6950 123Rd St Seattle, WA 98178
- Commercial real estate
- 2.00 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 6950 123Rd St
- Lot size
- 2.00 lot acres
- Property type
- Commercial real estate
- APN
- 768960-0975
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Seattle
- County
- King
- State
- Washington
- Longitude
- -122.2484735
- Latitude
- 47.4912652
