Overview

425 N 85th Street Development Site is superbly located in the heart of Greenwood. For future residents seeking great and walkable amenities, easy access to Seattle’s top employers, and a true urban neighborhood feel, 425 N 85th Street Development is the clear choice.

Whether 425 N 85th Street breaks ground as market-rate or efficiency units, this ideal investment opportunity will benefit from skyrocketing rents and the increased reinvestment and redevelopment in Greenwood.

Property Overview

Pricing $3,500,000
Address 425 N 85th Street, Seattle, WA
Parcel 643050-0342
Offering Development Site

64

Proposed Unit Count

12,240 SF

Total Site Area

NC2-55(M)

Zoning

Excellent LOCATION

425 N 85th Street’s central Greenwood location is within an easy 5 minute walk of some of the City’s best restaurants and bars, arts & culture attractions, and practical amenities such as major grocers and services

RISING RENTAL MARKET

On the fringe of Seattle’s most sought-after neighborhoods, 425 N 85th Street will benefit from continued rent growth pushing from Green Lake, Fremont/ Wallingford, and Ballard

REVITALIZATION

Greenwood is poised for exponential growth as developers flee from over-built and hyper-expensive neighborhoods, capitalizing on the recent upzone and historic neighborhood character

Property Details

Existing Building Summary

Use Single Tenant Office
Tenant Encore Publishing, Inc.
Building SF 4,268 SF
Lease Start 12/20/2002
Lease End Ongoing
Current Rent $9,000
Current Rent/SF $25.30
Tenant Expense Responsibilities Utilities, Real Estate Taxes, Insurance, Repairs & Maintenance

Encore Media Group is aware of the potential sale and redevelopment of the property and are willing to work with the prospective buyer throughout the sale process.

Massing Details

Building Programming 5 residential stories
+ ground floor retail
+ below grade parking
Residential Units 64 units
Average Unit Size 543 SF
Residential Net Rentable 34,724 SF
Commercial Net Rentable 1,838 SF
Gross SF 56,495 SF
Parking 25 stalls (18,741 GSF)

Location

On the outskirts of what were once exclusively considered prime Seattle neighborhoods, North Seattle saw a rapid ascension as a prime investment market after 2012. Greenwood, a refreshingly eclectic and laidback neighborhood within North Seattle, remains a perfect example of that growth.

In addition to private multifamily development, the City has identified Greenwood as a prime area for growth and investment. The Greenwood Town Center, located along 85th Street - the neighborhoods primary East-West corridor - has recently been rezoned to development friendly zones and increase height limits. The re-zone will encourage future development and investment in the neighborhood, providing residents with additional amenities and making the area more pedestrian friendly.

Conveniently, 425 N 85th Development Site is located at the center of this activity. As the area's commercial attractions and community amenities continue to grow, future residents will have endless opportunities to shop, play, eat, and thrive.

Amidst the neighborhood's exciting growth, Greenwood's authentic Seattle spirit shines through. As the local chamber of commerce proudly proclaims, the neighborhood is "Just a little off center." Within a block from 425 N 85th Development Site are local shops, cafes, and restaurants line Greenwood Avenue, and nearby parks such as Greenwood Park and Sandel Park provide sunny green space for community gardens and playgrounds.

5 minute walk to Fred Meyer
8 minute drive to future Northgate and Roosevelt light rail stations
30 minute bus ride to Downtown
7 minute bike ride to Green Lake

Neighborhoods

Amenities


Demographics

  1 Mile 3 Miles 5 Miles
Population 2017 33,588 238,770 426,314
Median HH Income $93,583 $83,601 $91,676
College Educated 87.1% 87.5% 87.5%

Employment Hubs

7/10

ELEMENTARY SCHOOL: GREENWOOD

8/10

MIDDLE SCHOOL: SALMON BAY

10/10

HIGH SCHOOL: ROOSEVELT

Due Diligence

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