Or, at least, we can tell you why the brokerage listing them believes the properties are worth more than $5 million.
As CHS reports on the numbers behind single family home affordability on Capitol Hill, here’s another factor impacting the market on the supply side of things. Two 1906-built homes on Bellevue Ave E that have somehow survived for years in the middle of an area zoned for midrise apartment buildings have been listed for sale as a potential 15,000 square-foot development site. That potential, broker Hendricks-Berkadia apparently believes, makes the land worth millions of dollars.
Offering Summary
Address: 123 & 127 Bellevue Avenue East, Seattle, WA 98102
Size: 15,679 Sq. Ft.
Zoning: MR
Price: $5,100,000
Parcels
744900-0070 5,400 Sq. Ft.
744900-0065 10,279 Sq. Ft.
Zoning Summary
MR Zoning: 4.25 FAR
66,636 Sq. Ft. Allowable FAR On-Site
85% Efficiency
56,640 Sq. Ft. Rentable
No plans are on file yet for the properties that were on the market and had an offer review deadline reportedly in August. The demolition of the old houses won’t help single family home affordability. Many are hoping that any new apartment units will eventually help stem the tide for renters.
Images: King County Records
This is where in order not to decharm Seattle, it would be just great and green if a new development could design around and somehow include the two existing structures.
I think even as just homes they are likely worth that price. What is the going price for a large home on Capitol Hill?
I used to live at 123 Bellevue East and it’s not a single family home, it’s an old boarding house that has eight units! I think the one next door also has several dwelling units.
Sweet, looks like I’ll be living next to a construction site in the near future. I was always amazed that those houses even existed on my block, so I guess it was only a matter of time.
Any idea what the zoning is for that lot? How many stories high can they build?
the same midrise 60ft height of that whole area east of I-5 west of Broadway (south of about Roy)
What possible justification could anyone have for creating a waste of space MIDRISE building there. The view is spectacular the location is great, people want to live there. This is a great spot for a multi story building. This is a great spot for a green building like the built center.
This is a perfect opportunity to turn housing for 20 into housing for 200 or more which is what we need but if the preservationists get their way no change will be made or the neighborhood gets stuck with another short fat building and wasted potential.
Short “midrise” buildings are what keep rents high!
I’ll be thrilled if 127 gets sold. It’s currently owned by a company that rents it out to new groups of rich people every week. They often sit in the Jacuzzi all night yelling and hollering like frat boys on a Saturday. One time people rented it and left there dogs in the backyard all weekend to be lonely and bark all night long every 10 minutes.
[…] market). Single-family home properties in zones transitioned to multifamily housing soared in value as developers looked to cash in on the demand. The tidal convergence left some residents asking, […]