Colliers International WA LLC is the exclusive Listing Brokerage for this Offering. Tim McKay, Dan Chhan, and Sam Wayne exclusively represent the Seller in the sale of the 1517 Boylston Ave.

CONTACT OUR TEAM

TIM MCKAY
Senior Vice President
+1 206 223 5586
Tim.McKay@colliers.com

DAN CHHAN
Senior Vice President
+1 206 223 1265
Dan.Chhan@colliers.com

SAM WAYNE
Vice President
+1 206 515 4498
Sam.Wayne@colliers.com

COLLIERS INTERNATIONAL
601 Union St., Ste. 5300
Seattle, WA 98101
www.colliers.com

Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. This publication is the copyrighted property of Colliers International and /or its licensor(s) 2019. All rights reserved.

 

EXECUTIVE SUMMARY

PERMITTED 2-STORY ADDITION TO THE ICONIC BOYLSTON HOTEL

Colliers International’s McKay | Chhan | Wayne present the Boylston Hotel, a 60-unit hotel development site located in the Pike-Pine Corridor in Seattle’s Capitol Hill neighborhood. The Boylston Hotel is fully vested, and thus not subject to pending MHA fees, that would otherwise total hundreds of thousands of dollars. Closing can occur upon building permits being issued which is expected in April 2019. The current four-story structure is in shell condition with 42 units, and the approved permit would create 18 additional units over two additional floors.


Located in the heart of Seattle’s famed Pike/Pine Corridor, the Boylston Hotel is walking distance to the Convention Center, central business district, retail core, and light rail system. Convention goers, business travelers, and tourists will be able to easily navigate Seattle’s most popular destinations without a car, including a treasure trove of restaurants, boutiques, lounges, and bars located just steps outside the front door.


Last year 40 million people visited Seattle, an increase of 2.6% over the past year. With hotel zoning increasingly rare in Seattle’s core neighborhoods, the Boylston Hotel is well positioned to become Seattle’s next great boutique hotel.

PRICING SUMMARY

Purchase Price

Price per Uniit

Price per Lot SF

$3,975,000

$66,250
$792

PROPERTY SUMMARY

Address
 

Site Area

Parcel

Urban Village

Zoning

Existing Units

Permitted Units

Average Unit SF

NRSF

Year Built

1517 Boylston Ave

Seattle, WA 98122

5,018 SF (0.11 Acres)
880490-0365

Capitol Hill

NC3P-65

42

18

158

9,490

1910

 

DEVELOPMENT SUMMARY

60 TOTAL SLEEPING UNITS PERMITTED AND REDEVELOPMENT OF THE EXISTING BUILDING

The Boylston Hotel's permitting is described as "substantial alterations to existing basement plus three floors of the existing property. Work includes repairs to the property, upgrading rooms, installing bathrooms and kitchenettes to all 42 existing sleeping units."

Upon completion of this development, this property will be fitted with new finishes, new plumbing, new electrical fixtures, and meet current energy and accessibility code standards.

FLOOR

FLOOR AREA 

Basement 

First

Second

Third

Fourth

Fifth

Existing Gross Area

New Construction

Gross Area

2,944 SF

2,944 SF

3,013 SF

3,003 SF

2,395 SF

2,399 SF

11,952 SF

4,794 SF

16,746 SF

 

LOCATION SUMMARY

CAPITOL HILL - A PERFECT BLEND OF LIVE, WORK, PLAY

The Capitol Hill neighborhood is adjacent to downtown, so residents walk or bike to work in the high-rises, shop in the upscale retail and eat in the fine restaurants. Local residents have great access to downtown, but they also have the residential amenities (grocery stores, pet food stores, barbers, neighborhood coffee shops, etc. which downtown does not offer.

Capitol Hill is ideally located just minutes from dozens of Seattle’s largest employers. Multiple express and local mass transit options open this neighborhood to key employment hubs and ensure a convenient commute to and from work.

Sound Transit is currently expanding light rail service to north Seattle, connecting the University of Washington and Capitol Hill to downtown Seattle and the airport. The underground Capitol Hill Station opened on March 19, 2016, serving the Capitol Hill neighborhood of Seattle, Washington. It is situated between the Westlake and University of Washington stations on the 3.15-mile long (5.07 km) University Link Extension, which runs from Downtown Seattle to the University of Washington campus.

 
 
Two Story Addition (Side View)