hillman city site · hillman city is a global, historic neighborhood and is home to dozens of cafes...

HILLMAN CITY SITE5803 RAINIER AVE S, SEATTLE, WA 98118

Offering MemorandumRedevelopment Opportunity

NON-ENDORSEMENT & DISCLAIMER NOTICE

CONFIDENTIALITY & DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by

the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of

Marcus & Millichap. This Marketing Brochure 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 a thorough due

diligence investigation. Marcus & Millichap 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, PCB’s or asbestos, 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. The information contained in this Marketing Brochure has been obtained

from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained

herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever

regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the

information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.

© 2019 Marcus & Millichap. All rights reserved.

NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this

marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or

endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of

Marcus & Millichap, and is solely included for the purpose of providing tenant lessee

information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

ACT ID: ZAA0110566**DO NOT DISTURB TENANTS**

HILLMAN CITY SITE5 8 0 3 R A I N I E R A V E S

EXCLUSIVELY LISTED BY

O F F I C E S N A T I O N W I D E A N D T H R O U G H O U T C A N A D A

WWW.MARCUSMILLICHAP.COM

STREN LEAAssocate Director

NATIONAL OFFICE AND INDUSTRIAL PROPERTIES GROUP

SeattleOffice 206.826.5756

[email protected] WA 121073

OFFERING HIGHLIGHTS

OFFERING PRICE

$2,750,000

CURRENT CAP RATE

4.06%LOT SIZE

19,136

PRO FORMA CAP RATE ON EXISTING BUILDING

8.32%$ / SF / LOT

$143.71VITAL DATA

Price $2,750,000

Occupancy 100%

Rentable Square Feet 8,302

Price/RSF $325.22

Zoning NC2P-55(M)

Est. Maximum Buildable Square Feet 71,760

Seattle, WA 98118

HILLMAN CITY SITE5 8 0 3 R A I N I E R A V E S

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INVESTMENT OVERVIEWMarcus & Millichap is pleased to exclusively offer for sale 5803 Rainier Ave South in Seattle, Washington. The subject property consists of a 19,136 SF parcel zoned NC2P-55(M) containing a 8,302 SF retail and office building and an attached 10,864 SF surface parking lot. The property is presently occupied by a mix of retail and professional service tenants on short-term, deeply below-market leases and is ideally positioned for either a value-add renovation or a ground up redevelopment.

Located in the heart of Hillman City, the subject property it is just blocks South of the newly transformed Columbia City, one-mile West of the tranquil forest and shores of Seward Park and a short drive North to the employment centers of Downtown Seattle and Bellevue. Hillman City is a global, historic neighborhood and is home to dozens of cafes & bars, restaurants, shops, services, and fitness & health

businesses. As a result, the subject property boasts a high walkability score of 87. The location also benefits from immediate access to two bus routes and walkable access to Link light rail going to downtown Seattle, the University of Washington and Seattle-Tacoma International Airport. In addition, the Sound Transit East Link Extension will begin service in 2023 and will take passengers across Lake Washington to Bellevue. SoundTransit plans call for an additional light rail station at MLK Jr Boulevard and South Graham Street, which will further support transport to and from Hillman City.

The continued growth of Seattle has generated record demand for multifamily, retail, and office space in all parts of Seattle and in Columbia City & Hillman City in particular. As a result, urban renewal is rapidly transforming the streetscapes, bringing new prosperity to neighborhoods and revitalizing historically under-utilized areas. 5803 Rainier Ave South represents a prime urban infill opportunity to capture one of the largest contiguous parcels on Rainier Avenue South and contribute to the continued growth and renewal of a vibrant area. GOOD LOCATION AND

WALKER’S PARADISE SCORE OF 87

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INVESTMENT HIGHLIGHTS

► Prime Columbia/Hillman City Infill Opportunity

► Value-Add Reposition OR Develop When Ready

While Enjoying Income

► Rare Parcel With Two Hard Corners: 19,166 SF

Lot Zoned NC2P-55(M)

► Walk Score 87: Most Errands can be Accomplished

on Foot

► Located in a Thriving Neighborhood with Ample

Parking

Office Retail Multifamily Location Advantage

PROPERTY DETAILS5803 Rainier Ave S is situated on a 0.44 acre lot. Built in 1930 and renovated in 2000, the property was built with a slab on grade foundation

and masonry & wood construction. The roof is built-up bitumen. Parking lot is concrete and asphalt.

