15th Ave East - Seattle, WA: Contact

FOR PRIME CAPITOL HILL
SALE INVESTMENT PROPERTY

15th Ave East - Seattle, WA
Contact $12,500,000
Katherine Laird
office: 206.757.8892 416 & 426 15th Ave E
cell: 206.915.0109 Seattle, WA 98112
katherinelaird@centurypacificlp.com
www.CenturyPacificLP.com
1201 Third Ave, Suite 1680
Seattle, WA 98101
CenturyPacific, LLLP
Steven L. Wood
Managing Director
Tel. 206 757 8891
stevenwood@centurypacificlp.com
Katherine K. Laird
Executive Vice President
Tel. 206 757 8892
Campbell Mathewson
Executive Vice President
Tel. 206 757 8893
cmathewson@centurypacificlp.com
Michael E. Finch
Vice President
Tel. 206 757 8895
michaelfinch@centurypacificlp.com
Contact
Katherine Laird
office: 206.757.8892
cell: 206.915.0109
Page 1
Seattle, WA 98101
PROPERTY OFFERING MEMORANDUM
University of Washington (University) has engaged CenturyPacific, LLLP (CenturyPacific
or Investment Team) as real estate advisor and agent on an exclusive basis in connection
with a proposed sale of (the Property) located at 15th and Republican in the bustling
Capitol Hill neighborhood of Seattle.
This Confidential Offering Memorandum (Memorandum) is being delivered to a limited

number of parties who may be interested in the Property. By acceptance hereof, each
recipient agrees not to reproduce or use in whole or in part the information contained
herein, or any other information that is not already public, and to use this Memorandum
only for the purpose of evaluating the offering made hereby.
The Property was aquired by the University as part of a charitable donation. This
Memorandum has been prepared based partly upon information furnished by the University
(and the prior owner of the property) which has reviewed it and authorized its use for
the purpose and in the manner described above. Neither the University, CenturyPacific,
shareholders, partners nor affiliates, make any representations or warranties with regard
to the accuracy or completeness of the information contained herein. CenturyPacific has
conducted a limited review of the information contained in this Memorandum, but has
not independently verified the accuracy or completeness thereof. CenturyPacific does
not represent or warrant the accuracy or completeness of the information contained
in this Memorandum. Nothing contained in this Memorandum should be construed as a
representation by any person as to the future possibilities or performance of the Property.
EACH POTENTIAL PURCHASER IS EXPECTED TO

CONDUCT ITS OWN DUE DILIGENCE.
1201 Third Avenue, Suite 1680
Seattle, WA 98101
Katherine K. Laird Steven L. Wood

Executive Vice President Managing Director
katherinelaird@centurypacificLP.com stevenwood@centurypacificLP.com
Ph: 206 757 8892 Cell: 206 915 0109 Ph: 206 757 8891
Contact S. Campbell Mathewson Michael E. Finch

Katherine Laird Executive Vice President Vice President
office: 206.757.8892
cell: 206.915.0109
Page 2 Seattle, WA 98101
TABLE OF CONTENTS
I. INVESTMENT SUMMARY 4
Price
Investment Overview
Property & Current Improvements
Site Summary
Current Leasehold Obligations
Leasehold Financials
Demand Generators
Zoning/Land Use
Environmental Matters
II. NEIGHBORHOOD 7
Neighborhood
Location & Amenities
Access & Transportation
Sound Transit Light Rail
III. DEMOGRAPHICS 9
IV. MAPS & PHOTOS 10

Property Photos
V. DISCLAIMER 16
Contact
Katherine Laird
office: 206.757.8892
cell: 206.915.0109
I. INVESTMENT SUMMARY
15th Ave East - Seattle
PRICE
$12,500,000
INVESTMENT OVERVIEW
The owners of the Property located at 416-426 15th Avenue are offering for sale a
37,800 SF (0.87 acre) site, in two tax parcels, located on the corner of 15th Ave East and
East Republican Street in Seattles Capitol Hill neighborhood. The Property is improved
with two buildings as more fully described below. The Property is 100 % leased to
commercial and residential tenants.
The opportunity presented is to acquire a prime Capitol Hill property that has an income
stream and outstanding redevelopment potential. Part of the appeal of this Property
lies in the opportunity of future development. 15th Avenue E in Capitol Hill is a well-
established retail core surrounded by residential uses. The 15th Avenue corridor is well
known to anyone who knows Seattle. Referring to the QFC on 15th is like mentioning
the Space Needle at Seattle Center. The 15th Avenue corridor has long been the
economic base and heart of the Capital Hill neighborhood. While other retail corridors
have developed over time in Capitol Hill, the retail and shopping foundation of this area
started on 15th Avenue East. This arterial is currently anchored by icon establishments
such as the Coastal Kitchen, Victrola Coffee, the Canterbury Ale House, The Wandering
Goose, Ethan Stowells Rione XIII and many more. Owning this Property on this block is
like owning a part of Capitol Hills history as a neighborhood!
PROPERTY and CURRENT IMPROVEMENTS

