Overview

The Offering

Kidder Mathews has been retained to exclusively market for sale the Trio Parking Garage in one of Seattle’s densest, fastest growing neighborhoods. The Trio Condominiums is a six story residential building with 117 residential condominium units built in on the border of Belltown and Lower Queen Anne in 2006. This sale offering entails the condominium interest in the first level of parking, consisting of approximately 68 parking stalls on one level. This offering presents an incredible opportunity to purchase passive income in a market that continues to density, driving the income for the property up steadily.

This property is situated on Denny and Western Avenue, with a significant amount of residential and office projects nearby as well as in the pipeline. With relaxed parking requirements throughout the city for new construction, parking supply has become a premium in one of the country’s fastest growing cities. The Trio Parking Garage abuts Lower Queen Anne to the north, which has a total of 27 projects and 3,372 new residential units in its delivery pipeline, and Belltown to the south, which has 47 new projects planned and an additional 15,221 new residential units in the pipeline.

This offering presents an incredible opportunity to purchase steady cash flow with very minimal expense items in a rapidly growing market.

Marketing Process
The property is being offered for sale at $3,750,000. The ownership will review offers as received.

Highlights

  • Secure, safe cash flow consistently growing as the area densifies
  • Incredible location with high traffic counts and dense nearby retail and office
  • Significant amount of local development increasing nearby density
  • Well maintained structure with minimal maintenance or management needed
  • Secured parking garage with easy access off of the alley

Property Details

Summary

Trio Parking Garage is a secured garage beneath the Trio Condominiums located on the border of the rapidly growing Belltown and Lower Queen Anne neighborhoods.

Property Trio Condominiums
Property Address 3104 Western Ave, Seattle
Type Parking Garage
Ownership Type Condominium Interest
Total Building Size –
Residential / Parking
113,466 SF Residential
100,870 SF Parking
Condo Interest Total Size 23,374 SF
Occupancy 100%
Year Built 2006
Buildings 1
Stories 6 Residential / 4 Parking
Total Parking 293 Spaces
Parking by Floor Level Level 1: ±70 stalls (For Sale)
Level 2: ±5 stalls
Level 3: ±78 stalls
Level 4: ±67 stalls
Land Area 25,851 SF
Zoning DMC-75
2017 Projected NOI $162,160

Level 1 Floor Plan

Location

Drive Times

Amenities Map

Market Area

Overview

Seattle is a world-class city, boasting the nation's fourth-largest export market and some of the world's top aerospace, life science, and technology companies. Seattle has become a choice destination for international tourists who are valuable contributors to the local economy. Now with an unemployment rate near 4.1% and a strong, and growing, level of household income, Seattle is becoming a major player on the world market.

The strong local economy coincides with a vibrant educational environment; in fact, 59% of Seattle residents have earned college degree or above, compared to 30% nationally. Seattle is often ranked as one of the most educated and most literate cities in the US. The level of higher education throughout the region has led to a highly talented workforce in numerous sectors. Seattle is an established leader in immunotherapy, with anchors that include Juno Therapeutics, Fred Hutchinson Cancer Research Center, and the globally ranked University of Washington. The Gates Foundation and PATH have led the charge on global health, making it one of our region's key intellectual global exports.

The significant job growth throughout the area has created a strong demand in the apartment market. Seattle’s apartment market now has the fastest growing rental rates in the nation, with year-to-date rental rates at over 10 percent. These rates have grown at four times the national average, suggesting a tight market amidst the rapid expansion and development. With this growth in rent is a growth in Seattle’s expected population. Just two years ago U.S. Census data showed Seattle was the nation’s fastest-growing city, and is further expected to increase 38% by 2040.

Development Pipeline

Nearby Parking Options


Seattle named 3rd Smartest City in North America by Fast Company

6th Best City in the U.S. for Business Careers by Forbes

5th Best City in the Nation to find a Job by Glassdoor

Major Regional Employers

Microsoft, Boeing, and now Amazon, have historically dominated the Puget Sound’s office markets. An emerging trend in this area, however, has been the growth of startup technology and life science companies, thanks largely to a highly educated employee base.

The University of Washington, Seattle University, and young employee alumni of Microsoft and Amazon have amplified the entrepreneurial mindset in the area.

Further, the world’s best capitalized non-profit, Bill and Melinda Gates Foundation, is located in Seattle with a commitment to entrepreneurialism, expanded educational opportunities, and access to information technology. Other large office tenants in the area include:

Due Diligence

Please register to go to gain access to the due diligence documents. This includes: historical P&L statements, neighboring parking easement, and sample parking lease