5803 RAINIER AVE S

Property Address 5803 Rainier Ave S, Seattle, WA

Number of Tenants 2

Number of Buildings 1

Number of Stories 1

Year Built 1930

Year Renovated 2000

Lot Size 0.44 Acres / 19,136 SF

Type of Ownership Fee Simple

Parking 3.92 / 1000

Utilies: Gas Puget Sound Energy

Utilities: Electric Seattle City Light

Sewer and Storm Public

Roof Built Up

Exterior Masonry

Foundation Slab on Grade

HVAC Forced Air With Heat Pumps

FIre Protection & Safety Sensors

Zoning NC2P-55(M), Seattle

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SEATTLE/KING COUNTY

Link Light Rail

15 min via car to Downtown Seattle

SOUTH SEATTLE EMPLOYERS

RENTON EMPLOYERS

Renton

2 mi

SEATTLE EMPLOYERS EASTSIDE EMPLOYERS

Key: Car

Link Light Rail

Link Light Rail in Development

Northgate Link Extension (2023)

BellevueDowntown Seattle

5803 RAINIER AVE S

East Link Extension (2023)

SITE PLANParcel Numbers: 3330501805Gross Leasing Area: 8,302 SFLot Area: 0.44 Acres (19,136 SF)Parking Ratio: 3.92/1000Zoning: NC2P-55(M) Seattle

PARCEL & LAND

*Approximate Parcel Boundary and Interior Dimensions

M

WConvenience Store

Sheger Ethiopian Restaurant

Shops and Offices

S. M

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Rainier Ave S.

Subject Property

Seattle Fire Station 28Brighton

Playfield

Therapy Health Services

Slow Boat Tavern

TRADE AREA MAP

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S Orcas St

Address: 3948 Farrar StStatus: Applied Property: 3-story, 24 dwelling units

Address: 5256 Rainier Ave SStatus: Applied Property: 6-story, 73 unit apartment

Address: 4525 Rainier Ave SStatus: CompletedProperty: 4-story building with 27 dwelling units and 1,000 SF of commercial space

Address: 3220 S Dawson StStatus: AppliedProperty: 3-story, 9-unit townhouse building

Address: 5217 42nd Ave SStatus: AppliedProperty: 5-story, 85 unit apartment

Address: 5201 Rainier Ave SStatus: ApprovedProperty: 3-story, 4 unit townhouse and 6-story structure with 104 apartment units, 3 live-work units, and 1,607 SF of restaraunt space

Address: 4716 38th Ave SStatus: ApprovedProperty: 4-story building with 31 dwelling units and 1 apartment unit

Address: 3607 S Dawson StStatus: ApprovedProperty: 4-story, 45 unit apartments

Address: 5227 M L King Way SStatus: AppliedProperty: 4-story, 52-unit structure

Address: 5227 37th Ave SStatus: AppliedProperty: 5-story, 95-unit apartment

Address: 5949 36th Ave SStatus: AppliedProperty: 4-story, 55-unit apartment with 55 dwelling units

Address: 5722 35th Ave SStatus: AppliedProperty: 7-story, 249-unit apartment building

Subject Property

Address: 5416 Rainier Ave SStatus: AppliedProperty: 5-story 28-unit apartment building Address: 3505 Bennett St

Status: AppliedProperty: 4-story, 14-unit apartment building

Address: 3700 Hudson StStatus: ApprovedProperty: 4-story, mixed-use building

NEIGHBORHOOD DEVELOPMENT

Address: 4716 Rainier Ave SStatus: ApprovedProperty: 7-story, 240-unit apartments, two live-work units

Address: 4527 Rainier Ave SStatus: CompletedProperty: 4-story building with 27 dwelling units and 1,002 SF of commerical space

