Mt. Baker Ridge - Investor

Project Details

Renovated Historic Plus 4 New Construction Homes

1136 31 Ave S, Seattle, WA 98144

Historic home built in 1903 to be restored for the 21st century and joined by 4 new construction homes.

Walking distance from Mt. Baker retail core
At nearly 25K SF of total area, each home has a gracious lot
Modern fixtures and lighting
Homes have various unique features from private rooftop decks to bunker garages

Features

Project Goals

Remove single story addition on existing home in order to add 4 new homes to property instead of the limit of 3 homes considered possible by the market. This will require careful navigation of the complicated permitting process

Key Investment Highlights

Seller financing negotiated to allow time for permitting
Expected 40%+ annual return

Pro Formas / Renderings

By The Numbers

Acquired - 2018

Built- 1903 / 2021

Lot SF - 24,900

Zoning - SF 5000

Total Project SF - 16,000 Est.

Project Breakdown – 4 new construction homes and 1 historic renovation

Investment Type - Spec Build

Investment Duration - 3yrs

Investment Simple Return - 60% Est.

Interesting Project Fact - The property was purchased from only the second owner since it was constructed in 1903 by a man who made his fortune in the Alaskan gold rush.

PROJECT TEAM

Developer: 47 North

Architect: SHW

Structural: Frank Co.

Civil: TBD

Landscape: TBD