Colliers International WA LLC in partnership with McQuaid Commercial Real Estate are the exclusive Listing Brokerage for this Offering. Tim McKay, Dan Chhan, Sam Wayne and Michael McQuaid exclusively representing the Seller in the sale of the 6401 Roosevelt Way NE.

CONTACT OUR TEAM

TIM MCKAY
Senior Vice President
+1 206 223 5586
Tim.McKay@colliers.com

DAN CHHAN
Senior Vice President
+1 206 223 1265
Dan.Chhan@colliers.com

SAM WAYNE
Vice President
+1 206 515 4498
Sam.Wayne@colliers.com

COLLIERS INTERNATIONAL
601 Union St., Ste. 5300
Seattle, WA 98101
www.colliers.com

Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. This publication is the copyrighted property of Colliers International and /or its licensor(s) 2019. All rights reserved.

MICHAEL MCQUAID

Principal

+1 206 270 8887

mem@mcquaidre.com

 

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

1/1
 
 

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.