E Denny Way Redevelopment
1116-1120 E Denny Way
$2,500,000
Commercial Opportunity
One single-family home, 1,230 sq ft
Lot size: 5,282 sq ft
Zoning: NC2-75 (M1)
Capitol Hill Investment Opportunity // Unique offering of two tax parcels just steps from Capitol Hill Light Rail and Cal Anderson Park. Current use is as one single family residence parcel and one vacant land parcel across 5, 282 lot square feet. Gentle westerly-sloped topography and zoning of NC2-75 (M1) allows for redevelopment up to 75' building height and exceptional views of downtown Seattle and the Space Needle above 30'. Blueline Group Engineering and Feasibility Report available for review.
+ INVESTMENT SUMMARY
This property is located just a few minutes walking distance to the Capitol Hill light rail station, and has an overall walk score of 97. Centrally located in Capital Hill, the options for dining, shopping, and entertainment are endless. The Capitol Hill rental market is seeing a steady recovery, post-2020, and rates are beginning to return to normal. Multi-family developers are continuing to invest heavily in this submarket with over 1,500 units currently under construction.
+ HIGHLIGHTS
According to NWMLS, despite historically low inventory levels, home sales in the Central Puget Sound region increased to levels not seen since 2006, with Pierce and Kitsap counties seeing the most sales ever. Mortgage rates were historically low, and the ongoing pandemic drew a flood of buyers into a market with a scarcity of available homes. This resulted in double-digit price increases throughout the Puget Sound region and has left many local real estate agents struggling to meet the demand. The Puget Sound region is in desperate need of additional housing units, which would serve to slow the area's existing housing price growth. Costs, on the other hand, continue to constrain construction activity, and this is unlikely to change significantly in 2022. In the current market environment, we can confidently say that the Puget Sound region remains a seller's market—still well below what is required to meet the volume of buyers.
- PRIME LOCATION
- AMENITY-RICH NEIGHBORHOOD
- EASY ACCESS TO MEDICAL CENTERS
- WALK SCORE: 97
- TRANSIT SCORE: 80
- SUN NUMBER: 93
+ ALLOWABLE USES + STANDARDS
Allowable Use: Residential, office, institutional uses Best Use: Apartment
Entitlement Process Director’s and Hearing Examiner’s Decisions Requiring Master Use Permits | Type II Review:
- Submit and attend pre-app meeting – 30 days (required)
- Community Outreach
- Early Design Guidance Process
- Director identified Guideline Priorities
- Application for Master Use Permit
- Design Review recommendation phase
- Director’s decision on application for permit
- Notice of Decision
- Appeals period for 14 days