This development site is located in Seattle’s Crown Hill Urban Village. The 43,510 square foot property is comprised of seven lots zoned LR1 (M1). Best Use: a collection of townhomes or apartment building. Approximately 6 miles north of Downtown Seattle and a short drive to Ballard. The Crown Hill neighborhood boasts one of the most desired areas of Seattle. The growing urban village features local and convenient amenities including grocery stores, coffee shops and brewpubs, shopping, historic buildings, parks including nearby Carkeek and Golden Gardens. The building site is near NW 85th St which provides easy access to Hwy99 and I-5. Blocks away is 15th Ave NW which provides a straight path to Ballard and Seattle CBD. Mass transit options are nearby with Light Rail coming to the area.
MARKETING STRATEGY:
- Listed on the Commercial MLS, not as residential
- Boundary Survey was performed and made available
- Presently used as seven residential homes but local zoning listed as Low Rise 1 (LR1) in the Crown Hill Urban Village
- Research completed to showcase zoning potential of 33 townhomes or XX apartments
- Highest and best use determined to be townhomes. Average pricing for townhomes researched and determined to be $750,000 per unit
- Potential gross revenue: $750,000 x approximately 33 units = $24,750,000
- Aerial photography video collected to showcase proximity to other commercial development and proximity to downtown Seattle.
