12th & Main Street Plaza

Transcription

1 12th & Main Street Plaza S. Main Street, Seattle, Washington Scott Clements P C E sclements@orioncp.com David Butler P C E dbutler@orioncp.com

2 table of contents 1 Investment highlights 2 Site overview 3 Market overview 4 DEMOGRAPHICS The information contained herein was obtained from sources believed reliable, however, ORION Commercial Partners LLC makes no guarantees, warranties, or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice. 12th & Main Street Plaza ORION Commercial Partners 2

3 Investment highlights: summary Investment Highlights Offering Price $3,500,000 Total Land Area 13,875 SF Total Building Area 11,970 SF Price Per Square Foot $ Zoning DMRC 65/85 Current Financials Available Upon Request The offering ORION Commercial Partners is excited to offer for sale the 12th & Main Street Plaza located at the upper edge of the International District, also known as little Saigon, in Seattle, WA. The 12th & Main Street Plaza is primed for redevelopment with favorable zoning DMRC (Downtown Mixed Residential/Commercial) with height limits ranging from feet. This part of the International District has not seen significant redevelopment yet with many properties in the area being well beyond their economic useful life. Recently, the International District has began to regentrify with several projects planned in the area. The 12th & Main Street Plaza is virtually 100% leased to a variety of small businesses on short term leases. This allows the investor plenty of flexibility to maintain and/or improve upon the existing structures to increase cash flow as an alternative to redevelopment. Current financial information can be made available upon request. The 12th & Main Street Plaza is priced at $3,500,000. In addition, 12th & Jackson Square can also be purchased for a combined price of $9,500,000. This investment opportunity provides strong traffic counts and demographics, close proximity to downtown Seattle, the major hospitals, Seattle University and SODO. With the streetcar 1/2 block away, the site has a walking score of 92 and a Transit Score of th & Main Street Plaza ORION Commercial Partners 3

4 Investment highlights DMRC Zoning The DMRC (Downtown Mixed Residential/Commercial) Zoning allows for redevelopment from in height, which is perfectly suited for the influx of population the city is currently experiencing. Strategic Location - 12th & Main Street Plaza 12th & Main St. Plaza, built in 1992, is strategically located and situated in between S. Jackson, 12th Ave S. and S. Main St. with a combined traffic count of over 83,700 vehicles per day. Strong Demographics Located in Seattle s International District (The ID), there are over 43,353 people living within 1 mile of the subject properties and over 186,516 people within a 3 mile radius. Additionally, this property falls within two major commuter arteries: I-5 and Rainier Ave S. 12th & Main Street Plaza ORION Commercial Partners 4

5 SITE overview PHOTOS 12th & Main Street Plaza ORION Commercial Partners 5

6 site overview N PUGET SOUND / ELLIOT BAY SEATTLE CBD King Street Station FIRST HILL INTERNATIONAL DISTRICT 159,192 VPD YESLER TERRACE BOREN AVE S Elementary School RAINIER AVE S S JACKSON ST SUBJECT PROPERTY 1221 S Main St. CENTRAL DISTRICT 12th & Main Street Plaza ORION Commercial Partners 6

7 site overview parcel map N SUBJECT PROPERTY 1221 S. Main St. 13,875 SF Land 11,970 SF Building 21,664 VPD 159,192 VPD 19,788 VPD 42,267 VPD 12th & Main Street Plaza ORION Commercial Partners 7

