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6950 S 123rd St - 53- Unit Skyway Opp Zone Development Site

2 Acres of Residential Land Offered at $1,700,000 in Seattle, WA 98178

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Investment Highlights

53-Units in Studios, 1-3 Bedrooms & Townhomes
Easy I-5 & I-405 Access

Opportunity Zone

Executive Summary

The final design is now APPROVED by King County! Permits are ready to be issued. This development site is approved for 52 units with a mix of studios, 1-bed, 2-bed, 3-bed & townhomes units. Located in the outskirts of Seattle, it is in the federally-designated Opportunity Zone with light walking distance to Skyway Park, easy access to I-5 & I-405, few minutes to SeaTac International Airport. The operator of the completed project may benefit from the recent annual rent growth of at least 5% per year. Also, an investor looking to defer capital gains taxes on most investment vehicles may benefit from the Opportunity Zone designation of the site.

Property Facts

Price	$1,700,000	Property Type	Land
Sale Type	Investment	Property Subtype	Residential
Sale Conditions	1031 Exchange Redevelopment Project	Total Lot Size	2.00 AC
No. Lots	1	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Price	$1,700,000
Sale Type	Investment
Sale Conditions	1031 Exchange Redevelopment Project
No. Lots	1
Property Type	Land
Property Subtype	Residential
Total Lot Size	2.00 AC
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

1 Lot Available

Lot

Price	$1,700,000	Lot Size	2.00 AC
Price Per AC	$848,248

Price	$1,700,000
Price Per AC	$848,248
Lot Size	2.00 AC

Design Fully-approved in March 2024! All Permits Ready to be Issued. This Skyway dev site is proposed for 52 units with a mix of apartment & townhome units. Property was not actively marketed last 2 years, until we received approved designs.

Description

All building, engineering & structural design are approved. All permits are ready to be issued. This development site is proposed for building 52 units with a mix of studios, 1-bed, 2-bed, 3-bed & townhomes units. Located in the outskirts of Seattle, it is in the federally-designated Opportunity Zone with light walking distance to Skyway Park, easy access to I-5 & I-405, few minutes to SeaTac International Airport. The operator of the completed project may benefit from the recent annual rent growth of at least 5% per year. Also, an investor looking for favorable treatment of capital gains taxes on most investment vehicles may benefit from the Opportunity Zone designation of the site.