Overview

A rare opportunity to acquire a corner lot in Seattle’s most sought after University District Urban Center.

The University District Apartment Development site is 5,000 square feet of land located at the corner of NE 42nd Street and 9th Ave NE in Seattle’s University District neighborhood. The property is ideally located few blocks from the University of Washington campus and U District Light Rail Station, which is slated to open in 2021. This forever location offers residents direct and convenient access to major employers in South Lake Union, Downtown Seattle, and the Eastside.

The proposed development is an 8-story, 44-unit apartment building. Amenities include rentable bike storage and a rooftop area. The heavy lifting of the entitlement process is substantially complete and the Master Use Permit is expected to be approved in early 2021.

Offering Process

Seller will review offers as received, but reserves the right to set a Call for Offers date. This offering is unpriced.

Investment Highlights

FOREVER LOCATION Less than a 10-minute walk to the University of Washington campus, U-District Light Rail Station (opening in 2021), and retail corridor, The Ave.
TRANSFORMING NEIGHBORHOOD The future U-District Light Rail Station (2021) and City’s approval on upzone has transformed U-District neighborhood to Seattle’s most sought after urban center.
ENTITLEMENT IN PROGRESS Heavy lifting of the entitlement process is substantially complete. The Master User Permit (MUP) is expected to be approved in early 2021.
THOUGHTFUL DESIGN Efficient floor plates designed with maximization of net rentable square feet.
DESIRABLE CORNER SITE Corner site offers excellent construction access and good exposure for leasing.
PROXIMITY TO EMPLOYMENT CENTER Easy commute to major employers: University of Washington, Seattle Children's Hospital, Amazon, Google, Facebook, and many startup companies.


FROM UNIVERSITY DISTRICT APARTMENT DEVELOPMENT SITE

WALK SCORE 91 / 100
Daily errands don't require car
BIKE SCORE 76 / 100
Convenient for most Trips
Transit SCORE 83 / 100
Convenient for most Trips

Property Details

Address 4205 9th Ave NE, Seattle, WA 98105
Neighborhood University District
Urban Center/Village University District Urban Center
Parcel Number 409230-1410
Site Size 5,000 SF Land
Zoning MR (M1)
Current Use Rooming House
Entitlement Status Master Use Permit: Final Correction Sent
Building Permit: Application Sent

Development Summary

Architect LEV Architecture
Height 8 Stories +
Partially Sunken Basement
# of Units/Beds 44 / 47
Gross Floor Area 23,752 SF
Net Rental SF 14,710 SF
Avg. Unit Size 334 SF
Retail SF None
Parking None
Bike Stalls 42

RESIDENTIAL AMENITIES

  • EIGHT story apartment building
  • ELEVATOR access
  • WASHERS and dryers in all units
  • RENTABLE bike storage
  • ROOFTOP amenity area
  • BALCONIES for select units

UNIT MIX

Unit Type No. of Units Avg. SF Total SF
SEDU 30 290 8,707
EDU 4 329 1,316
Studio 1 421 421
1 BD / 1 BA 6 449 2,695
2 BD / 1 BA 3 523 1,570
Total/Average 44 334 14,710

Floor Plans

Click the stacking plan to see the corresponding floor plan.


Location

The University District is the most sought after neighborhood for office, residential, and hotel projects in Seattle

THE NEXT MAJOR DEVELOPMENT HUB

February 2017, the Seattle City Council passed new zoning height/density restrictions in the U-District neighborhood. The new upzoning allows buildings in some portions to be as high as 320 feet.

The U-District has already started to see to the benefits of upzoning with an increase of new development and retail options, along with an increase in employment opportunities, as more tech startups and other major employers eye the area.

The 2018 completion of a 7-story, 66,000 SF building on NE 45th St. started to accommodate the demand for commercial office space. Additionally, two Class-A office towers, totaling 400,000 SF, are proposed to be constructed on Brooklyn Avenue by 2023.

66,000 SF office building completed in 2018
Planned office buildings 400,000 SF combined
New U-District light rail station opening in 2021

University of Washington campus to add 13,000+ students & staff by 2028

UNIVERSITY DISTRICT LIGHT RAIL STATION

New U-District light rail station opening in 2021. Just around the corner from the University District Apartment Development Site, the new light rail station will increase residents’ access to employment hub in downtown Seattle, Bellevue and Redmond.


Ride Times From U-District Light Rail Station

5 MIN Capitol Hill Station
5 MIN NHL Seattle Facility
8 MIN Downtown Seattle
15 MIN CenturyLink Seattle
25 MIN Amazon Bellevue Campus

Market Overview

Seattle is a vibrant metropolis that continually attracts new people and businesses with its top-tier educational institutions and culture of innovation, competition, and entrepreneurship.

Seattle’s increasingly diverse economic base is anchored by aerospace, transport, tourism, and other traditional industries coupled with dynamic clusters of high technology and biotechnology firms, which will likely result in economic growth beyond the levels of other major comparable metropolitan areas.

The Seattle area, the nation’s 15th 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 of its workforce. Innovative companies attract high-quality workers who typically possess a high level of education. This well-educated talent flows to economic centers, such as Seattle, for well-paying jobs as well as for the quality of life.


Largest Puget Sound Employers

Transportation

The U-District public transportation is getting a major overhaul that includes an extension of Sound Transit Light Rail, new bus routes, and redesigned streetscapes. These changes are, in part, due to the influx of population and the University of Washington expansion plans, as well as a means to address the Washington State Commute Trip Reduction (CTR) law to reduce carbon emissions and keep major roadways less congested.

Easy commute to major employers: University of Washington, Seattle Children’s Hospital, Amazon, Google, and Facebook


294,654

POPULATION (2020 - 3 MILE RADIUS)

65%

BACHELOR'S DEGREE OR HIGHER (2020 - 3 MILE RADIUS)

82,356

RENTER OCCUPIED HOUSEHOLDS (3 MILE RADIUS)

$133,967

AVERAGE HOUSEHOLD INCOME (2020 - 3 MILE RADIUS)


UNIVERSITY OF WASHINGTON COMMUNITY GROWTH

In 2017, the University of Washington finalized a Campus Master Plan in anticipation of enrollment growth along with other needs of the University community. The 10-year conceptual plan balances intensive investments while preserving historic campus assets. Upzoning approval from the City of Seattle will expand the surrounding community.

CAMPUS EXPANSION

With immense growth over the last few years, the University of Washington plans to expand its campus up to 6,000,000 SF. Upzoning approval from the City of Seattle will expand the surrounding community, and aid in the reduction lone-driver commute to the campus to under 15% of University's population.

UNIVERSITY OF WASHINGTON POPULATION

Full Time 2014 2018 2028 Difference % Inc.
Students 43,725 47,219 52,399 8,674 20%
Staff 16,324 17,629 19,563 3,239 20%
Faculty 7,107 7,675 8,517 1,410 20%
Total 67,156 72,523 80,479 13,323 20%

Due Diligence

Please register to gain access to the due diligence documents. If you have already registered, you may log in here.