1. SoDo Market Conditions
October
SoDo Market Conditions
PREPARED FOR
Appraisal Institute Fall Real Estate Conference
PREPARED BY
Jim Kidder, SIOR
Senior Vice President

2. SoDo Market Conditions
SoDo Aerial

3. South Seattle Vacancy SoDo Market Conditions End of 3rd Quarter 1.79%
Projection -Gradual increase in vacancy
-Stable rental rates
-Tenants will need to adjust to new rents
End of 2nd Quarter %

4. SoDo Market Conditions
Industrial Lease Rates

5. Associated Grocers SoDo Market Conditions
3301 S. Norfolk Street, Seattle
Sale Date: November 23, 2016
Building SF: 963,000
Land SF: AC
Sale Price: $138,488,000
Price PSF Bldg: $143.81
Price PSF Land: $50.29
Cap Rate: 5%
At a 5% Cap Rate Rent: $0.60 PSF/month blended

6. Color Graphics SoDo Market Conditions 1421 S. Dean Street, Seattle
Sale Date: August 31, 2017
Building SF: 35,997
Land SF: 52,316
Sale Price: $9,000,000
Price PSF Building: $250.02
Price PSF Land: $172.03
Cap Rate: 5%
At a 5% Cap Rate Rent: $1.04 PSF/month blended
*Note: Sold for $5,950,000 on 4/28/16, IC-Zoning

7. Morel Foundary SoDo Market Conditions 637 S. Lucile Street, Seattle
Sale Date: February 3, 2017
Building SF: 45,320
Land SF: 63,001
Sale Price: $7,750,000
Price PSF Building: $171.01
Price PSF Land: $123.01
Cap Rate: 7.7%

8. Gary’s Westside Towing
SoDo Market Conditions
Gary’s Westside Towing
5939 4th Avenue South, Seattle
Sale Date: January 27, 2017
Building SF: 6,512
Land SF: 32,714
Sale Price: $2,470,000
Price PSF Building: $379.30
Price PSF Land: $75,50
Cap Rate: 5%
At a 6% Cap Rate Rent: $1.58 PSF/month blended
Note: Land deal

9. Ambiente Tile SoDo Market Conditions 6321 7th Avenue South, Seattle
Sale Date: June 30, 2017
Building SF: 15,960
Land SF: 18,295
Sale Price: $4,198,000
Price PSF Building: $263.03
Price PSF Land: $229.46
Cap Rate: 5%
At a 6% Cap Rate Rent: $1.10 PSF/month blended

10. Holgate Square SoDo Market Conditions 1770 Airport Way South, Seattle
Sale Date: February 14, 2017
Building SF: 3,140
Land SF: Condo
Sale Price: $1,500,000
Price PSF Building: $477.71
Price PSF Land: Condo
Cap Rate: 5%
At a 6% Cap Rate Rent: $2.00 PSF/month blended
Note: Seller financing 10% down

11. Georgetown Restaurant
SoDo Market Conditions
Georgetown Restaurant
6932 Carleton Avenue, Seattle
Sale Date: April 4, 2017
Building SF: 3,245
Land SF: 15,503
Sale Price: $1,300,000
Price PSF Building: $400.62
Price PSF Land: $83.85
Cap Rate: 5%
At a 6% Cap Rate Rent: $1.67 PSF/month blended
Note: Sold $600,000 on 7/15/16

12. SoDo Market Conditions
4th Quarter 2016
Property Address
Sale Date
Bldg SF
Land Area SF
Sale Price
Price PSF Bldg
Price PSF Land
st Pl
09/26/2016
2,040
22,690
$950,000
$465.69
$41.87
7240 E Marginal Way
09/29/2016
6,524
29,585
$1,890,000
$289.70
$63.88
1518 1st Ave S (2 Properties)
10/19/2016
69,248
17,424
$25,000,000
$361.02
$1,434.80
8601 8th Ave S
10/25/2016
5,600
9,496
$1,025,000
$183.04
$107.94
1201 S Bailey St
11/04/2016
12,400
9,626
$2,600,000
$209.68
$270.10
150 S Horton St
11/08/2016
16,839
120,225
$8,300,000
$492.90
$69.04
3301 S Norfolk St (8 Properties)
11/23/2016
963,000
2,753,863
$136,000,000
$141.23
$49.39
132 S Spokane St
11/30/2016
14,488
18,486
$3,325,000
$229.50
$179.87
4800 Airport Way S
4,440
3,249
$650,000
$146.40
$200.06
8531 E Marginal Way S
12/01/2016
288,835
896,499
$9,913,600
$34.32
$11.06
th Ave S (2 Properties)
12/15/2016
2,208
88,862
$3,750,000
$1,698.37
$42.20
th Ave (4 Properties)
12/21/2016
14,903
40,075
$2,000,000
$134.20
$49.91
Gateway Dr
(8 Properties)
12/27/2016
371,163
1,000,137
$78,000,000
$210.15
$77.99

13. SoDo Market Conditions
1st Quarter 2017
Property Address
Sale Date
Bldg SF
Land Area SF
Sale Price
Price PSF Bldg
Price PSF Land
5939 4th Ave. S.
01/27/2017
6,512
32,713
$2,470,000.00
$379.30
$75.51
637 S. Lucile St.
02/03/2017
45,320
63,000
$7,750,000.00
$171.01
$123.02
1770 Airport Way S.
02/14/2017
3,140
2,613
$1,500,000.00
$477.71
$574.05
4130 1st Ave. S.
02/28/2017
31,211
30,718
$6,671,215.00
$213.75
$217.18
Land Only
2918 1st Ave S.
02/10/2017
N/A
9,016
$948,250.00
$105.17

