Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    6950 123Rd St Seattle, WA 98178

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Prime Seattle location, 53-unit multifamily approved.

    Property Features for 6950 123Rd St

    General Information

    Property type
    Land
    Lot Size
    87,120 SF

    We can help!

    Listing Contact
    Jonathan Nicoli
    Jonathan Nicoli

    Listing Agency: Century 21 The Real Estate Center Lynnwood Listing Agent: Jonathan Nicoli

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional 2-acre vacant land parcel, located at 6950 S 123rd St, Seattle, WA 98178 (APN 768960-0975), presents a remarkable development opportunity. Zoned R24, it boasts approved plans for a 53-unit multifamily project encompassing a mix of studio, one-, and two-bedroom apartments, along with six townhomes. Civil engineering design is underway in collaboration with King County planners, and building permits are anticipated in the first quarter of 2023. Previously under contract, the property is now available for purchase at $1,700,000, translating to a land value of $21.76 per square foot. Situated within a designated Opportunity Zone and conveniently bordered by Seattle, Tukwila, and Renton, this site benefits from a strong submarket with approximately 5% annual rent growth fueled by major area employers. This is a rare chance to acquire a permit-ready development site in a high-demand location, poised for significant returns. The property's strategic location and approved plans minimize development risk and expedite the construction process. Don't miss this exceptional investment opportunity.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.2484735
    Latitude
    47.4912652

    Nearby Similar for Sale

    • $1,400,000
      3,080 SF

      Georgetown Two-Story Commercial Building

      Two-story commercial building in Georgetown with parking and freeway access.
      6011 12Th Ave S, Seattle, WA 98108
      View Details
    • $739,800
      1,560 SF

      Central District Home with RC Zoning

      Live-work potential in a convenient location with a high walk score.
      1617 S Weller St, Seattle, WA 98144
      View Details
    • $2,550,000
      7,332 SF

      Seattle Retail and Warehouse Investment

      Retail and warehouse investment opportunity in Seattle with long-term leases.
      10333 Lake City Way NE, Seattle, WA 98125
      View Details
    • Contact for pricing
      41,191 SF

      Class A Office Building Seattle

      New six-story office building in Seattle's South Lake Union.
      760 Aloha St, Seattle, WA 98109
      View Details
    • $715,000
      1,531 SF

      Commercial Condos at Maple Court

      Two commercial condo units with street frontage and excellent visibility.
      9222 Roosevelt Way NE, Seattle, WA 98115
      View Details
    • $865,000

      Corner Lot Stand-Alone Building

      Corner lot building in Bryant neighborhood with redevelopment potential.
      7000 35Th Ave NE, Seattle, WA 98115
      View Details
    • $999,950

      Versatile Commercial Building in Seattle

      Three-level building suitable for office, retail, or community amenities.
      324 25Th Ave S, Seattle, WA 98112
      View Details
    • $685,000
      1,600 SF

      Leased Retail Building in Burien

      Fully leased 1,600 SF retail building with USPS anchor.
      2116 SW 152Nd St, Seattle, WA 98166
      View Details
    • $4,200,000
      8,515 SF

      Single Tenant Building Near Campus

      Single tenant building with open area near Campus Seattle.
      3625 Interlake Ave N, Seattle, WA 98103
      View Details
    • $695,000
      1,281 SF

      Pioneer Square Commercial Condo

      Commercial condo in historic Pioneer Square, ideal for various uses.
      512 1St Ave S, Seattle, WA 98104
      View Details
    • Contact for pricing
      2,712 SF

      Belltown Retail or Office Space

      Retail or office space in the heart of Belltown.
      2207-2211 3Rd Ave, Seattle, WA 98119
      View Details
    • Contact for pricing
      6,650 SF

      Seattle Ballard Multi-Tenant Retail Asset

      6,650 SF multi-tenant retail in Seattle's Ballard sub-market.
      5512 20Th Ave NW, Seattle, WA 98108
      View Details

    FAQs

    What type of property is this?
    Land - Prime Seattle location, 53-unit multifamily approved.
    Where is this land located?
    The property is located at 6950 123Rd St Seattle, WA.
    What is the asking price?
    The asking price for this property is $1,700,000.
    What are key features of this property?
    This property features: $1,700,000 asking price for 2-acre vacant land.; R24 zoning permits 53-unit multifamily development (studios to 2-bedrooms, plus 6 townhomes).; Located in Seattle, WA (King County, 98178) at 6950 S 123rd St.
    (206) 888-1166 Call to check price and availability
    Request Owner's contact information
    6950 123Rd St Seattle, WA 98178
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    6950 123Rd St
    Seattle, WA 98178
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    6950 123Rd St Seattle, WA 98178
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jonathan Nicoli
    Jonathan Nicoli
    (206) 888-1166
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!