2030 57Th St Seattle, WA 98107

This exceptional 10,000 sq ft development site, located at 2030-2034 NW 57th St in Seattle's Ballard neighborhood (zip code 98107), presents a compelling investment opportunity. Priced at $4,500,000 ($450/sq ft), this Class A property comprises two adjacent 5,000 sq ft parcels (APN: 276760-4940, 276760-4935), zoned MR RC (M) – Mid Rise Residential, allowing for significant density. A feasibility study supports the construction of an 8-level, 60+ unit mid-rise apartment building. The property benefits from Ballard's strong rental market, boasting a stabilized submarket vacancy rate of 5.1% and projected year-over-year rent growth reaching 5.2% by Q3 2025. Its location within the Ballard Hub (Urban Center) and a Parking Flexibility Area eliminates the need for on-site parking. Note that while construction starts in Ballard have recently decreased, this site offers a unique opportunity to capitalize on the area's continued growth. Currently generating over $15,000 in gross monthly income, this property is ideal for developers seeking a high-potential project in a thriving Seattle submarket.