For $2.5 million or $92.31 per square foot of land, Kidder Mathews is looking for an interested developer to build a 135-unit multifamily structure in Lake City. Located at 14315 Lake City Way NE, Ryan Dinius, vice president with Kidder Mathews and broker for the property, said the area is definitely up and coming.
The site currently is home to four existing structures, which will likely be torn down when a new developer buys the property. In the meantime, Dinius said, the owner can benefit from the roughly $12,000 per month the site generates. “There’s existing income of a little over $12,000 a month,” he said. “One of the perks with that is there’s a duplex, triplex and commercial space there, and it allows someone to make a little money as they go through the permitting process,” he added. Those four structures currently on the site total 11,250 square feet.
Aside from the current money-makers on the site, Dinius said one of the other highlights is the various points of entry. The site has 60 feet of frontage off 32nd Avenue and a second point of entry on Lake City Way. “Having those options in terms of entry points really helps,” Dinius said.
With the addition of another site that just recently sold down the street, Dinius said there’s a lot more market rate housing coming up on 32nd Avenue. “Just up the block, we sold a site to a developer that’s putting some stuff together so the block is actually coming along pretty well,” he added. He said because the neighborhood is commercial, the city will likely require some retail in the bottom of the development as well.
According to a flyer for the property, Price Buster Plumbing and Pro-Wide Windows are the two operating retail tenants at the site. The lease for Price Buster Plumbing is up at the end of this month whereas Pro-Wide Windows has a lease that runs through the end of February 2019. The 27,084 square foot site is zoned as NC3-65 and has 11,250 square feet of rentable property.
While Kidder Mathews is working with a couple developers, Dinius said the site is not yet under contract. Dan Swanson, senior vice president and partner with Kidder Mathews is also a broker on the deal.