Mercer Island Assemblage
For registered members only
Property Type: Commercial Sold
Property Status: SOLD
Sold Price: $7,900,000
The Offering: The assemblage represents three parcels totaling 3.14 acres. Zoning is primarily multi-family (MF-2) with a smaller portion of single family (R-9.6).
The Opportunity: This offering has development potential for four residential segments: a residential townhome development, for lease townhome or apartment product, senior housing and lastly, use of the existing 36,378SF structure with potential for expansion onto the vacant parcels. All uses will have an additional opportunity of two or three single family residential lots.
The Location: This opportunity is greatly influenced by its sought after location in an affluent neighborhood of which the zip code boasts an average closed new home sale price of just under $1.7MM or $436/SF. Additionally, it’s strategic location within the core of downtown is rare. All major amenities of the Island are simply steps from this property inclusive of commerce, transit, shopping, dining and parks. The superior access to both Seattle and Bellevue via I-90 as well as proximity to the region’s top employers of Microsoft, Amazon, Boeing to name a few, make this a exceptional opportunity for a residential or senior housing related development.
Delivery of Real Estate: All three parcels will be transferred via a bargain and sale deed at close of escrow. Buyer can close immediately or upon a negotiated entitlement milestone.
The offering is available immediately. Due diligence materials are available upon execution of a confidentiality agreement.