6600 Martin Luther King Jr Way Seattle, WA 98118 – Opportunity Zone Dev. Site, No Adjacent Properties

6600, Martin Luther King Jr Way, Seattle, WA  98118

For Sale

Type
For Sale / Land

Opportunity Zone Dev. Site, No Adjacent Properties (Status: Available)

6600, Martin Luther King Jr Way, Seattle, WA  98118

One-of-a-kind Opportunity Zone micro-housing site in fast growing Othello Residential Urban Village. Perfect Site Dimensions allows maximum unit count with all units facing outward and below grade garage with parking on both sides of drive aisle w/no wasted space. No adjacent properties with street frontage on all sides allows units w/minimal view obstruction. 17,608 SF zoned NC2-55(M) in MHA Low Area. 2 blocks to Othello Light Rail Station. SE Seattle Reinvestment Area. Contract Rezone to NC2-95(M1) to build 7 story SEDU building(studios only) w/designating 32% of units as Affordable Units to meet MHA performance & MFTE(Property Tax Exemption) is the play. Net income gain w/MFTE, minimal losses to affordable leases w/SEDU studio rents at/near affordable rental cap of 50% AMI($950/month).

Listing Details

Asset Class: Land
Year Built: 1986
Building Total Square Feet: 1056
Available Lease Space Square Feet:
Number of Floors: 1
Total Parking Spaces: 0
Local Zoning Information: NC2-55(M)

CBA

Listing Courtesy of: Real Property Associates

Disclaimer: The information contained in this listing has not been verified by Pacific Continental Realty, LLC and should be verified by the tenant or buyer.

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