EXECUTIVE SUMMARY
A 5 UNIT RETAIL SPACE / OUTSTANDING FUTURE DEVELOPMENT OPPORTUNITY
Colliers International McKay | Chhan | Wayne and Michael McQuaid present 6401 Roosevelt Way NE – an existing, single-story retail building and an outstanding future development opportunity. Situated on a 7,620 SF parcel, and located on the hard corner of a signalized intersection with alley access, the current zoning is NC3P-85, and is proposed to increase to NC3P-95 (M) under the pending MHA legislation. The site is immediately adjacent to a Whole Foods anchored neighborhood center, and only one block to the Roosevelt Light Rail Station, scheduled toopen in 2021. The Walk Score is 95 [Walkers Paradise], the Bike Score is 96 [Biker’s Paradise], and Future Transit Score is 95+ [Rider’s Paradise] according to walkscore.com.
Current site improvements consist of a 8,378 SF one-story structure that is divided into 5 retail suites – 4 of the 5 suites are leased, while the 2,600 SF storefront facing Roosevelt has been intentionally left vacant by ownership to provide multiple value-strategies and flexibility for prospective purchasers. That space used to be leased to Sunlight Café and market rents are $30/NNN.
Highest-and-best use is redevelopment given the zoning and location, however the in-place income provides development flexibility and cash-flow during the interim. 6401 Roosevelt is an ideal value-add investment opportunity, strategically located in the center of the Roosevelt Submarket, a true emerging life-style destination.
WALK SCORE
95
[Walker's Paradise]
BIKE SCORE
96
[Biker's Paradise]
FUTURE TRANSIT SCORE
95+
[Rider's Paradise]
OFFERING SUMMARY
Purchase Price
Price per Lot SF
Pro Forma Cap Rate
Address
Site Area
Parcel
Zoning
Net Rentable SF
Year Built
Retail Suites
$3,500,000
$459
5%
6401 Roosevelt Way NE
Seattle, WA 98115
7,620 SF (0.17 acres)
922140-0035
NC3P-85
8,378
1929
5
NEIGHBORHOOD OVERVIEW
Roosevelt/Green Lake Neighborhood
Just north of downtown are the beautiful tree lined streets of the Green Lake – Roosevelt neighborhoods. Over the years, the area became a gathering spot for locals and developed into the Green Lake we know today. This historic area embodies all the true Seattleite values. Home to millennials and families alike, it has a growing business district, destination restaurants and endless things to do.
Green Lake – Roosevelt is one of the fastest growing neighborhoods in Seattle. With easy access to the I-5, 99, and 502, no destination is too far. Developing public transit routes and multifamily/retail spot, these neighborhood are a great place to call home.
