4000 Whitman Ave N, Seattle

THE FRELINGFORD CORNER HOPE GOSPEL HALL - ADAPTIVE REUSE/REDEVELOPMENT OFFERING MEMORANDUM

4000 Whitman Avenue N, Seattle WA

The Frelingford Corner Adaptive Reuse/Redevelopment

Contents

Executive Summary .................................. 04 The Offering ............................................ 06 Location Overview .................................. 08 The Property ............................................ 19 Adaptive Reuse/Redevelopment ............ 25 Rent & Sale Comparables ....................... 27

Exclusive listing broker Edward Krigsman

8,352

35

EXISTING SQUARE FOOTAGE

AVG TIMES/DAY FREMONT BRIDGE IS RAISED

27

15,162

MILES IN BURKE-GILMAN TRAIL

REDEVELOPMENT SQUARE FOOTAGE

The Frelingford Corner Adaptive Reuse/Redevelopment

Executive Summary

“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 Trail are framed by a backdrop of downtown highrises 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

EXECUTIVE SUMMARY

6

The Offering

Address

4000 Whitman Avenue N

Neighborhood

Wallingford

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).

Price

$1,750,000

Existing Building SF (KCAR)

8,352 SF

Potential Interior Redevelopment SF

13,462 SF

Additional Potential Basement Garage SF

1,520 SF

Price Per Total Max Revelopment SF

$162

King County Tax ID

1931300185

Maximum Potential Redevelopment SF

15,162 SF

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.

Lot Size

5,040

Potential Rooftop Deck SF

4000+ SF

Existing Building Floorplate FT

115’ x 38’

Existing Building Height FT (Grandfathered)

46’ FT

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.

Potential Elevated Main Floor Terrace SF

300 SF

Lot Size

5,040

Zoning

RSL (M)

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.

2023 Property Taxes

$9,942

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.

Varied Adaptive Reuse Options

Redevelopment Potential

Vibrant Panoramic Views

rebuilding or developing for sale or rental income property

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

from new rooftop deck(s) in all redevelopment options

7 EXECUTIVE SUMMARY

BALLARD

GREENLAKE

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.

WALLINGFORD

U DISTRICT FREMONT LAKE WASHINGTON

LAKE UNION

QUEEN ANNE

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.

MADISON PARK CAPITOL HILL SOUTH LAKE UNION

SEATTLE 22 min

18 min

4 min

MINUTES TO AMAZON HQ BY BIKE

MINUTES TO UW ON BURKE-GILMAN TRAIL BY BIKE

MINUTE WALK TO TABLEAU SOFTWARE

ELLIOT BAY

The Frelingford Corner Adaptive Reuse/Redevelopment

Location

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.

9

LOCATION

10

Transit Times to Major Seattle Employment Nodes

BROADVIEW

NORTHGATE

NORTH BEACH

23 MINUTES

GREENWOOD

REDMOND 87,500

WEDGWOOD

8 MINUTES

EMPLOYEES

GREENLAKE

UNIVERSITY DISTRICT 60,000

BALLARD

FREMONT 20,000

2 MINUTES

EMPLOYEES U DISTRICT

EMPLOYEES

FREMONT LAKE WASHINGTON

8 MINUTES

MAGNOLIA

SLU LAKE 60,000UNION

QUEEN ANNE

14 MINUTES

EXPEDIA 4,500

EMPLOYEES

EMPLOYEES

MADISON PARK CAPITOL HILL

SOUTH LAKE UNION

20 MINUTES

SEATTLE 12 MINUTES ELLIOT BAY

PUGET SOUND

SEATTLE CBD 113,400 EMPLOYEES

LAKE WASHINGTON

BELLEVUE 145,000 EMPLOYEES

LOCATION

11

February Months Supply of Inventory

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 Median Price Per Square Foot

February Median Sales Price

LOCATION

12

Neighborhood Amenities Restaurants, Cafes & Bars

6

1.

2.

3.

4.

5.

6.

GREEN LAKE

PHINNEY RIDGE

MERIDIAN

Woodland Park Zoo

5 3

5 2 7

1

ON

TC

UT

8 1

1.

2.

3.

4.

5.

6.

1

2

9

AURORA AVE N

EM

4

6

Fitness

2

1.

2.

3.

4.

5.

2

LAKE UNION

GAS WORKS PARK

BF Day Playfield Gasworks Park Woodland Park Wallingford Playfield Fremont Canal Park Green Lake Park

3 10

NORTHLAKE

1.1 miles

PCC Community Market Markettime Foods QFC Durn Good Grocery Wallngford Farmers Market

WALLINGFORD

4

1

5

5

4

3

Le Coin Café Turko Aroom Coffee Fremont Brewing’s Urban Beer Garden

Parks

4

FR

1.