POPULATION 1 Miles 3 Miles 5 Miles 2023 Projection

Total Population 28,680 107,192 338,015

2018 Estimate


2010 Census


2000 Census


Current Daytime Population

2018 Estimate 16,219 131,134 472,825

HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2023 Projection

Total Households 10,774 39,870 142,222

2018 Estimate


Average (Mean) Household Size 2.65 2.67 2.33

2010 Census


2000 Census


Occupied Units

2023 Projection 10,774 39,870 142,222

2018 Estimate 10,355 39,037 140,085

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2018 Estimate

$150,000 or More 15.94% 21.41% 19.34%

$100,000 - $149,000 21.90% 19.18% 17.66%

$75,000 - $99,999 12.55% 11.81% 12.30%

$50,000 - $74,999 14.29% 13.68% 14.30%

$35,000 - $49,999 8.87% 9.70% 10.23%

Under $35,000 26.45% 24.20% 26.17%

Average Household Income $102,069 $119,449 $110,631

Median Household Income $75,769 $79,957 $73,671

Per Capita Income $37,476 $43,554 $45,984

HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 MilesTotal Average Household Retail Expenditure $88,198 $89,920 $85,476

Consumer Expenditure Top 10 Categories

Housing $23,434 $23,812 $23,014

Shelter $14,451 $14,664 $14,334

Transportation $14,272 $14,690 $13,910

Food $10,373 $10,511 $9,863

Personal Insurance and Pensions $8,756 $8,927 $8,574

Health Care $5,343 $5,534 $5,024

Utilities $4,130 $4,203 $3,989

Entertainment $3,665 $3,725 $3,493

Apparel $3,337 $3,491 $3,171

Cash Contributions $3,095 $3,166 $2,744

POPULATION PROFILE 1 Miles 3 Miles 5 Miles Population By Age

2018 Estimate Total Population 28,070 105,796 328,912

Under 20 23.88% 23.54% 21.16%

20 to 34 Years 19.13% 19.50% 24.10%

35 to 39 Years 8.06% 7.62% 8.29%

40 to 49 Years 15.45% 14.67% 14.45%

50 to 64 Years 18.99% 19.78% 18.32%

Age 65+ 14.50% 14.90% 13.68%

Median Age 39.34 39.56 37.79

Population 25+ by Education Level

2018 Estimate Population Age 25+ 19,952 75,318 239,680

Elementary (0-8) 5.10% 5.53% 4.22%

Some High School (9-11) 6.75% 6.22% 5.82%

High School Graduate (12) 18.55% 16.80% 17.17%

Some College (13-15) 18.09% 17.66% 19.06%

Associate Degree Only 6.30% 6.16% 7.07%

Bachelors Degree Only 24.21% 26.15% 27.32%

Graduate Degree 16.16% 17.58% 16.68%

DEMOGRAPHICS HIGHLIGHTS

14

The Seattle-Tacoma-Bellevue metro area is situated approximately half way between the Portland Oregon to the south and Vancouver BC to the north. The metro is located between the Cascade Mountains to the east, Mount Rainier to the southeast and the Puget Sound to the west. Growth Management Boundaries have been in place since the mid 1980 and have encouraged redevelopment of older areas with higher densities. Developable land is somewhat limited but still available in the suburban markets.

The Seattle region is a sophisticated urban center favored by shoppers and outdoorsmen alike. The area is surrounded by mountains and water, creating ample opportunities for recreational activities. Mount Rainier challenges experienced mountain climbers, while the San Juan Islands and Puget Sound attract boaters, kayakers and bicyclists from around the world to this premier outdoor recreational destination.

Seattle is home to the world-famous Pike Place Market, the Seattle Center and the Space Needle. Other major attractions include the Seattle Aquarium, the Seattle Art Museum, the Experience Music Project, and the Science Fiction Museum and the Hall of Fame. The area’s large population of artisans has afforded Seattle an international reputation as a hot-bed for trendsetting music and art. The metro area is home to three universities, including the University of Washington, as well as community colleges and the Art Institute of Seattle, which prepare students with skills demanded in the local economy.

Despite strong population growth over the past two decades, the area’s established neighborhoods remain distinctive, and the region maintains a pleasantly down-to-earth ambiance. Seattle regularly tops magazine surveys of desirable places to “live, work, and play,” which is a strong incentive for employers to locate in the area.

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LOCATION OVERVIEW

E X C L U S I V E LY L I S T E D B Y

HILLMAN CITY SITE

STREN LEANational Off ice and Industr ial

Propert ies GroupAssociate Director

SeattleOffice 206.826.5756

[email protected] WA 121073

hillman city site · hillman city is a global, historic neighborhood and is home to dozens of cafes...

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