4049 9th NE Ave Seattle, WA 98105-6410

This exceptional 17,125 square foot development site in Seattle's University District presents a compelling value-add opportunity. Currently housing an 18-unit, three-story apartment complex, the property is zoned MR (M1) and offers significant redevelopment potential. Plans allow for the construction of a new 132-unit multifamily building featuring a mix of studio, one-, and two-bedroom apartments. The site's prime location, just blocks from the University of Washington and the U-District Light Rail Station, ensures strong rental demand. Easy access to Interstates 5 and 520 provides convenient commutes to major employers like Amazon and Google. With a projected cap rate of 5.46% and a pro-forma NOI of $2,249,925, this property offers a strong return on investment. The land value is priced competitively at $465 per square foot, making it an attractive addition to any investment portfolio. The existing building provides immediate cash flow while redevelopment plans are underway. The University District's vibrant atmosphere and consistent population growth further enhance the property's long-term value. This is a rare opportunity to capitalize on the thriving Seattle real estate market and the significant demand for housing near the University of Washington. The asking price is $7,950,000.