Offering Summary

Address 3101-3107 Eastlake Ave E, Seattle WA 98102
Price UNPRICED
Parcel Numbers 195970-2740, 195970-2745
Existing Improvements Commercial Mixed-Use Buildings
Development Potential 75+ Units (Proposed HALA)
Zoning NC3P-40
Lot Size 16,500 Square Feet
Terms Cash Out

Investment Highlights

> A+ Eastlake location - Close to everything
> 75 + unit development site primed for condos or apartments
> Views of downtown Seattle and Lake Union
> Corner lot
> Walk Score of 77 - very walkable
> High visibility location with high daily traffic counts
> Plentiful neighborhood amenities include retail abd restaurants
> On a major bus line
> Walking distance to restaurants, shops, cafés, pubs, service businesses and more
> Centrally located near the CBD, University of Washington, Seattle Pacific University, Seattle University, Amazon and Light Rail
> Neighborhood parks include Fairview Park, Roanoke Park, Rogers Playground and Roanoke Street Mini Park



Eastlake Development Site Location

3101 Eastlake Avenue Financial Analysis

Property Rent (+NNN) Lease Term Total Mthly Rent Annual Schdld Rent
EClips $850 N/A
Eastlake Massge $1,800 N/A
Blue Ribbon $1,000 11.30.2018
Apt 3105 $925 8.31.2018
Apt 3105A $1,475 6.30.2018
Apt 3105B $1,445 N/A
Apt 3015C $1,350 10.31.2017
Apts 3015D Vacant N/A
3103S Vacant N/A
$8,845 $106,140

3107 Eastlake Avenue Financial Analysis

Property Rent (+NNN) Lease Term Total Mthly Rent Annual Schdld Rent
Eastlake 3107A $3,500 3.31.2019
3107C $925 N/A
Psychic $850 N/A
3111C $1,050 N/A
3111D $500 N/A
3115A $1,360 N/A
3115C $695 N/A
3115D $525 7.31.2018
$10,185 $122,220

Development Potential

The Eastlake Neighborhood

Eastlake is one of Seattle’s most iconic neighborhoods, boasting the famous flotilla of boat houses on the lake, surrounded by an eclectic mix of historical townhomes, modern condominiums and colorful apartment buildings. It is a neighborhood with a rich and distinctive history and feel.

Starting as little more than a floating shantytown for migrant workers has transformed over time into a diverse and electric neighborhood. While once considered “floating shanties”, these residences are still small, but vary from modest to opulent.

It’s perfectly positioned at the center of Seattle’s urban and cultural hub—UW, South Lake Union, Downtown and Capitol Hill, giving residents and visitors alike a unique and active springboard towards accessing work and play within the city.
Its minutes away from Amazon’s 30,000+ employee campus in South Lake Union, and adjacent to many tech and biotech companies that make up a large part of the city’s employment infrastructure, such as Adaptive Biotechnologies and Immune Design Corporation. Local coffee shops, boutiques and other businesses also thrive alongside large chains.

Eastlake is an attractive neighborhood and conveniently located to major thoroughfares and public transportation that make accessing the city at large easy. Many of the major bus routes connect to the U District and Downtown, opening up an enormous range of options for employment, education and entertainment for residents and visitors alike.

Sales Comparables

SUBJECT - Eastlake Development Site
3101 -3107 Eastlake Ave E
Seattle, WA 98102
Lot Size 16,500
Sales Price UNPRICED
Price/Lot Sq.Ft. TBD
Sales Date TBD
1802 Boylston
Seattle, WA 98122
Lot Size 7,200
Sales Price $4,775,000
Price/Lot Sq.Ft. $663.15
Sales Date 2.15.2017
5260 University Way NE
Seattle, WA 98105
Lot Size 7,440
Sales Price $5,200,000
Price/Lot Sq.Ft. $698.92
Sales Date 2.24.2016
4244 11th Ave NE
Seattle, WA 98105
Lot Size 4,120
Sales Price $1,850,000
Price/Lot Sq.Ft. $449.03
Sales Date 10.11.2016
601 E Pike St
Seattle, WA 98122
Lot Size 9,000
Sales Price $6,171,244
Price/Lot Sq.Ft. $685.69
Sales Date 7.17.2015
1208 E Olive St
Seattle, WA 98122
Lot Size 14,418
Sales Price $7,600,000
Price/Lot Sq.Ft. $448.39
Sales Date 7.29.2016
206 Broadway
Seattle, WA 98122
Lot Size 12,800
Sale Price $6,350,000
Price/Lot Sq. Ft. $496.09
Sales Date 9.8.2017
1732-1818 Broadway
Seattle, WA 98122
Lot Size 38,120
Sale Price $26,684,000
Price/Lot Sq.Ft. $700.00
Sales Date Sale Pending

Sales Comparables MAP

SUBJECT - Eastlake Development Site
3101 -3107 Eastlake Ave E
Seattle, WA 98102

1802 Boylston
Seattle, WA 98122

5260 University Way NE
Seattle, WA 98105

4244 11th Ave NE
Seattle, WA 98105

601 E Pike St
Seattle, WA 98122

1208 E Olive St
Seattle, WA 98122

206 Broadway
Seattle, WA 98122

1732-1818 Broadway
Seattle, WA 98122

Puget Sound Region

The Seattle area, the nation’s 13th largest metropolitan area, is known for its strong business climate as well as its skilled workforce. Several factors contribute to the region’s thriving business community, from the prevailing entrepreneurial spirit to the education levels and skill sets of its work force. Innovative companies attract high-quality workers who typically possess a high level of education.

Seattle is the largest city in the four-county metropolitan area known as the Puget Sound region. The area’s other major metropolitan cities are Bellevue, Tacoma, Everett, and Bremerton. Surrounding these are growing cities that include Kirkland, Redmond, Kent, Renton, Bothell, and Issaquah.

According to Forbes, Seattle is one of the most popular cities in the country for the millennial generation (ages 20-34), with a growth rate of 20.3 percent since 2007. This is primarily due to the abundance of tech, engineering, and biotechnology employment opportunities in the region, which are highly sought after industries by millennials.