Overview

The Offering

Kidder Mathews is pleased to present the opportunity to acquire the Yesler Way Offering located on the edge of Seattle’s Yesler Terrace, Central District, and International District submarkets, minutes from the CBD. This offering includes a 28,359 SF corner site adjacent to the Seattle Street Car Line with an additional 5,439 SF parcel to the east of the larger assemblage. Prospective buyers can purchase the entire property or each piece individually. The larger assemblage of parcels provides a prospective buyer with an outstanding development opportunity with potential short term income in an existing 9,962 SF warehouse while the smaller stand-alone parcel provides a smaller unique development opportunity, well situated for townhomes, live/work units, or single family residences.

This unique opportunity is located within an identified Opportunity Zone and presents investors and developers with the potential to take advantage of deferring capital gains while significantly reducing tax consequences. The project also presents an excellent development opportunity within blocks of the well-underway master planned community at Yesler Terrace, as well as several of Seattle’s larger medical employer bases, including Harborview, Swedish Medical Center, and Virginia Mason. Seattle University and its rapidly expanding campus are only several blocks north of the property. Further, the Seattle Street Car runs adjacent to the Yesler Way Offering connecting the property to Capitol Hill and eventually, Pioneer Square.

Offering Process

The Yesler Way Offering is available for sale for $8,670,000 which includes both the four parcel assemblage as well as the individual, stand-alone parcel; the ownership will entertain offers to sell the properties together or separately. The ownership will review and respond to offers as submitted while reserving the right to call for offers at a later date.

Investment Highlights

  • Readily developable site located within an Opportunity Zone
  • Adjacent to the First Hill Streetcar Line connecting the property to Capitol Hill and countless restaurants, shops, & office buildings
  • Within walking distance of several large medical and educational institutions serving thousands of employees and students
  • Blocks away from Yesler Terrace, Seattle’s largest master planned community, providing several parks, thousands of market rate and income adjusted residential units, and 1 million SF of commercial space
  • Located in a Walker’s, Rider’s, and Biker’s Paradise with excellent scores in all 3 metrics
  • Within blocks from incoming Judkins Light Rail Station connecting Seattle and the greater eastside within minutes by public transit
  • Great access to site with streets on three sides of property
  • Surrounded by numerous schools and parks
  • Incredible recent rental growth and residential demand due to unprecedented economic and job growth throughout the greater Puget Sound region

Property Details

4-Parcel 28,359 SF Corner Site

Formerly used as a highly secured warehouse for an armored truck and cash service company, the property now consists of a vacant 9,962 SF building on over 28k SF of land. The property is mostly level as a larger portion of the eastern part of the property had previously been taken to grade level with a retaining wall running along the eastern boundary. Surface parking fills the majority of the northern part of the property with the warehouse situated on the southern part of the property.

The building itself is largely warehouse space built out with numerous large rooms functioning as cash safes. Two large roll up doors provide access to the building for distribution purposes. In addition to the warehouse, there is a small amount of office space in two levels in the eastern part of the building.

Site Information

Address 1401 E Yesler Way
Parcel # 0007600135 | 8,164 SF
0007600134 | 8,176 SF
3319500045 | 7,869 SF
3319500055 | 4,150 SF
Building Size 9,962 SF
Building Stories Two (2)
Year Built 1986
Construction Type Masonry
Historical Landmark No
40% Steep Slope No
Floodprone No
Wetlands No
Liquefaction Zone No

5,439 SF Mid-Block Parcel

This mid-block parcel is currently vacant with light vegetation on the site. While situated on a flat parcel, the property is 5,439 SF in total land area. This property is readily developable for either townhomes, live/work, duplex, or single family residences, as the neighbor to the west is currently building 6 similar units on a slightly smaller, adjacent parcel.

Site Information

Address 1417 E Yesler Way
Parcel # 0007600132 | 5,439 SF
Buildings 0
Historical Landmark No
40% Steep Slope No
Floodprone No
Wetlands No
Liquefaction Zone No

Zoning Information

  • Zone
    NC2-40’ (current)
    NC2-55’ (proposed)
  • Urban Center / Village
    23rd and Union – Jackson Residential Urban Village
  • Permitted Uses
    Most residential uses, medium-sized grocery, office, hospitality, live-work units
  • Height
    Base 40’ (proposed zone – 55’)
    Max Height 44’
  • Floor Area Ratio (FAR) Max
    3.0 (Single-purpose structure)
    3.25 (Mixed-use structure)
    3.75 (proposed zone)
  • Parking
    No min. in Urban Villages

Location

Neighborhood

Located just east of Yesler Terrace, the City of Seattle’s largest master planned community, the Yesler Way Offering is within blocks of both I-5 and I-90 providing easy access to the entire region. To the north and east of the site are Seattle’s thriving Capitol Hill and First Hill neighborhoods. Capitol Hill has become Seattle’s most prominent nightlife, restaurant, and entertainment scenes, and embraces the regional expansion by entertaining and housing much of the area’s growing technology and medical employment base. Likewise, First Hill has experienced rapid growth with the expansion of several major hospitals as well as the new 30-acre Yesler Terrace master planned community.

Within blocks of the Yesler Way Offering are the Seattle CBD, International District, and historic Pioneer Square just to the west. Across the street is the First Hill streetcar, connecting the surrounding area with all three of these areas. Additionally, the planned Judkins light rail anticipated to open in 2023 will provide further public transportation options to the area.

Public Transit

The Yesler Way Offering is located in a walker’s paradise, entailing a walk score of 92, but those searching for a more efficient means of transportation have alternative options. Seattle’s $7 billion-dollar Link Light Rail system will soon be opening Judkins Park light rail station, which will become a key interchange station between East Link Light Rail and frequent transit routes on Rainier Avenue South. Additionally, within a block of the subject property, streetcar offers another transportation option for residents to utilize. Open since 2016, the streetcar consists of 10 stops and stretches 2.5 miles. An important link in the regional transit system, the First Hill streetcar connects to the Link Light Rail at the Capitol Hill and International District stations, the Sounder Commuter Rail and Amtrack intercity rail at the King Street Station, and Metro Transit buses at several points. Convenient access to these stops is a very attractive quality.

Highlights

  • Highly desirable location within blocks of the Yesler Terrace Master Planned Community
  • Incoming Judkins Light Rail within blocks as well as existing Streetcar within a block from the subject property
  • Dozens of parks within walking distance of the site providing a significant amount of green, open spaces
  • Near Seattle’s restaurant hubs, in the International District, the Central District, and Capitol Hill, as well as a quick street car ride to the prominent Pike/Pine Corridor with Seattle’s high end and boutique retail options
  • Easy access to Washington’s two primary interstates, I-5 and I-90
  • Neighboring major institutions include: Harborview & Swedish
  • Medical Centers, Virginia Mason Hospital, and Seattle University

Public Transit / Traffic Count Aerial

Nearby Amenities

DEMOGRAPHICS - POPULATION & INCOME 1 Mile 3 Miles 5 Miles
Population 48,789 194,107 430,048
Median Household Income $52,127 $81,513 $87,654
Median Home Value $347,346 $415,841 $445,780

Due Diligence

Please register to go to gain access to the due diligence documents, which includes the offering memorandum.