Home Commercial West Seattle Lot with Potential for 75 Units Sells for $2.17MM

West Seattle Lot with Potential for 75 Units Sells for $2.17MM

Seattle, Marcus & Millichap

SEATTLE, WA, October 18, 2019– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of the Harbor Ave Development site containing ±17,015 SF (0.39 Acres) of land located in West Seattle, just minutes from the downtown core. With the potential to build a ±75-unit multifamily building; the property sold for $2.17 million, which equates to $127.59 per SF. 

“Given the dynamic challenges in the multifamily development market, groups are becoming more selective and diligent in their approaches. This site is a great opportunity for the Buyer to develop just minutes from the region’s major employers and recreational amenities.” said Ryan Dinius, First Vice President of Investments. Dinius, Sidney Warsinske, Philip Assouad, and Giovanni Napoli represented the seller and procured the buyer for the transaction.  The brokers are investment specialists in Marcus & Millichap’s Seattle office, and exclusively listed and marketed the property on behalf of the seller, an individual. 

Currently a small home built in 1910 sits on one of the three parcels included in the Harbor Ave Development sale. The property is a unique development opportunity with approximately ±200 feet of frontage on Harbor Avenue SW. The site consists of ±17,015 square-feet of C1-40 zoned land, with the possibility to add an additional 15 feet of bonus height up to 55 feet, via the HALA program. This site layout would offer views of the Seattle skyline in future units. West Seattle’s growing Harbor Avenue neighborhood is located only 15 minutes by car or 10 minutes via the West Seattle Water Taxi, from Seattle’s CBD. 

About Marcus & Millichap (NYSE: MMI)

With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.