Seattle Investors Club Deal – Development / LR3 Zoning / 5,034 SF Parcel
OCCUPIED SFR – Do Not Disturb!
4716 38th Ave S
Seattle, WA 98118
Parcel #: 392990-0085
Price to Builder: $495,000 / including assignment fee
Earnest Money: $10,000 due upon acceptance of Feasibility Contingency
Closing Date: On or before July 31, 2015
Feasibility Period: 35 days to 7/8/15 NOTE: Geo Tech report needed for ECA.
COMPS: Click here
Link to KCR: Click here
Neighborhood Information: Stellar Location!
4716 38th Avenue South has a Walk Score of 91 out of 100. This location is a Walker’s Paradise so daily errands do not require a car. 4716 38th Avenue South is a nine minute walk from the LINK at the ST LIGHT RAIL & S EDMUNDS ST stop. This location is in the Columbia City neighborhood in Seattle. Nearby parks include Columbia Park, Rainier Playfield and Genesee Park.
I think you would be safe at $499,000 – $525,000 pricing for four 1,700 SF homes if that option (see below) was considered. You might even do better than this considering what is happening across the street. There is a big project directly across the street from the subject property which will have 240 -245 apartments and 25,000 – 30,000 SF of retail. The retail will draw a fantastic vibe for this block I am sure. Grab this site now!
Potential Development Scenarios:
We did some research and think the following options would be feasible for this lot (to be verified of course):
Option 1 – Freestanding Single-Family Homes
– 3 units at 1,800 sf per unit (including garage)
Option 2 – Townhouses
– Not green building, 3 units at 2,000 sf per unit (including garage)
– Green building, 4 units at 1,700 sf per unit (including garage)
Option 3 – Apartment / Condos (no parking provided)
– Not green building, 6 units at 1,100 sf per unit
– Green building, 7 units at 1,300 sf per unit (may not want to go over 7, as that would trigger design review – more time & money)
Option 4 – Subdivide lot into 2 equal lots and build duplex on each lot
– Not green building, 2 units (per lot) at 1,500 sf per unit (including garage) – 4 total
– Green building, 2 units (per lot) at 1,700 sf per unit (including garage) – 4 total
Technically, no parking is required for any of these options due to the lot falling within an urban center and frequent transit corridor.
DISCLAIMER: Buyers may not rely on this information and must do their own review of all the numbers and information in regards to this property.