Old Philly's Building for Sale

By scott
(1 votes) (report abuse)
Documents
23RDUNION-INVESTMENT06-23-09.pdf
23RDUNION-RESTAURANTWITHDRIVE-THRU.PDF

Commenter unreal reality pointed us to the posting on craigslist:

DEVELOPMENT SITE FOR SALE 23RD AND EAST UNION 

1400 23rd Avenue 

• Located at a Strategic Commercial Corner, in the Path of a New Wave of Urban Residential and Commercial Growth; Including such Projects as The Summit at Madison Park, at 23rd Madison, with a New Safeway and 242 Residential Units.

We contacted David Behar, the listing agent, and found that it's actually both for sale at $1.45 million and for lease at $30 per square foot. Promotional flyers with additional details are attached as pdf files below.

Talking to some friends the other day, we came to the conclusion that this end of the neighborhood is badly in need of a good diner. Something with tasty but basic breakfasts, lunches, and dinners. Anyone out there with some cooking skills and an entrepreneurial spirit?  As the marketing flyers note: the 2008 census says that average household income in that area is $82,619 a year...

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location: Central DistrictSeattle, Washington
posted on Tue, Jun 23, 2009 01:49 PM
last updated on Tue, Jun 23, 2009 01:49 PM
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road diet bymooandoink7 months ago (0 votes) (report abuse) (reply)
i think this street is gonna be very hard to develop/invest in with the type of traffic whizing by. it's terribly unfriendly. a diner at that locale is a great idea.
Costly byIdaho Spud7 months ago (0 votes) (report abuse) (reply)
Wow, some households must be banking a lot better $$ than I am.

Also, $30/sq. ft. is pretty tough, from what I understand?
Costly, yup byResident7 months ago (0 votes) (report abuse) (reply)
I don't think downtown leases for $30/sq ft. I wonder what they're smokin' to arrive at that figure?

Old fashioned diner, mmmmmm. Got my vote.
What 2008 Census? bykt7 months ago (0 votes) (report abuse) (reply)
Ain't no such thing. There are just 'estimates'.
RE: What 2008 Census? bymkb7 months ago (0 votes) (report abuse)
To be fair, the flyer cites the *estimated* census data, which is a real thing (see http://www.census.gov/popest/overview.html for an explanation of what they do and how they make the estimates).
Renter Beware! byIn The Know7 months ago (1 votes) (report abuse) (reply)
I have dealt with David Behar and Emerald Commercial for many years in the past. That company will do everything it can to get every penny they can out of their tenants. A lease to them is nothing more than a tool to be combed through to find ways of getting more money out of their tenants. Beware! Any prospective tenant should get a lawyer to look over the lease before signing with Emerald Commercial. Don't let them screw you, if you let them they will. Just take their fake 2008 census info on the flyer as little example of what these guys are capable of.
...or else bysimom7 months ago (1 votes) (report abuse) (reply)
How about a Pho spot? I like the sound of a diner too but often lament no super convenient Pho for those of quite a bit below the above noted average income. Just sayin.
Starbucks byJeff7 months ago (0 votes) (report abuse) (reply)
One word: Starbucks.
RE: Starbucks bybpm20007 months ago (0 votes) (report abuse)
they just took one away like 2 blocks up at 23rd and madison. i second the pho idea
Impossible price! bykedra7 months ago (1 votes) (report abuse) (reply)
The average local (CD) rate is $20/sf and in other places closer to downtown rates are closer to $25
If this is $30/sf no one will ever rent it.
Pho byT Scott7 months ago (0 votes) (report abuse) (reply)
Yeah - Pho. It even looks like your average pho hut on Aurora. $5 soup rules!
pho by t scott bysimom7 months ago (0 votes) (report abuse) (reply)
where would you(or anyone for that matter) recommend for good pho within walking of 23rd and Union? We love the Than Brothers on Broadway and are looking for something closer. Thanks for any recommendations
RE: pho by t scott bybpm20007 months ago (0 votes) (report abuse)
lemongrass down on 12th has good pho, but its not cheap like your broadway options. i like pho 900 over than brothers personally. i dunno if there are any closer options that are actually walkable.
RE: pho by t scott bydefman237 months ago (0 votes) (report abuse)
Still on Broadway, but on the other end is the place in Harvard Market above the QFC (Tangerine Tree?), and I think Ballet on Pike has Pho as well.
Second the Tangerine Tree Pho bydaveschappell7 months ago (0 votes) (report abuse) (reply)
My wife and I drive up to the Tangerine Tree (above QFC at Broadway & Pine) pretty regularly -- not sure if it rates highly on the Pho-charts for savvy Pho-sters, but we love it.

My hunch is that $30/SF is way out of line for that location -- too much violence still, and heavy traffic. And little parking. I could see something like Ezell's doing massive business (much better/more highly trafficked than the main location). Or, maybe a sub shop -- something that has more drive-thru/pick-up vs. sit-in ambience.
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