14. SoDo Market Conditions
2nd Quarter 2017
Property Address
Sale Date
Bldg SF
Land Area SF
Sale Price
Price PSF Bldg
Price PSF Land
th Ave S
03/31/2017
18,488
23,522
$3,205,000
$173.36
$136.26
6932 Carleton Ave
04/04/2017
3,245
15,503
$1,300,000
$400.62
$83.85
25-29 S Hanford St
04/21/2017
35,400
45,977
$5,940,000
$167.80
$129.20
9600 8th Ave S
05/18/2017
193,585
786,693
$25,640,000
$132.45
$32.59
2520 Airport Way S
05/22/2017
20,725
71,874
$5,000,000
$241.25
$69.57
2764 1st Ave S
06/15/2017
15,360
27,007
$2,700,000
$175.78
$99.97
Land Only
nd Ave S
05/12/2017
N/A
16,400
$76.22

15. SoDo Market Conditions
3rd Quarter 2017
Property Address
Sale Date
Bldg SF
Land Area SF
Sale Price
Price PSF Bldg
Price PSF Land
6321 7th Ave. S.
06/30/2017
15,960
18,295
$4,198,000
$263.03
$229.46
53 S. Dawson St.
07/07/2017
13,176
60,548
$4,000,000
$303.58
$66.06
118 S. Lucile St.
1,820
5,000
$650,000
$357.14
$130.00
200 SW Michigan
82,218
237,645
$14,600,000
$177.58
$61.44
317 S. Bennett St.
07/11/2017
8,000
15,002
$1,600,000
$200.00
$106.65
1200 S. Angelo St.
08/14/2017
4,600
12,196
$1,800,000
$391.30
$147.59
801 S. Fidalgo St.
(2 Properties)
08/23/2017
27,145
158,558
$5,660,000
$208.51
$35.70
1421 S. Dean
08/31/2017
35,997
52,315
$9,000,000
$250.02
$172.03
8001 7th St. S.
1,600
7,405
$315,000
$196.88
$42.54

16. I-502 SoDo Market Conditions Revenue from I-502
State of Washington Tax Revenue 2016:
2017 – 2019 budget cycle $730,000,000
King County Tax Revenue 2016:
Marijuana Tax Revenue: $116,261,513
Purchased by Consumer’s: $660,032,302
Sale Tax Generated: $59,402,907
Uncle Ike’s Paid: $13,393, total tax paid

17. SoDo Market Conditions
I-502 Retailers in Seattle
Retailer
Dockside SoDo
1728 Fourth Ave S
Cannabis City
2733 Fourth Ave S
Ganja Goddess
3207 First Ave S
Diego Pellicer
2215 Fourth Ave S
Seattle Cannabis Co.
3230 First Ave S
Northwest Homegrown
2724 Third Ave S
Herban Legends
55 Bell St.
Have a Heart Belltown
115 Blanchard St.
Retailer
Queen Anne Cannabis Co.
312 W Republican St.
Pot Shop Seattle
1628 Dexter Ave N
Ruckus
1465 E Republican St.
Uncle Ike’s Capitol Hill
501 15th Ave E
Uncle Ike’s
2310 E Union St.
Ponder
2413 E Union St.
Pot Stop Recreational Cannabis
3540 Stone Way N
Have a Heart Fremont
316 N 36th St.
Retailer
Hashtag Recreational Cannabis
3540 Stone Way N
Oz.
3831 Stone Way N
American Mary
321 NE 45th St.
The Partakery
417 NW 65th St.
Have a Heart Greenwood
300 NW 85th St.
Trees Pot Shop
10532 Greenwood Ave N.
Greenworks
315 N 105th St.
Stash Pot Shop
th Ave NW

18. SoDo Market Conditions
I-502 Retailers in Seattle
Retailer
Herbs House
716 NW 65th St
Ocean Greens
9724 Aurora Ave N
Stash Pot Shop
10333 Lake City Way NE
Fweedom Cannabis
12001 Aurora Ave N
Seattle Tonics
12059 Aurora Ave N
Dockside Shoreline
15029 Aurora Ave N
365 Recreational Cannabis
th Ave NE
Herb(n) Elements
11013 Lake City Way NE
Retailer
Greenside Recreational
9804 Lake City Way NE #1
Grass & Glass!
th Ave NE, Suite A
NiMBiN Pot Shop
10861 First Ave S
Clutch Cannabis
11537 Rainier Ave S
A Greener Today
5209 Martin Luther King Jr. Way S
Origins Recreational
th Ave SW
West Seattle Marijuana Store
10825 Myers Way S
Canna West Seattle
5435 California Ave SW
Retailer
Vela
1944 1st Ave S

19. Vela Building SoDo Market Conditions Investment Overview
Asking Rate: $4,234,000 / 6% cap rate
Location: st Ave S
Units: 1
Building Size: ±7,810 SF
Land Area: ±9,000 SF
Lot Dimensions: ±60’ wide x 150’
Year Built: 1965 / 1980
Occupancy: 100%
Parcel #:
Zoning: IG2 U/85
Location: North SoDo

20. Appraisers Are My Friend
SoDo Market Conditions
Appraisers Are My Friend