8 market overview About Seattle Seattle, Washington is a coastal seaport city in King County. With an estimated 662,400 residents as of 2015, Seattle is the largest city in both the State of Washington and the Pacific Northwest region of North America. As of July 2013 it is the fastest-growing major city in the United States,and remained in the top five in May 2015 with an annual growth rate of 2.1%. The Seattle metropolitan area of around 3.6 million inhabitants is the 15th largest metropolitan area in the United States. The city is situated on a narrow isthmus between Puget Sound and Lake Washington, about 100 miles (160 km) south of the Canada United States border. Seattle is the region s commercial and transportation hub and the center of manufacturing, trade, and finance. The Port of Seattle, which also operates Seattle Tacoma International Airport, is a major gateway for trade with Asia and cruises to Alaska, and is the 8th largest port in the United States in terms of container capacity. Its important diversified industries include aircraft, lumber and forest products, fishing, high technology, food processing, boat building, machinery, fabricated metals, chemicals, pharmaceuticals, and apparel. The city s gross metropolitan product was $231 billion in 2010, making it the 11th largest metropolitan economy in the United States. Though it was also affected by the recession, Seattle has retained a comparatively strong economy, and remains a hotbed for start-up businesses, especially in green building and clean technologies: it was ranked as America s No. 1 smarter city based on its government policies and green economy. Very large companies dominate the business landscape in the Emerald City. Four companies on the 2013 Fortune 500 list of the United States largest companies, based on total revenue, are headquartered in Seattle: Internet retailer Amazon.com (#49), coffee chain Starbucks (#208), department store Nordstrom (#227), and freight forwarder Expeditors International of Washington (#428). Other Fortune 500 companies popularly associated with Seattle are based in nearby Puget Sound cities. Boeing (#30), has large aircraft manufacturing plants in Everett and Renton, which makes it the largest private employer in the Seattle metropolitan area. Warehouse club chain Costco (#22), the largest retail company in Washington, is based in Issaquah. Microsoft (#35) is located in Redmond. Weyerhaeuser, the forest products company (#363), is based in Federal Way. Finally, Bellevue is home to truck manufacturer Paccar (#168). Other major companies in the area include Nintendo of America in Redmond, T-Mobile US in Bellevue, Expedia Inc. in Bellevue and Providence Health & Services the state s largest health care system and fifth largest employer in Renton. The city has a reputation for heavy coffee consumption; coffee companies founded or based in Seattle include Starbucks, Seattle s Best Coffee, and Tully s. There are also many successful independent artisanal espresso roasters and cafés. The Emerald City is extremely multicultural and is influenced by the Pacific Rim in art and architecture. The city offers residents a pace of life that can be either relaxed or fast paced and entrepreneurial. 12th & Main Street Plaza ORION Commercial Partners 8

9 Demographics Area Demographics Radius 1 Mile 3 Mile 5 Mile Population: 2021 Projection 47, , , Estimate 43, , , Census 38, , ,929 Growth % 9.89% 9.17% Growth % 15.59% 12.01% 2016 Population Hispanic Origin 4,263 13,726 26, Population by Race: White 23, , ,819 Black 8,105 21,840 38,004 Am. Indian & Alaskan 763 2,142 3,686 Asian 8,917 29,025 67,900 Hawaiian & Pacific Island ,622 Other 2,165 9,007 19,955 U.S. Armed Forces Radius 1 Mile 3 Mile 5 Mile Households: 2021 Projection 23, , , Estimate 21, , , Census 19,047 87, ,786 Growth % 9.88% 9.24% Growth % 15.00% 11.48% Owner Occupied 5,046 32,424 80,042 Renter Occupied 16,462 67, , Avg Household Income $62,398 $85,826 $93, Med Household Income $40,453 $57,257 $63, Households by Household Inc: Less than $25,000 7,499 24,234 41,513 $25,000 - $50,000 4,932 20,500 38,309 $50,000 - $75,000 2,832 14,789 28,760 $75,000 - $100,000 2,226 11,742 22,317 $100,000 - $125,000 1,510 8,638 17,148 $125,000 - $150, ,994 10,765 $150,000 - $200, ,237 14,870 $200, ,234 21,164 Left: One of Seattle s oldest neighborhoods, the International District (or simply The I.D.) thrives with an array of flavorful Asian cuisines, myriad shops selling everything from fresh fish to traditional herbs, and cool cultural festivals throughout the year. 12th & Main Street Plaza ORION Commercial Partners 9

10 demographics Demographic ring - 1, 3, 5 Miles 1 Mile 3 Miles 5 Miles 12th & Main Street Plaza ORION Commercial Partners 10