Overview

The Offering

The West Seattle Development Offering is a 32,000 SF land site right adjacent to the West Seattle Bridge with views of Downtown Seattle, Mount Rainier, and the Cascades. Situated in a C1 zone with a forty foot height limit, the offering presents a unique opportunity to acquire a large site in the close-in Seattle market with numerous potential end uses.

Several recently developed, nearby projects demonstrate the growth in the area, as Seattle continues its unprecedented surge in both population and new employment. The City of Seattle is now the #1 City in the US to find a job, the #1 fastest-growing big city in the country, the #1 city for the highest job growth for small business, and the #1 most sustainable city in the country. The West Seattle Development Offering presents a rare opportunity for a developer to acquire a large site with incredible potential and significant growth on the near horizon.

Offering Process

The property is being marketing for sale at $895,000. Offers may be submitted at any time, however, the ownership reserves the right to call for offers at a later date.

Investment Highlights

  • Located on West Seattle with quick access to the West Seattle Bridge, I-5 and Highway 99
  • Flexible commercial zone allows variety of potential end uses, including apartments, low income housing, self-storage, and numerous office and retail uses
  • High level of visibility from West Seattle Bridge with over 40,000 daily vehicles passing by
  • Surrounded by strong apartment growth market with solid demographics and high incomes
  • Large site provides flexibility in development programming
  • Site Size is Approximately 32,305 SF
  • Underlying Zoning is C1’40’

Property Details

Property Summary

Address
3905 SW Avalon Way, Seattle, WA 98126

Parcel # | Locality
132403-9105 | King County

Site Size
32,305 SF | 0.74 Acres

Frontage
Approximately 135 Feet on SW Bradford St

Zoning Summary

Zone
Commercial 1 with 40’ Height Limit (C1-40’)

Maximum Floor Area Ratio
3.00 – Residential-only or nonresidential-only
3.25 – Mix of residential & nonresidential uses

Allowable Uses
Apartments, low income housing, senior living, townhomes, self-storage, general office uses, general retail uses, parking, large supermarkets, auto sales & repairs

Location

Overview

Located just off of the West Seattle Bridge, the West Seattle Development Offering sits just north of the West Seattle Stadium and Golf Course, overlooking downtown Seattle. Significant local development has brought a new sense of density to West Seattle while the neighborhood continues to maintain its relaxed, Seattle roots. Numerous local restaurants and bars are within walking distance, as is Trader Joe’s, and only a several minute drive is Alki Beach and numerous other city-wide parks.

West Seattle

West Seattle is the largest neighborhood in the largest town in the Puget Sound. Numerous popular attractions have brought in both permanent residents as well as tourists since Seattle’s early days. The area now maintains a family-friendly and decidedly laid-back feeling while offering an expansive beachfront for sunset-watching and a charming blend of local shops and dining.

Local Pipeline

West Seattle has seen over 1,100 apartment units delivered to the submarket since the beginning of 2015, with another 1,000 units in some phase of construction or planning. The area has experienced a significant surge of growth since the Great Recession and shows little sign of slowing down as more and more residents move to the area based on its close proximity to the Puget Sound and Downtown.

Within blocks of the West Seattle Development Opportunity are 5 new projects in some phase of planning. Numerous townhomes and smaller apartments make up the bulk of this incoming pipeline as rents continue to steadily increase and vacancies get tighter and tighter.

According to Dupre and Scott, apartments in West Seattle have an occupancy rate of over 96% while showing consistent year over year growth in the rental rate since 2011 despite adding close to 1700 new units in that same amount of time.

Demographics 1 Mile 3 Mile 5 Mile
Est. Population (2016) 17,920 91,244 342,356
Est. Avg HH Income (2016) $92,908 $96,332 $94,495
Owner-Occupied Median Home Value (2010) $377,024 $387,939 $378,243

Traffic Count

Drive Times

  • 3 minutes to West Seattle Golf Course
  • 4 minutes to the Admiral Way & California Ave West Seattle Junction
  • 7 minutes to Downtown Seattle
  • 9 minutes to Alki Beach Park
  • 13 minute to the University of Washington
  • 17 minutes to Seattle-Tacoma International Airport