THE PROJECT
1 FREMONT
DEVELOPMENT BY ALEX COHEN | COHEN PROPERTIES
SYNDICATION BY TROY GESSEL | AGM REAL ESTATE
UNIT SUMMARY | Residential
1 Fremont will deliver high-quality design and finishes within efficient spaces. All units will have full kitchens, washers/dryers and abundant light. The building will offer a range of unit types, from cozy studios to spacious two-bedroom units (some with lofts). The roof deck will feature a combination of today’s most desirable and marketable amenities including fire pits, grills, built in seating and 180-degree views over Lake Union. The building will meet high standards of energy efficiency, indoor air quality, and modern amenities, positioning it as a valuable long-term investment.
Proforma Assumptions
STUDIO
ONE BED
TWO BED
TOTAL RESIDENTIAL
TOTAL UNITS
50
50
9
109
AVERAGE UNIT AREA
343.40
484.88
704.56
440.64
AVERAGE MARKET RENT / MONTH*
$1,767.80
$2,232.90
$3,025.56
$2,085.00
AVERAGE MARKET RENT / SQFT
$5.13
$4.63
$4.32
$4.83
*Rents shown are market rate. 1-Fremont will be positioned to participate in the City's Multifamily Tax Exemption Program (MFTE), which will provide much needed attainable housing and lower the property tax burden on the project.
Unit
Summary
Commercial
Along with new residents, 1 Fremont will bring valuable new retail opportunities to the area. Retail demand is strong with limited available space. The average retail rate in Fremont is $37 NNN. The newest retail lease, across the street, achieved over $35 NNN.
As new residents move in, we anticipate that retail demand and leasing rates will continue to rise.
Proforma Assumptions
NUMBER
TOTAL UNIT AREA
MARKET RENT
$ / SF
I
1,245 SF
$4,669
$40 - $45
II + III
1,511 SF
$5,666
$40 - $45
IV
776 SF
$2,910
$40 - $45
V
763 SF
$2,861
$40 - $45
TOTAL
4,295 SF
$16,106.00
FUTURE COMMERCIAL TENANT
1 Fremont is working with Jocovine to craft a new dining concept.
Floor
Plans
Parking | Residential | Roof
1 Fremont will offer 41 parking stalls (~1:4 ratio) on one below-grade level accessed from N 44th Street. All units will feature abundant light, with exceptional views for those on the upper floors. The main entrance and commercial storefront space will be located along the Fremont Avenue façade. Over 80% of the rooftop will be landscaped, providing areas for residents to sit, relax, and socialize. We will offer individual and group seating areas, particularly in the southern roof area, which offers a 180-degree view from the Cascades, over Lake Union, to the Olympics.
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