2.

3.

4.

5.

Dick’s Drive-In

FREMONT

7.

8.

9.

10.

Grocery / Shopping

3

Fremont Troll

Kamonegi The Whale Wins Joule Rockcreek Food & Spirits Uneeda Burger Westward

0.5 miles

1.3 miles

0.7 miles

SEA WOLF BAKERS

WESTWARD

PCC MARKET

Flow Fitness Anytime Fitness NW Fitness Project Bala Yoga Fremont Kirchoff Fitness

View Interactive Map 4000 WHITMAN AVENUE N, SEATTLE WA

LOCATION

13

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.

LOCATION

14

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.

RADIUS →

1 MILE

3 MILE

RADIUS →

1 MILE

3 MILE

5 MILE

1.90

1.80

1.90

5 MILE

2022 Avg Household Size

Population 2027 Projection

37,241

369,027

598,054

2022 Estimate

34,805

340,501

553,418

2010 Census

28,625

250,822

418,462

Households by Marital Status Married

4,614

42,502

72,271

Married No Children

2,844

27,205

45,687

Married with Children

1,770

15,297

26,584

2022 Households by Income $100,000 - $125,000

1,694

18,889

27,982

$125,000 - $150,000

1,579

13,799

21,213

$150,000 - $200,000

2,067

19,445

29,167

$200,000+

4,233

39,871

62,276

2,275

18,758

30,133

2022 Housing Value $1,000,000+

LOCATION

15

RADIUS

KING CO

INDEX

Median Household Income

$124,092

$109,631

113

Median Home Value

$825,011

$684,878

120

2022 Household Income

25.0%

20.0%

2022 Housing Value

Above 1MIL

15.0%

500K-1MIL 10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% Radius

King County

5.0%

VACANCY & MARKET ASKING RENT PER UNIT 0.0% 75K-100K

125K-150K ..

100K-125K

Radius

150K-200K

Above 200K

King County

CURRENT

PRIOR

RATE OF CHANGE

Vacancy Rate

5.7%

4.1%

+ 1.6%

Market Rent/Unit

$1,226

$1,212

+ 1.1%

Market Sale Price/Unit

$421K

$413K

+ 1.9%

Market Rental Cap Rate

3.7%

4.3%

- 0.6%

LOCATION

16

RADIUS

KING CO

INDEX

Owner Occupied

3,377

510,531

64

Owner Occupied Rate

33.0%

51.2%

64

Renter Occupied

6,321

413,945

149

Renter Occupied Rate

61.8%

41.5%

149

2022 Highest Education Level

2022 Occupied Units

No Diploma HS Diploma

2022 Housing Values Value 400K-500K

149

70,792

32

Some College

400K-500K Rate

4.4%

13.9%

32

Bachelors Degree

Value 500K-1MIL

2,083

241,098

131

500K-1MIL Rate

61.7%

47.2%

131

Value Above 1MIL

959

103,315

140

Above 1MIL Rate

28.4%

20.2%

140

15.0%

20.0%

Advanced Degree

2022 Household Vehicles

2 Vehicles

1 Vehicle 0.0%

5.0% Radius

10.0%

Seattle-Tacoma

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

55.0%

LOCATION

17

2022 Population Distribution

2022 Household Age

Age 75-79 3.9% 1.3% 1.8% 8.7%

Age 70-74

19.1%

Age 65-69 12.6%

Age 60-64

Age 55-59

Age 50-54 20.7%

Age 45-49

31.8%

Age 40-44

Age 35-39

Age 30-34

Age 25-29

0%

2%

Radius

4%

6%

8%

King County

10%

12%

14%

16%

18%

Age 15-24

Age 55-64

Age 25-34

Age 65-54

Age 35-44

Age 75-84

Age 45-54

Age 85+

10 Minutes to Downtown Seattle

Gasworks Park

Stone Way N

4000 Whitman Ave N

Lake Union

The Frelingford Corner Adaptive Reuse/Redevelopment

The Property

THE PROPERTY

20

Existing Building: Floorplan 4000 WHITMAN AVENUE N

LOWER LEVEL

UPPER LEVEL

PLOT PLAN

THE PROPERTY

21

Existing Building: Elevation 4000 WHITMAN AVENUE N

SOUTH ELEVATION

Download Floorplan & Elevation 4000 WHITMAN AVENUE N, SEATTLE WA

THE PROPERTY

Exterior

22

Interior

THE PROPERTY

23

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

THE PROPERTY

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.

