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SKYWAY 53-UNIT DEVELOPMENT SITE

Offering Memorandum

EXECUTIVE SUMMARY

Exclusively listed by Jonathan Nicoli of zeptoRE, this development opportunity is well-suited for a developer/investor looking to take advantage of the rent growth in the area topping 5% annually in recent years. The site is also located in a designated Opportunity Zone, which may present favorable tax treatment of investors’ capital gains.

6950 S 123rd ST, SKYWAY WA, 98178

 

This development site is proposed for building 53 units with a mix of studios, 1-bed, 2-bed, 3-bed & townhomes units.

Located in the outskirts of Seattle, it is in the federally-designated Opportunity Zone with light walking distance to Skyway Park, easy access to I-5 & I-405, few minutes to SeaTac International Airport.

The operator of the completed project may benefit from the recent annual rent growth of at least 5% per year.

Also, an investor looking for favorable treatment of capital gains taxes on most investment vehicles may benefit from the Opportunity Zone designation of the site.

Asking Price​: $1,700,000​

Land Price/Dwelling Unit​: $34,000​

Lot Size​: 96,450 SF | 2.21 Acres

Approved Use​: 50 Dwelling Units (Mix of studios, 1-BR, 2-BR, 3-BR & Townhomes)

Units Summary:

Studios: 16 units

One Bedroom: 6 units

Two Bedrooms: 22 units

Townhomes: 6 units

Parcel Number (King County)​: 7689600975 & 7812801880

 Zoning​: R-24 & R-6

Vehicles Per Day​: 5,268 on 68th Ave S & S 120th St S

BUILDING RENDERINGS

SPACE SUMMARIES

PROFORMA PROJECT VALUATION

PROFORMA RENT ROLL

MULTIFAMILY RENTAL SURVEY

Newer Skyway Multifamily Properties

AREA MULTIFAMILY SALES TRANSACTIONS

Sales Transactions on Renton Multifamily Properties Built 2015 & Newer

CONFIDENTIALITY & DISCLAIMER

The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from zeptoRE LLC & Century 21 Real Estate Center (“Brokers”) and should not be made available to any other persons or entity without the written consent of zeptoRE LLC. This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property.

The information contained herein is not a substitute for a thorough due diligence investigation. The Brokers have not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Market Positioning Analysis has been obtained from sources we believe to be reliable; however, the Brokers have not verified, and will not verify, any of the information contained herein, nor has the Brokers conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.  ​

NON-ENDORSEMENT NOTICE

zeptoRE LLC & Century 21 Real Estate Center is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of zeptoRE LLC, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of the Brokers and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.​

SPECIAL COVID-19 NOTICE

All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. ZeptoRE LLC & Century 21 Real Estate Center had not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. zeptoRE LLC’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. zeptoRE LLC and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.

By accepting this Offering Memorandum, you agree to release zeptoRE LLC & Century 21 Real Estate Center and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.