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MORTGAGE BANKING
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Steven Chattin
Managing Director
425.269.3826
steven.chattin@berkadia.com
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covered land play
in rental hotspot
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Highly Visible Development Site for 103+ Units in
Core Rental Location
Address
City, State, Zip
Units Proposed
Total Lot Size
Zoning
County
Parcel Nos
1714-1722 Bellevue Ave
Seattle, WA 98122
103+
15,346 SF / 0.35 acres
NC3-75 (M)
King
872560-0570, 872560-0580, 872560-0586
strong rental submarket
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
contact
Phone: 206.521.7220
Fax: 206.521.7222
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/ 0.35-acre development site in Seattle’s vibrant and centrally-located Capitol Hill neighborhood with highly visible frontage on Bellevue Avenue at E Olive Way
/ Preliminary analysis supports the development of 103 studio, one, and two-bedunits across 8 stories with a rooftop deck and below-grade parking
/ Seller has available to Buyer a variety of studies and reports to verify development is viable, lowering future development costs
/ To maximize density given the site's zoning, alternative development options are available with MUP revisions
/ Average effective rent in the Capitol Hill/Central District was $2,160 per month in 3Q23, up 1.7% YoY
/ 707 net move-ins projected during the four quarters ending in 4Q23
/ Average mortgage payment in the submarket is more than double the average effective rent, favoring renting over homeownership
/ Population within 1-mile radius anticipated to increase by 16.8% over next 5 years, more than four times Seattle MSA's 2028 projected growth rate of 3.9%
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Highly Visible Development Site for 103+ Units in core Renter Hotspot
/ An established income-generating tenant, City Market, paying $272,000/annually NNN with current lease expiring in Fall 2025; tenant has one option for a 5-year extension which includes Owner's clause to terminate lease with 1-year notice
INVESTMENT ADVISORS
MORTGAGE BANKING
Our team
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View Listings
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
contact
Phone: 206.521.7220
Fax: 206.521.7222
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
1714-1722 Bellevue Ave
Seattle, WA 98122
Parcels
Total Lot size
zoning
county
872560-0570, 872560-0580, 872560-0586
0.35 Acres
NC3-75 (M)
King
/ Preliminary analysis supports the development of 103 studio, one, and two-bed units across 8 stories with a rooftop deck and below-grade parking
/ Seller has available to Buyer a variety of studies and reports to verify development is viable, lowering future development costs
/ To maximize density given the site's zoning, alternative development options areavailable with MUP revisions
/ An established income-generating tenant, City Market, paying $272,000/annually NNN with current lease expiring in Fall 2025; tenant has one option for a 5-year extensionwhich includes Owner's clause to terminatelease with 1-year notice
/ Steps from the Pike–Pine Corridor and downtown Seattle; 8-minute walk to Capitol Hill Light Rail Station, and a quick drive to I-5 and I-90
/ Steps from the Pike–Pine Corridor and downtown Seattle; 8-minute walk to Capitol Hill Light Rail Station, and a quick drive to I-5 and I-90
covered land play in rental hotspot
Michael Manolides
Associate Director
253.670.2143
michael.manolides@berkadia.com
Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
Artur Otto
Associate Director
artur.otto@berkadia.com
Beau Krueger
Associate Director
beau.krueger@berkadia.com
Patrick harmon
Associate Director
patrick.harmon@berkadia.com
Chad Blenz
Senior Director
206.491.2008
chad.blenz@berkadia.com
Brandon Lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
Jay Timpani
Managing Director
206.999.3206
jay.timpani@berkadia.com
Steven Chattin
Managing Director
425.269.3826
steven.chattin@berkadia.com
Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
Michael Manolides
Associate Director
253.670.2143
michael.manolides@berkadia.com
Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
artur Otto
Associate Director
artur.otto@berkadia.com
Beau krueger
Associate Director
beau.krueger@berkadia.com
Patrick harmon
Associate Director
patrick.harmon@berkadia.com
brandon lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
Chad Blenz
Senior Director
206.491.3826
chad.blenz@berkadia.com
Jay Timpani
Managing Director
206.999.3206
jay.timpani@berkadia.com
Steven Chattin
Managing Director
425.269.3826
steven.chattin@berkadia.com
Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
Units Proposed
103+
/ Property’s A+ location will support consistent future rental demand and attract working professionals who value proximity to transit, amenities, and employers
/ Median household income within 1-mile radius is slated to surpass $152,500 over the next 5 years, equating to a 45.2% increase
/ Median household income within 1-mile radius is slated to surpass $152,500 over the next 5 years, equating to a 45.2% increase
/ Property’s A+ location will support consistent future rental demand and attract working professionals who value proximity to transit, amenities, and employers
/ Robust renter community within 1-mile radius (57% of housing units are renter occupied)
/ Over 152,300 full-time equivalent employees and 6,500+ businesses within 1 mile
/ Robust renter community within 1-mile radius (57% of housing units are renter occupied)
/ Over 152,300 full-time equivalent employees and 6,500+ businesses within 1 mile