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Townhouse Alternative with Exceptional Investment/Development Potential

CLASSIC CAPITOL HILL HOUSE + NC-ZONED LAND Offering Memorandum: Call for offers April 16, 2018

RARE COMBINATION: TURNKEY UTILITY & DEVELOPMENT UPSIDE Superbly located 1906 detached house with functional updates invites immediate occupation. Tucked into an affluent, historic Seattle neighborhood, with grand Capitol Hill mansions, charming cafes, and tranquil Volunteer Park a short stroll away, the property’s NC zoning (with proposed upzoning under Seattle’s Mandatory Housing Affordability (MHA) program) adds enormous present and future value for the investor/developer and flexible and varied uses in a rapidly expanding mixed-use corridor.

Private and Light-Filled Residence

guests to the level, fenced yard, a perfect size for the urban weekend

with New Systems, Outdoor Spaces

gardener but also a strategic opportunity to profit from commercial

Prominently sited on a flat, corner lot on a sunny hillside bordering an

zoning. Combining it with the 3,010 SF commercially zoned corner lot at

alley just west of the intersection of East Roy Street and 19th Avenue East,

623 19th Av E creates a rare street-to-alley corner-lot land assemblage for

for more than a century 1815 E. Roy St. has enjoyed an attractive street

robust mixed-use development as townhouses, office/medical,

presence, enhanced by mature plantings to protect its privacy. Extensive

apartments and/or retail. 


improvements by the long-time (20+ years) owner include a new composite roof, new PEX plumbing, new electric systems, double-paned windows, and leaf-guard gutters. Original character abounds in the roomy, nearly 10-foot-high living spaces. The large entry foyer can easily accommodate the addition

PROPERTY FACTS • Price: $899,000 • 1815 E Roy St, Seattle WA 98112 • House SF:1,290 SF • Lot SF: 2,150 • Zoning: NC-140 Urban Village • Corner/Alley Lot • MLS #1268787 Page 1 !

of a powder room and hall closet. Both upstairs bedrooms boast walk-in closets and enormous windows with pleasant

Choose the Development Scenario Best for You: 1. Occupy or lease the cozy, comfortable, well-maintained 1906 residence and install the chef’s kitchen of your dreams. A floorplan showing the addition of a main-floor powder room is available. 2. Retain the residence to live in or rent out as a coveted townhouse alternative, while effecting the sale of its garden plot to the buyer of the neighboring property on the east for development and mutual benefit. 3. Take direct advantage of NC-140 designation in the “Frequent Transit

territorial outlooks. The

Zone” of the Madison-Miller Residential Urban Village by replacing

350 SF half basement

the existing house with new multi-story, multi-use (retail and

affords ample storage. An

residential) construction. The zoning allows a floor area ratio of

intimate outdoor deck for

3.25 for mixed use, with a height limit of 40 ft. New legislation

lounging or dining

currently proposed by the Seattle City Council proposes upzoning

transports you and your

from the existing NC-140 to NC-155 (M).

Classic Capitol Hill Residence with Development Land

April 2018


NEIGHBORHOOD

CAPITOL HILL, SEATTLE

Custom cookies? Gourmet grub? Stroll in the Park? A block from 1815 E. Roy St., trending cookie

Convenient access to I-5 and proximity to

shop Hello Robin and gourmet market Cone &

University of Washington via University Bridge

Steiner signal the neighborhood’s growing appeal

assure an easy commute to work. The very

to sophisticated millennials and seasoned city

walkable location (Walk Score of 86) allows many

lovers alike. A dozen popular restaurants and cafes

errands to be accomplished on foot, while the

entertain foodies a less-than-5-minute walk, from

Bike Score of 70 reflects the flat-as-a-pancake

Vietnamese-fusion Monsoon to gluten-free

terrain. A true urban mecca, this vibrant yet laid-

Nuflours Bakery on 15th Ave. Or stroll 10 minutes

back part of Capitol Hill will grow tremendously in

away to Central Coop, QFC and Trader Joes for

the near future, bolstered by Urban Village

your groceries.

zoning.

