Operate your business model or simply lease out while you take advantage of this excellent opportunity to build 7-story neighborhood/commercial building in coveted NE Seattle.
Lot is 66 ft. deep has a 77 ft. long street frontage. Property gently (22 degrees maybe) slopes to a level back yard. Active bus transit with convenient nearby bus stops. Located on busy Lake City Way with thriving retail, office, apartments and 38,000 week day car traffic. Lease out 1,937 sq. ft. of finish space for cash flow while obtaining development permits.
Zoned NC3-65, Floor Area Ratio (FAR) of 4.75 offers an open canvas of mixed-use develop opportunities. Preliminary study shows potential for 34 studios at an average of 510 sq. ft. each with (2) 1,000 sq. ft. ground-level retail units. One level garage may suffice. Buyer to verify.
Ultimately, good architect will figure out the design details. I know a few!
The long and short… I am working on assemblage of this property with neighboring lots. This may take a few years…this stuff takes time. However, I also have concern the lot just under 5,000 sq. ft. is too small to comfortably do underground parking without some design difficulty.
My proposed solution is to provide the necessary parking on the first floor with a small commercial unit (maybe work-live) to satisfy commercial component for zoning classification.
Plus designing for SEDU’s (small efficiency dwelling units) at 320 sq. ft. instead of 510 sq ft will allow for (1) one car space for every (2) SEDU units instead of one space for each unit. The design revisions are coming soon! Meantime, this report below reflect the 510 sq ft unit version.
This report above is a preliminary snapshot of proposed development. Please review and feel free to comment or contact me for input data.
Needless to say I am working on a viable proposed solution for parking. In addition, it should be noted transit frequency is likely to increase to allow for overall parking exemption in near future. Now that would solve the parking complexity right off the bat!
Like I said, this opportunity is an open canvas for opportunities. Lets talk!
Commercial Real Estate Development & Repositioning can yield fantastic yields.
Contact me at (Victor J. Hernandez, CNE, CIPE, CPD) anytime 206-245-0159 or firstname.lastname@example.org