A garden style 17-unit community located ±2 miles from Downtown Burien and ±7 miles from Downtown Seattle. Immediate access to the RapidRide H Line connecting to Downtown Seattle and shopping, dining, and grocery. The property spans 5 buildings constructed between 1954-1979 (most units 1979) on a single parcel. Mostly 2-bed units (5 with extra 1/2 baths) plus a studio, 2 one-beds, and 2 three-beds with either 1.5 or 2 baths. 8 units have in-unit laundry, several have townhome layouts, and most have private yards. Units average 896 SF. Off-street parking lot. Average tenant tenure is 7+ years even after a 25% gross rent increase. Value-Add Options: Raise rents to market, use yard for storage and/or parking income, add bedrooms to a couple existing units, convert garage to ADU, develop an additional building, or redevelop full parcel under R4 zoning. (Buyer to verify feasibility of all development options.) Priced at less than $235,000 per unit, under $260 per square foot, and at $62 per square foot of land, the offering represents a below-replacement-cost basis for a well-located, high-upside multifamily asset in a designated Regional Growth Center.
| MLS # | 2569544 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1979 |
| Days On Site | 25 |
| Listing Provided By | Kidder Mathews | Dan Swanson |
| SQ Feet | 15,888 |
|---|---|
| Garage | 2 |
| Story(s) | 2 |
| Units | 17 |
| Zoning | Multi-Family |
| Acreage | 1.45 |
| Property | 38727 |
|---|
| State | WA |
|---|---|
| County | King |
| City | Seattle |
| Zip Code | 98146 |
| Area | 130 Burien | Normandy Park |
| Community Name | Burien |
| School District | Highline High |
| Elementary School | Hazel Vly Elem |
| High School | Highline High |
| Listing VS Median (in Burien) | |
Price: $3,950,000 low | high Med: $595,000 sqft: 15,888 low | high Med: 1,900 $ / sqft: $249 low | high Med: $313 On site: 25 low | high Med: 172 | |
| State | WA |
|---|---|
| County | King |
| City | Seattle |
| Zip Code | 98146 |
| Area | 130 Burien | Normandy Park |
| Community Name | Burien |
| School District | Highline High |
| Elementary School | Hazel Vly Elem |
| High School | Highline High |
| Listing VS Median (in Burien) | |
Price: $3,950,000 low | high Med: $595,000 sqft: 15,888 low | high Med: 1,900 $ / sqft: $249 low | high Med: $313 On site: 25 low | high Med: 172 | |