For the outdoorsy, Olmstead Brothers-

Own a detectable slice of Seattle at 1815 E.

designed Volunteer Park and rugged Interlaken

Roy St. Whether you man to inhabit the house

Park to the north enclose running trails and

yourself, rent it out for immediate cash flow, build

romantic picnic spots.

on its site, or hold it in your portfolio.

Area Amenities • 15th & 19th St Retail Zones • Cal Anderson & Volunteer Parks • I-5 & 520 Access • Link Light Rail - Capitol Hill • Medical centers, Group Health • Pike Pine & Broadway Retail • QFC Grocery Store • Tech Employers like Amazon • University of Washington

RECENT NCZONED LAND SALES

623 19TH AV E (ADJACENT)

1726/30 19TH AV E

1707/11/13/15 20TH AV E

2100 E MADISON ST

206 10TH AV E

SUMMARY

Neighborhood

Capitol Hill

Capitol Hill

Capitol Hill

Capitol Hill

Capitol Hill

-

Sold Price

$1.599M

$3.235M

$4.20M

k$4.60M

$6.35M

$3.997M

Lot SF

3,010

5,144

12,949

8,800

12,800

8,541

Sold PriceLot /SF

$531

$629

$324

$523

$496

$501

Sale Date

Active

10/13/17

9/25/17

9/22/17

9/8/17

-

Zoning

NC1-40

NC2-40

NC2-40

NC3P-65

NC3-40

-

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Classic Capitol Hill Residence with Development Land

April 2018


ATTRACTIVE TOWNHOUSE Great Bones Luxuriously freestanding and elegantly proportioned, the 1290 SF house is ideal for a couple, single person, or compact household. If you are an investor, it also makes a superlative rental property for income. Infinite Potential No need to start from scratch – a prudent renovation would efficiently add a powder room on the first floor or a master bath on the second floor. Trade the Yard for Money in your Pocket Thanks to the attached deck, the house enjoys an airy, indooroutdoor feeling. With parks and green spaces within easy reach, sale of the yard would not impact quality of life for you or your tenant.

ALTERNATIVE WITH UPSIDE

Due Diligence Materials

Adjacent Property For Sale

Exclusive Listing Broker

• Preliminary Title Report

• 623 19th Av E • Zoning: NC1-40 Urban Village/

Edward Krigsman

• Property Photographs • Seller Disclosure Statement • Floor Plans with Powder Room

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Transit • Lot SF: 3,010 • NWMLS #: 1229301

Classic Capitol Hill Residence with Development Land

Windermere Real Estate Co. Seattle, WA 98105

206.387.6789 edwardk@ekreg.com

April 2018


IMMEDIATELY AVAILABLE - VALUABLE INVESTMENT OPPORTUNITY You are receiving this publication

rapidly expanding CAPITOL HILL

because we have

19th Avenue corridor. The house, at 1815 E. Roy St.,

identified you as

just west of the

someone who

intersection of E. Roy

may be interested in acquiring a prime

St. and 19th Ave. E.,

investment property in Capitol Hill’s

stands within the Madison-Miller Urban Village on a

For More Information

corner lot. NC-140 zoning and frequent

Contact Exclusive Listing Broker:

transit offer lucrative

Edward Krigsman at

possibilities for the investor/developer,

206.387.6789 or

especially when the property is

or edwardk@ekreg.com

combined with a neighboring 3,010 SF parcel, also listed for sale.

Edward Krigsman Windermere Real Estate Co. 5424 Sand Point Way NE Seattle WA 98105

Walkscore: 87

Offering Memorandum - Classic Capitol Hill Residence with NC Zoned Land  
Offering Memorandum - Classic Capitol Hill Residence with NC Zoned Land  
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