Description
Rare opportunity to acquire an income-producing redevelopment property in one of Seattle's most sought-after neighborhoods. Positioned on a flat 5,449 SF lot with NR3 zoning allowing the potential for up to four residential units, this Greenwood property combines immediate rental income with exceptional long-term upside at an accessible price point. The existing single-family home is currently configured with separately rented upper and lower living spaces, generating $2,800/month in rental income while you pursue design, permitting, and redevelopment. Unlike a typical redevelopment site, this property provides income during the entitlement process, helping offset carrying costs while preserving multiple investment strategies. Just off Greenwood Ave with a Walk Score of 81, the property is steps from restaurants, parks, and everyday conveniences. Enjoy quick access to Hwy 99, I-5, Northgate Link Light Rail, RapidRide, and downtown Seattle. Per neighbors, future development may capture Olympic Mountain views, enhancing value. Whether you're planning your first redevelopment project or adding to an established portfolio, opportunities that combine immediate income, development flexibility, and a premier North Seattle location are increasingly difficult to find.
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2BEDS
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0.13ACRES
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2BATHS
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01/2 BATHS
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1,150SQFT
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$517$/SQFT
School Information
Listing courtesy of Northwest MLS as distributed by MLS GRID. Listing courtesy of Real Broker LLC.
Mortgage Calculator is provided by BoomTown.
Description
Rare opportunity to acquire an income-producing redevelopment property in one of Seattle's most sought-after neighborhoods. Positioned on a flat 5,449 SF lot with NR3 zoning allowing the potential for up to four residential units, this Greenwood property combines immediate rental income with exceptional long-term upside at an accessible price point. The existing single-family home is currently configured with separately rented upper and lower living spaces, generating $2,800/month in rental income while you pursue design, permitting, and redevelopment. Unlike a typical redevelopment site, this property provides income during the entitlement process, helping offset carrying costs while preserving multiple investment strategies. Just off Greenwood Ave with a Walk Score of 81, the property is steps from restaurants, parks, and everyday conveniences. Enjoy quick access to Hwy 99, I-5, Northgate Link Light Rail, RapidRide, and downtown Seattle. Per neighbors, future development may capture Olympic Mountain views, enhancing value. Whether you're planning your first redevelopment project or adding to an established portfolio, opportunities that combine immediate income, development flexibility, and a premier North Seattle location are increasingly difficult to find.
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