The Property is improved with two buildings. The south parcel measures 27,028 SF and
is improved with a 19,000 SF QFC grocery store built in 1944. The north parcel measures
10,772 SF and is improved with a two-story, 9,685 SF building constructed in 1904, with
seven apartments above ground level retail (Rudys Barbershop, Take 2 and a ShopRite
store). The rear of the north parcel is leased by QFC as a driveway to access its loading
dock. The available spaces are 100% occupied.
SITE SUMMARY
Address: 416 & 426 15th Ave E
Seattle, WA 98112
Land Area: 37,800 SF
Contact Parcel Numbers: 4232400635 (10,772 SF)
Katherine Laird 4232400655 (27,028 SF)
office: 206.757.8892 Zoning: NC2P-40
cell: 206.915.0109
INVESTMENT SUMMARY
15th Ave E - Seattle
CURRENT LEASEHOLD OBLIGATIONS

QFC has been a fixture of the active 15th Avenue corridor of Capitol Hill for decades.
The current lease is dated 1964, with multiple amendments. The current term for the
QFC space expires in September 2018, with three 5-year extensions remaining. Thus,
the potential term of the QFC lease is into September 2033.
The Rudys Barber Shop in the north building occupies 1,400 SF and is in the second year of
a 10-year term. The current lease expires on February 28, 2025, with one 5-year extension
option. The ShopRite store, also in the north building, is in an extended lease period that
expires on September 30, 2019. There remains one 5 year extension options, potentially
extending the lease terms to September 30, 2024.
COMMERCIAL TENANTS
Tenant Commencement Date Current Term Expiration Extension Options
QFC 08/01/64 09/28/18 three 5-year options

Rudys Barber Shop 03/02/15 02/28/25 one 5-year option
ARY Traders dba ShopRite 09/01/09 09/30/19 one 5-year option
Sarah S. Simpson dba Take 2 Fashion 08/24/11 08/31/19 one 5-year option
LEASEHOLD FINANCIALS
The 2017 Budgeted Net Operating Income for the entire Property, including the 7
apartments, is $468,183. The QFC lease is a modified NNN, with the landlord paying
only real property taxes. The other retail leases are NNN leases. Tenants in the
apartments pay for electricity charged to each unit. A summary of the leasehold
income is contained in the tables below.
RESIDENTIAL UNITS [7]
Unit # GLA Current Monthly Rent Current Annual Rent Market Rent Monthly Market Rent Annually
1 650 SF $950 $11,400 $1,300 $15,600

2 840 SF $1,050 $12,600 $1,680 $20,160
3 595 SF $341 $4,095 $1,190 $14,280
4 505 SF $800 $9,600 $1,010 $12,120
5 510 SF $800 $9,600 $1,020 $12,240
6 565 SF $783 $9,390 $1,130 $13,560
7 720 SF $888 $10,656 $1,440 $17,280
total 4,385 SF $5,612 $67,341 $8,770 $105,240
COMMERCIAL UNITS [4 units including QFC]

