Value in the Land

Today's blog will focus on two off-market properties, both in southeast Seattle. Both are teardown properties, with primary value in the land. The first, pictured here, is a tear-down house located on S Juneau Street, vacant and neglected. It is blocks to Seward Park, but not far off Rainier Ave S.

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.

Happy Investing!

Seattle Fixer

OK, investors, not sure whether this seller is motivated enough, but here is yet another off-market opportunity in Seattle.

This is a fire-damaged property on South Juneau Street in the 98118 zip code area of Seattle. It has been vacant since 2008, and used since then for storage. The owner has received numerous offers for this property, but not accepted any. Estimates to repair the damage from investors who have visited the property are somewhere around a minimum of $100,000.

The house is tax-assessed at $137,000. Seller is not willing to suggest a purchase price, and that is a red flag for me. As an investor, I tend to discount any owners who are unwilling to suggest a price, especially when they have been presented with numerous offers. This to me means that they are not sufficiently motivated to sell.

Also, the person negotiating this deal is the father of the person listed on title. He claims to be the authorized owner, but this is another caveat to a prospective buyer. Buyer beware! Check the title on this property carefully!

Of course, he collected the insurance money on the fire damage, but did no work on the property. Another red flag.

But if you are still interested in pursuing this, please be my guest. 4730 S Juneau Street in Seattle. Please message me at HomeLandInvestment@gmail.com if you want contact information.

Happy Investing!

Off Market Seattle Property

This is my week to promote off-market Seattle properties! And here is another one:

This is a rental property on S Orcas Street with a problem tenant, whose lease expires in March.

This 3 Bedroom 2 bath rambler in the Hillman City community is only minutes away from Seward Park, blocks away from restaurants, bus line & much more. It has electric and natural gas energy, a detached 2-car garage, fruit trees and alley access. It is a 2001 house with 1260sf that sits on a 4120sf lot.

The owner last tried to sell it for $360,000 in 2014, without success. She is open to new offers. It is tax-assessed for $353,000 and Realist puts it at about the same value. Zillow shows its fixed up value as roughly $425,000.

For more information, please send a private email to HomeLandInvestment@gmail.com

Happy Investing!

L Zoned Duplex in Seattle

Here is another off-market property for sale in Seattle!

This one is located near 24th Ave NW and NW 61st Street in the hot, hot Seattle neighborhood of Ballard. It is an L1-zoned duplex property on a 3400 sf lot. The house was originally built in 1908 and has approximately 2440sf of finished living space. It has two one-bedroom units and a one-car driveway.

The property is in excellent condition. The roof and skylights are two years old. The house was fully repainted last summer. There are no tenants. The owner lives in the house currently as a single family home.

The minimum terms the Seller would require for selling the property are:

· All Cash

· No seller’s commission

· 15 day close

· 90 days after closing to vacate the property with an option to extend (monthly rent negotiable)

· Sales price of $625,000

If you are interested in getting more details about this property, please send me a private email at HomeLandInvestment@gmail.com



Happy Investing!

Selling Beacon Hill Home

Coming on the market this week!

This vintage home on South Lander Street in Beacon Hill will be coming on the market at the end of this week. Lots of old world charm on the main floor, with three bedrooms and one bathroom, original fir flooring, and 9' ceilings. Exterior has new paint, and various repairs and landscaping have been completed.

The house features a light and bright interior with a formal living room and dining room. One bedroom and bath on the main floor, two roomy bedrooms and large walk-in closet and storage on the upper floor. The total square footage of finished space is approximately 2920.

The spacious kitchen has a butler pantry and gas cook stove. Natural gas heating as well.

There is a fenced backyard, with a beautiful deck right off the dining room.

Watch https://youtu.be/RtXz-hGG-dw to get a better look at the interior spaces.

The upstairs unit has three bedrooms and one bath; and is currently rented through August 2016 for $2300 per month. The downstairs unit was recently developed as a 2-bedroom ADU and will be vacant at the end of this month. It is currently rented for $1400 per month. Permits expired to make it a legal ADU, but the City inspectors have identified it as such. A new buyer will need to complete the permitting process. Live downstairs and collect rent upstairs!

Driveway for off-street parking for up to two vehicles. Plenty on on-street parking for your guests!

Close to the Mt Baker Light Rail Station, El Centro de la Raza, The Station coffee shop, and many other amenities on Beacon Hill.

We have been managing the rentals for this property, but the Owner is now ready to sell. Send a private email to HomeLandInvestment@gmail.com if you are interested in getting more information before the listing hits the market.

Happy Investing!