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    6950 123Rd St Seattle, WA 98178

    Sponsored
    For Sale
    $1,700,000

    Prime Seattle location, 53-unit multifamily approved.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    395
    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 Features for 6950 123Rd St

    General Information

    Property type
    Land
    Lot Size
    87,120 SF

    HighLights

    • $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.
    • Land value: $21.76/SF.
    • Building permits anticipated Q1 2023.
    • Located in an Opportunity Zone.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    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

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    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
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    6950 123Rd St Seattle, WA 98178
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    Seattle, WA 98178
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    Realmo Value Estimation

    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.

    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.

    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
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