26,685 SF GLA Rent Reimbursed Expenses Total
Contact monthly $40,737 $3,526 $44,263
Katherine Laird annually $488,844 $42,306 $531,150

office: 206.757.8892
cell: 206.915.0109 The budgeted annual expenses are $130,308.
INVESTMENT SUMMARY
DEMAND GENERATORS
Capitol Hill is located in close proximity to downtown Seattle and South Lake Union, home
to Amazon and many other employers. Downtown Seattle has the greatest concentration
of employers in the Pacific Northwest. Historically, Capitol Hill has been a popular place to
live because of its proximity to employers and the vibrant retail core. The light rail station
that opened in April 2016 has increased the desirability of the Capitol Hill neighborhood.
In fact, Capitol Hill is the most densely populated census tract in Seattle.
(Source: Washington State Office of Financial Management)
ZONING/LAND USE
The Property is zoned NCP2-40. The Neighborhood Commercial zone, with a 40-foot building
height limit, allows a variety of mixed uses, including residential, residential/mixed use and
single purpose commercial uses. The P designation places an emphasis on and encourages
a pedestrian oriented shopping district in the neighborhood commercial zones. All of the
current leasehold uses are permitted uses in the NCP2 zone.
In the immediate vicinity of the Property, the predominant land uses along 15th Ave E, the
primary arterial, and surrounding streets, is multi-family, retail and/or mixed use. The Group
Health medical complex is also a prominent presence in this vicinity.
ENVIRONMENTAL MATTERS
The due diligence materials available to Buyer include a Phase I environmental report
prepared by Farallon Consulting and additional investigative reports by AECOM and
Kane Environmental. The historical uses of the property include the 15th Avenue
Garage on the north parcel from approximately 1925 through the mid-1980s and
two dry cleaners between 1935 and 1960 on the south parcel. There was one UST
closed in place in the 1993. A heating oil tank remains under the north building slab.
Buyer is encouraged to complete its own due diligence.
II. NEIGHBORHOOD
NEIGHBORHOOD
Capitol Hill rises just above downtown and the neighborhood is home to a lively mix of
91
families, young professionals and students. The highly walkable area offers cafes, trendy
and unique shops, and abundant nightlife. Good food abounds, with restaurants like
Coastal Kitchen, Liberty, Monsoon, Smith and Palermo Pizza, artisan bakeries like Bakery
Nouveau and Hello Robin and local coffee roasters like Caffe Ladro and Victrola Coffee
Roasters.
LOCATION & AMENITIES

The neighborhood has excellent public transportation, numerous bike lanes and a Pronto
Cycle share station at the corner of 15th Avenue East and East Thomas Street. The new
69 72
First Hill Street Car connects Pioneer Square to First Hill, with a stop at the upcoming
Sound Transit Light Rail Station at Broadway and Denny scheduled to open early 2016,
providing a ride to downtown Seattle in just a couple of minutes or to the airport in just
forty minutes. Most daily errands do not require a car.
*www .walks co re .c om
Nearby neighborhoods: Montlake, First Hill, Madison Valley, Beacon Hill, Central District,
South Lake Union, Eastlake and Portage Bay, Pioneer Square and Downtown.
ACCESS & TRANSPORTATION

With a Walk Score of 91 out of 100, and a Bike Score of 97 of 100, the Property is idea
for anyone interest in walking and biking to work and play. Commuter options abound
as well. The neighborhood has excellent public transportation, numerous bike lanes and
a Pronto Cycle share station at the corner of 15th Avenue East and East Thomas Street.
The new First Hill Street Car connects Pioneer Square to First Hill, with a stop at the
upcoming Sound Transit Light Rail Station at Broadway and Denny scheduled to open
early 2016, providing a ride to downtown Seattle in just a couple of minutes or to the
airport in just forty minutes. Most daily errands do not require a car.
SOUND TRANSIT LIGHT RAIL

This underground station is located on Broadway. Safe and speedy elevators and
escalators connect the station platform to the street and the surrounding neighborhoods
and business district, as well as Seattle Central College. The ride to downtown Seattle is
under 5 minutes, and to the airport just 45 minutes. Also just a short walk away is the
First Hill Streetcar.
Page 7
NEIGHBORHOOD
THE PROPERTY
416 & 426 15th Ave E
LEGEND
Streetcar
Proposed Streetcar
Streetcar Stop
Proposed Streetcar Stop
Sound Transit Station
III. DEMOGRAPHICS
Who Lives Here?

Power Singles - High-income urban singles.
Highly educated professionals, many with advanced degrees. They draw
a handsome salary and have reasonable living expenses while living a hip,
upscale life in an urban center.
Corporate Climbers - High-income, high expense urban singles.

