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Retail

Interbay Development Site

1154 Elliott Ave W, Seattle, WA 98119

Listing Price: Request For Offer

Lot Size
0.91 acres
Land Type
Land

Investment Overview

The Interbay Development Site consists of a single tax parcel of approximately rectangular shape and an area of 39,618/sq ft. The parcel is zoned IC-65 (M) and lies within the Ballard-Interbay-Northend Overlay and frequent transit service area. Currently a 3,549/SF structure built in 1969 sits on the property. The tenant is The Vitamin Shoppe, a national operator of vitamin supplement stores with 785 locations. The tenant has occupied the property since 2006 and the current lease term is through February 28, 2026 with a one 5 year option to extend the lease term remaining. The lease is structured as a net-leased with the tenant responsible for all operating expenses including taxes, insurance, utilities, and maintenance of the property. The site lies at the southern end of Seattle’s Interbay neighborhood across the street from Expedia’s new waterfront campus. The property boast a WalkScore of 79, Very Walkable, and also features good transit and bike scores. Bus stops for routes 16, 17, 18, 19, 24, 32, 33, and the D-Line are within ¼ mile of the site providing it with access to the neighborhoods of Ballard, Crown Hill , Downtown, Fremont, Magnolia, Queen Anne, and University District. The opportunity for an investor is to develop the property into either office, industrial, or retail. A hotel may also be an option if a permitted use can be obtained from the City of Seattle. Current zoning allows for a floor area ratio (FAR) of 2.75 which would allow for a structure with a gross floor area up to 108,949/SF. The maximum height of a new structure is 65 feet. Records indicator two 6 inch side sewers flow into a combined main running along Elliott Avenue. A developer will likely need to upgrade the capacity of these side sewer lines but will benefit from the existing combined main in Elliot Avenue. Other challenges facing a perspective developer include the designations by the City of Seattle that the property is located within a liquefaction prone area, known slide area, and is on the edge of a steep slope. The Interbay Development Site is an excellent opportunity for an investor to capitalize on well located site near the heart of Downtown Seattle.

Investment Highlights

  • The opportunity for an investor is to develop the property into either office, industrial, or retail. A hotel may also be an option if a permitted use can be obtained from the City of Seattle
  • The maximum height of a new structure is 65 feet.
  • The property boast a WalkScore of 79, Very Walkable, and also features good transit and bike scores.

Exclusively Listed By

Retail

Interbay Development Site

Listing Price: Request For Offer

Lot Size
0.91 acres
Land Type
Land

Investment Highlights

  • The opportunity for an investor is to develop the property into either office, industrial, or retail. A hotel may also be an option if a permitted use can be obtained from the City of Seattle
  • The maximum height of a new structure is 65 feet.
  • The property boast a WalkScore of 79, Very Walkable, and also features good transit and bike scores.

Investment Overview

The Interbay Development Site consists of a single tax parcel of approximately rectangular shape and an area of 39,618/sq ft. The parcel is zoned IC-65 (M) and lies within the Ballard-Interbay-Northend Overlay and frequent transit service area. Currently a 3,549/SF structure built in 1969 sits on the property. The tenant is The Vitamin Shoppe, a national operator of vitamin supplement stores with 785 locations. The tenant has occupied the property since 2006 and the current lease term is through February 28, 2026 with a one 5 year option to extend the lease term remaining. The lease is structured as a net-leased with the tenant responsible for all operating expenses including taxes, insurance, utilities, and maintenance of the property. The site lies at the southern end of Seattle’s Interbay neighborhood across the street from Expedia’s new waterfront campus. The property boast a WalkScore of 79, Very Walkable, and also features good transit and bike scores. Bus stops for routes 16, 17, 18, 19, 24, 32, 33, and the D-Line are within ¼ mile of the site providing it with access to the neighborhoods of Ballard, Crown Hill , Downtown, Fremont, Magnolia, Queen Anne, and University District. The opportunity for an investor is to develop the property into either office, industrial, or retail. A hotel may also be an option if a permitted use can be obtained from the City of Seattle. Current zoning allows for a floor area ratio (FAR) of 2.75 which would allow for a structure with a gross floor area up to 108,949/SF. The maximum height of a new structure is 65 feet. Records indicator two 6 inch side sewers flow into a combined main running along Elliott Avenue. A developer will likely need to upgrade the capacity of these side sewer lines but will benefit from the existing combined main in Elliot Avenue. Other challenges facing a perspective developer include the designations by the City of Seattle that the property is located within a liquefaction prone area, known slide area, and is on the edge of a steep slope. The Interbay Development Site is an excellent opportunity for an investor to capitalize on well located site near the heart of Downtown Seattle.

Exclusively Listed By

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