24

The Frelingford Corner Adaptive Reuse/Redevelopment

Adaptive Reuse/Redevelopment

ADAPTIVE REUSE/REDEVELOPMENT

26

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 Address

4000 Whitman Ave N

List Price

$1,950,000

Existing Building SF (KCAR)

$8,352

Potential Interior Redevelopment SF

13,462 SF

Price Per Total Max Redevelopment is

4000 WHITMAN

$162

Neighborhood

Wallingford

Maximum Potential Redevelopment SF

15,162 SF

King County Tax ID

1931300185

Lot Size

TBD

Additional Potential Basement Garage SF

1,520 SF

Potential Rooftop Deck SF

4000+ SF

Existing Building Floorplate FT

115’ x 38’

Existing Building Height FT (Grandfathered)

46’ FT

Potential Elevated Main Floor Terrace SF

300 SF

Zoning

RSL (M)

2023 Tax Assessed Value

$9,942

ADAPTIVE REUSE/REDEVELOPMENT

27

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.

4000 WHITMAN AVENUE N | LOWER LEVEL FLOOR PLAN

18 HIGH DENSITY APARTMENTS AT 230-280 SF EACH

5 TOWNHOUSES AT 1200 SF AND 2 TOWNHOUSES AT 600 SF EACH – MAXIMIZED DAYLIGHT

The Frelingford Corner Adaptive Reuse/Redevelopment

Rent & Sale Comparables

RENT & SALE COMPARABLES

29

Single Family Home Comparables 1

2

3 GREENLAKE

1 ZOO MERIDIAN

4007 Corliss Ave N Seattle, WA 98103

4027 Latona Ave NE Seattle, WA 98105

Year Built ............................. 2019 List Date .......................02/24/23 List Price ...................$2,880,000 Building SF ......................... 3,829 Lot SF.................................. 4,500 Price / Building SF .............. $752

Year Built ............................. 2021 Sale Date ......................01/19/23 Sale Price ..................$2,400,000 Building SF ......................... 3,480 Lot SF.................................. 4,338 Price / Building SF .............. $690

Year Built ............................. 2018 Sale Date ......................04/18/22 Sale Price ..................$2,530,000 Building SF ......................... 3,290 Lot SF.................................. 4,000 Price / Building SF .............. $636

WOODLAND PARK ROSE GARDEN AURORA AVE N

2207 N 59th St Seattle, WA 98103

WALLINGFORD

5 4

5

6

3

FREMONT 4000 Whitman Ave N

FR

EM

4230 2nd Ave NE Seattle, WA 98105

4232 Burke Ave N Seattle, WA 98103

907 N Northlake Wy Seattle, WA 98103

Year Built ............................. 2021 Sale Date ......................04/09/21 Sale Price ..................$3,000,000 Building SF ......................... 3,629 Lot SF.................................. 5,100 Price / Building SF .............. $772

Year Built ............................. 2020 Sale Date ......................04/29/22 Sale Price ..................$3,565,000 Building SF ......................... 4,709 Lot SF.................................. 4,200 Price / Building SF .............. $662

Year Built ............................. 2012 List Date .................. 04/04/2022 List Price ...................$3,600,000 Building SF ......................... 4,850 Lot SF.................................. 5,000 Price / Building SF .............. $742

4

ON

TC

UT

6

NORTH QUEEN ANNE

LAKE UNION

2

RENT & SALE COMPARABLES

30

Townhouse & Condominum Sale Comparables 1

2

3 GREENLAKE

ZOO MERIDIAN

3651 Albion Place N #A Seattle, WA 98103

3300 Meridian Ave N #410 Seattle, WA 98105

Year Built ............................. 2015 Sale Date ......................11/17/22 Sale Price ..................$1,160,000 Building SF ......................... 1,678 Lot SF.................................. 1,191 Price / Building SF .............. $691

Year Built ............................. 2015 Sale Date ......................04/13/22 Sale Price ..................$1,310,000 Building SF ......................... 1,680 Lot SF.................................. 1,004 Price / Building SF .............. $608

Year Built ............................. 1993 Sale Date ......................02/10/23 Sale Price ..................$1,400,000 Building SF ......................... 1,486 Lot SF................................32,232 Price / Building SF .............. $767

4

5

6

WOODLAND PARK ROSE GARDEN AURORA AVE N

3640 Dayton Ave N Seattle, WA 98103

5

WALLINGFORD

FREMONT

6 4000 Whitman Ave N

4

1

2

FR

EM

3816 B Evanston Ave N Seattle, WA 98105

1712 N 47th St Seattle, WA 98103

524 N 40th St Seattle, WA 98103

Year Built ............................. 2001 Sale Date ......................11/16/22 Sale Price ..................$1,495,000 Building SF ......................... 1,966 Lot SF.................................. 1,412 Price / Building SF .............. $645

