Monday, January 18, 2016
Value in the Land
It is located on a subdividable residential parcel in the Brighton/Seward Park neighborhood of Seattle (7500sf in a 5000sf residential zone). The owner would like $300,000 for the property. It's tax-assessed value is $285,000. The owner lives in Spokane, and the property has been vacant since September.
The other parcel is located on Rainier Avenue South, right across from the business district between S Charlestown and S Andover Streets. It is a small 560sf 2-bedroom, one-bath house originally built in 1926. It is zoned NC2-40, but the lot itself is only 2580sf. The seller owns this parcel free and clear of any underlying mortgage. It is tax-assessed at $168,000.
It may be possible to actually do a larger development, if the investor were able to buy one of the adjacent properties.
Please message me privately at HomeLandInvestment@gmail.com, if you are interested in more details on either of these two properties.