7822 NE Lake City Way NE, Seattle, WA 98115
Courtesy of Kelly Right RE of Seattle LLC
- $850,000
- 3
- BD
- 2
- BA
- 1,960
- SqFt
- List Price
- $850,000
- Status
- ACTIVE
- Days on Market
- 94
- Price Change
- ▼ $50,000 1781477734
- MLS#
- 2508699
- Subtype
- Residential
- Style
- 15 - Multi Level
- Year Built
- 1925
- Bedrooms
- 3
- Bathrooms
- 2
- Living Area
- 1,960
- Lot Size
- 4,937
- Acres
- 0.11
- Subdivision
- Ravenna
- Neighborhood
- Ravenna
- Building Name
- 9-10
- MLS Area Major
- North Seattle
Property Description
ATTN Developers, Builders, & Investors! An exceptional, high-density development opp a/w in Lake City urban corridor. Offer for the first time, 7818 & 7822 Lake City Way combined, near-level ~9,000 SF footprint primed for a mid-rise, mixed-use project. Featuring robust C1-55 zoning w/ an allowable 3.75 FAR, provides a clear, predictable pathway to construct. a 6-story bldg. Prelim Feasibility highlights an ideal yield of up to 42 RES units (suited for studios/1-bdrm) ground-floor commercial use. Take advantage of Seattle’s 4-foot gnd-fl height bonus to max. ceiling & views, utilizing UG parking entry. Strong local rental demand, prime eligibility for Seattle's 12 year Multi-family Tax Exemption (MFTE) program to max. your post-stabilization yields. while you clear your master use permits (MUP). Buyer to verify all feasibility and zoning constraints to their satisfaction. Total Lot Size: Approx. 9,000 SF (Combined dual-parcel assemblage) Zoning: C1-55 (Commercial 1, 55’ base height limit) Development Capacity: Up to 33,750 gross buildable SF under a 3.75 FAR Pro-Forma Optimization: High-velocity rental sub-market with excellent financial metrics leveraging Seattle's 12-year MFTE property tax exemption.6-story building featuring ground-floor commercial retail and 5 levels of multifamily housing (up to 42 units). Covered Land Play: Existing residential structures offer immediate holding rental cash flow during the architectural and permitting phases.
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Additional Information
- Interior Features
- Dining Room, Fireplace, French Doors, Water Heater
- Exterior Features
- Cement/Concrete
- Property Description
- 15 - Multi Level
- Flooring
- Hardwood
- Heating
- Baseboard
- Air Conditioning
- Forced Air
- Levels
- Multi/Split
- Roof
- Composition
- Parking Features
- Detached Garage
- School District
- Seattle
- Elementary School
- Green Lake
- Middle School
- Eckstein Mid
- High School
- Roosevelt High
- View
- Territorial
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.