Urban singles with an up-and-coming income, but with higher-than-average
living costs Most have college educations and are employed as mid-
management professionals.
Bright Lights, Big City - Very mobile singles living in the city.
Singles ranging in age from early 20s to mid 40s who have moved to an
urban setting. Most rent their apartment or condo. Some have a college
education and work in services and the professional sector
Capitol Hi ll Seattle
Median Household $58,707 $45,736

Income
Owners/Renters 51%/49% 48%/52%
Median Age 37 37
Single Males 24% 23%
Single Femal es 21% 19%
Homes With Kids 20% 18%
Contact Household Si ze 2.1 2.1

Katherine Laird
office: 206.757.8892 Commute Time 25 min 27 min
cell: 206.915.0109
source: seat tle.findwell.com/seattle-neighbo rhoods/walli ngford/
IV. MAPS & PHOTOS
520
MONTLAKE
EASTLAKE
LOWER
QUEEN ANNE
Volunteer
Park Japanese
Garden
SOUTH LAKE
UNION 416 15th Ave E
99
Seattle
Center
CAPITOL HILL
Group
Health
Capitol
Hill
Campus
Cal
Seattle
Central Anderson
Community Park
College
MADRONA
BELLTOWN
Virginia Mason
Medical Center
Swedish
Medical
Center Seattle
CENTRAL DISTRICT
DOWNTOWN University Swedish
Medical
Harborview Rehab
Medical
Center
Contact
Katherine Laird
office: 206.757.8892
cell: 206.915.0109
MAPS & PHOTOS
Page 11
MAPS & PHOTOS
Page 12
Page 13
Page 14
MAPS & PHOTOS
15th Ave E - Seattle, WA
Page 15
V. DISCLAIMER
DISCLAIMER
Materials contained in this offering are furnished solely for the purpose of considering
the purchase of the property located at 416-426 15th Ave E in Seattle, Washington
(the Property); described herein and are not to be used for any other purpose or
to be made available to any other person without the express written consent of
CenturyPacific, LLLP (the Investment Team) and the Sellers. The material is based,
in part, upon information supplied by Seller and, in part, upon information obtained
by the Investment Team from sources they deem to be reliable. Summaries contained
herein of any legal documents are not intended to be comprehensive statements
of the terms of such documents, but rather are outlines of some of the principal
provisions contained therein. No warranty or representation, expressed or implied,
is made by Seller, the Investment Team or any of their related entities as to the
accuracy or completeness of the information contained herein. Prospective investors
should make their own investigations, projections and conclusions. Interested buyers
should be aware that the Seller is selling the Property in AS IS CONDITION WITH
ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR
NATURE. It is expected that prospective investors will conduct their own independent
due diligence concerning the Property, including such engineering and environmental
inspections as they deem necessary to determine the condition of the Property and
the existence or absence of any potentially hazardous materials used on the Property.
No representations, expressed or implied, are made as to the foregoing matters
by Seller, the Investment Team or any of their officers, employees, affiliates and/or
agent. Information contained in this Offering Memorandum is further governed by
the Property Agreement.
Contact
Katherine Laird
office: 206.757.8892
cell: 206.915.0109

15th Ave East - Seattle, WA: Contact

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FOR PRIME CAPITOL HILL

SALE INVESTMENT PROPERTY

This Confidential Offering Memorandum (Memorandum) is being delivered to a limited

EACH POTENTIAL PURCHASER IS EXPECTED TO

Katherine K. Laird Steven L. Wood

Contact S. Campbell Mathewson Michael E. Finch

IV. MAPS & PHOTOS 10

PROPERTY and CURRENT IMPROVEMENTS

CURRENT LEASEHOLD OBLIGATIONS

QFC 08/01/64 09/28/18 three 5-year options

1 650 SF $950 $11,400 $1,300 $15,600

COMMERCIAL UNITS [4 units including QFC]

Contact monthly $40,737 $3,526 $44,263

Katherine Laird annually $488,844 $42,306 $531,150

LOCATION & AMENITIES

ACCESS & TRANSPORTATION

SOUND TRANSIT LIGHT RAIL

Who Lives Here?

Corporate Climbers - High-income, high expense urban singles.

Median Household $58,707 $45,736

Owners/Renters 51%/49% 48%/52%

Single Males 24% 23%

Single Femal es 21% 19%

Homes With Kids 20% 18%

Contact Household Si ze 2.1 2.1

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