When the highest and best use of a property no longer matches its original use, as in the case of this 2 acre parcel which was formerly used as a single family residence and horse property with detached 3 car garage, 3 stall barn, paddock, and pastures.
• In 2010, this property sold for $639,000 as a residential property.
• On 6/17/19 we sold this property for $4,000,000 to a developer
MARKETING STRATEGY:
- Listed on the Commercial MLS, not as residential
- Boundary Survey was made available
- Presently used as residential but local zoning listed as TC B
- Research completed to showcase zoning potential of 20 units per acre
- Highest and best use determined to be townhomes. Average pricing for townhomes researched and determined to be $840,000 per unit
- Potential gross revenue: $840,000 x approximately 40 units (minus setback, infrastructure, environmental, and utility requirements) = $33,600,000
- Aerial photography video done to showcase proximity to other commercial development
MARKETING DESCRIPTION:
Rare land opportunity in the heart of Sammamish Town Center. Roughly 2 acres is now available to developers and builders to create townhomes in one of the wealthiest zip codes in Puget Sound. Zoned TC-B with potential for 20 units per acre. Buyer to verify. ALTA/NSPA Survey completed Oct 2017 is available. Walking distance to Sammamish Village, Community & Aquatic Center, and recreational open spaces. Currently there are 3 structures on the property occupied and utilized by tenant: house, garage, and barn. Offers Due: July 9th 2018. Seller to review offers July 11th 2018. Offers evaluated on the following: Price, Closing timeline, Financial viability.
