Description

Othello Station North is the second phase of the Othello Link light rail development offered by Othello Partners, Inc, which includes 1.9 acres of entitled land with a proposed 345 residential apartment homes and 17,700 square feet of retail space. In November 2010, O' Conner Consulting Group concluded the following:

& it seems most probable that construction would begin in July 2012. Our feasibility analysis thus models the financial returns that could be anticipated from the following timeline:

Site Acquisition July 2011
Construction Commencement July 2012
Construction Completion/Leasing Begins February 2014
Apartment Stabilization April 2015
Reversionary Sale July 2015

Based on this timeline and the market conditions, and product finishes and specifications outlined in this report, the appraisers have estimated the subject' s Prospective Stabilized Value at $97,445,000, or $271,500 per equivalent dwelling unit. Assuming a current land value of $100 per square foot, or $8,130,000, the appraisers have estimated potential gross profit from development to be $33,730,000, or $93,995 per unit at stabilization (April 2015).

The subject property is located at 4200 South Othello Street in one of the South Seattle neighborhoods in the Seattle Metropolitan area. South Seattle includes neighborhoods of Beacon Hill, Columbia City, Georgetown, Mt. Baker, Rainier Valley, Seward Park, and South Park. The subject property is located in Rainier Valley, about four miles south of Interstate-90 and one mile west of Interstate-5. Rainier Valley is a diverse community with many locally owned small business. The property is adjacent to the Othello New Holly Light Rail stop with easy access to downtown Seattle and Sea-Tac International Airport.