Description
Exceptional development opportunity on a 13,440 SF lot in prime and highly connected North Seattle location. NC3-55 zoning may offer potential for a future multifamily development of approximately 60–80 units; buyer to verify all development feasibility. Conveniently located near Northgate Light Rail, transit, shopping, dining, major employers and daily amenities, with an 87 Walk Score. The current property includes two buildings (3-unit building and a 10-unit building) with a desirable mix of studio, one- and two-bedroom residences, offering multiple investment strategies for a total of 13-units. Continue operating as an income-producing apartment community, increase returns through rent optimization and strategic improvements, or hold as a long-term development site. Current gross scheduled income is approximately $14,288 per month, with additional upside as several rents remain below market. Most units have been updated. A compelling combination of current income, value-add potential and long-term redevelopment opportunity.
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0BEDS
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0.31ACRES
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0BATHS
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01/2 BATHS
School Information
Listing courtesy of Northwest MLS as distributed by MLS GRID. Listing courtesy of Real Property Associates.
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Description
Exceptional development opportunity on a 13,440 SF lot in prime and highly connected North Seattle location. NC3-55 zoning may offer potential for a future multifamily development of approximately 60–80 units; buyer to verify all development feasibility. Conveniently located near Northgate Light Rail, transit, shopping, dining, major employers and daily amenities, with an 87 Walk Score. The current property includes two buildings (3-unit building and a 10-unit building) with a desirable mix of studio, one- and two-bedroom residences, offering multiple investment strategies for a total of 13-units. Continue operating as an income-producing apartment community, increase returns through rent optimization and strategic improvements, or hold as a long-term development site. Current gross scheduled income is approximately $14,288 per month, with additional upside as several rents remain below market. Most units have been updated. A compelling combination of current income, value-add potential and long-term redevelopment opportunity.
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