Year Built ............................. 2022 Sale Date ......................11/21/22 Sale Price ..................$1,710,000 Building SF ......................... 2,230 Lot SF.................................. 2,246 Price / Building SF .............. $786

Year Built ............................. 2022 Sale Date ......................02/23/23 Sale Price ..................$1,850,000 Building SF ......................... 3,140 Lot SF.................................. 3,304 Price / Building SF .............. $560

ON

TC

UT

3

NORTH QUEEN ANNE

LAKE UNION

RENT & SALE COMPARABLES

31

Multifamily Building Sale Comparables 1

2

3 GREENLAKE

ZOO MERIDIAN

3666 Francis Ave N Seattle, WA 98103

4710 Aurora Ave N Seattle, WA 98105

Year Built ............................. 1989 List Date .......................02/28/23 List Price ...................$4,050,000 Building SF .......................12,664 Lot SF.................................. 6,840 Price / Building SF .............. $320

Year Built ............................. 1979 Sale Date ......................10/21/22 Sale Price ..................$3,575,000 Building SF .......................10,320 Lot SF.................................. 6,700 Price / Building SF .............. $346

Year Built ............................. 1977 Sale Date ......................12/06/21 Sale Price ..................$3,730,000 Building SF ......................... 1,486 Lot SF.................................. 7,700 Price / Building SF .............. $474

WOODLAND PARK ROSE GARDEN

AURORA AVE N

3435 Burke Ave N Seattle, WA 98103

3 WALLINGFORD

5

6

4

5

6 FREMONT

4

4000 Whitman Ave N

2 FR

EM

420 N 39th St Seattle, WA 98105

1609 N 46th St Seattle, WA 98103

4468 Linden Ave N Seattle, WA 98103

Year Built ............................. 1985 Sale Date ......................10/21/22 Sale Price ..................$3,875,000 Building SF ......................... 8,106 Lot SF.................................. 7,106 Price / Building SF .............. $478

Year Built ............................. 1926 Sale Date ......................07/26/21 Sale Price ..................$4,000,000 Building SF ......................... 7,769 Lot SF.................................. 6,400 Price / Building SF .............. $515

Year Built ............................. 1977 Sale Date ......................04/18/22 Sale Price ..................$4,128,960 Building SF ......................... 9,420 Lot SF................................10,000 Price / Building SF .............. $438

ON

TC

UT

1

NORTH QUEEN ANNE

LAKE UNION

RENT & SALE COMPARABLES

32

Church & Institutional Building Sale Comparables 1

2

3 GREENLAKE

ZOO MERIDIAN

4740 17th Ave NE Seattle, WA 98103

3808 S Angeline St Seattle, WA 98105

Year Built ............................. 1967 Sale Date ......................12/15/22 Sale Price ..................$3,500,000 Building SF ......................... 6,424 Lot SF................................18,000 Price / Building SF .............. $544

Year Built ............................. 1920 Sale Date ......................09/23/22 Sale Price ..................$3,800,000 Building SF .......................19,680 Lot SF.................................. 8,640 Price / Building SF .............. $193

Year Built ............................. 1958 Sale Date ......................12/15/22 Sale Price ..................$3,000,000 Building SF .......................12,900 Lot SF................................11,160 Price / Building SF .............. $233

WOODLAND PARK ROSE GARDEN AURORA AVE N

1716 2nd Ave N Seattle, WA 98103

5

WALLINGFORD

2

FREMONT

4

5

6 4

4000 Whitman Ave N

FR

EM

15760 NE 4th St Bellevue, WA 98008

10056 Renton Ave S Seattle, WA 98103

16015 116th Ave SE Renton, WA 98072

Year Built ............................. 1966 Sale Date ......................11/29/22 Sale Price ..................$8,000,000 Building SF ......................... 5,187 Lot SF................................73,277 Price / Building SF ...........$1,542

Year Built ............................. 1954 Sale Date ......................04/23/21 Sale Price ..................$3,800,000 Building SF ......................... 7,318 Lot SF................................92,430 Price / Building SF .............. $519

Year Built ............................. 1966 Sale Date ......................12/14/22 Sale Price ..................$3,875,000 Building SF ......................... 4,512 Lot SF..............................115,839 Price / Building SF .............. $858

ON

TC

UT

6 NORTH QUEEN ANNE

LAKE UNION

1

3

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.

This publication is the copyrighted property of EK Real Estate Group and Windermere Real Estate Company ©2023. All rights reserved.