the City of Seattle.

18 HIGH DENSITY APARTMENTS AT 230-280 SF EACH

4000 WHITMAN AVENUE N | LOWER LEVEL FLOOR PLAN

Single Family Home Comparables

Townhouse & Condominum Sale Comparables

Multifamily Building Sale Comparables

Church & Institutional Building Sale Comparables

ekreg.com

Edward Krigsman 206.387.6789 edwardk@ekreg.com

This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for the Buyer’s thorough due diligence investigation. Windermere Real Estate Company 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. Windermere Real Estate Company has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation any property to determine to Buyer’s satisfaction with the suitability of the property for Buyer’s needs. Windermere Real Estate Company excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this documents and excludes all liability for loss and damages arising there from

Inquiries and tours are to be directed to the Exclusive Listing Agents. Please do not contact the Property, Property Manager, Owner or Tenants. Offers should be delivered to the office of the Exclusive Listing Agents, Windermere Real Estate Co. Edward Krigsman. To facilitate analysis of offers, offerors are encouraged to provide information relative to funding sources, experience in owning and operating similar properties, familiarity with the market and any other information which is likely to favorably reflect on the offerors ability to close this proposed transaction in a timely manner.