Overview

Description

3626-3232 Woodland, is a prime redevelopment opportunity in Seattle’s thriving Fremont/Wallingford neighborhood. The property is comprised of two parcels totaling 13,194 square feet of land, which currently feature two fully leased duplexes and a historic 5-unit apartment. NC2-75 (M1) zoning caters to both commercial and residential development, and preliminary massing indicates feasibility to build more than 140 apartment units.

3626-3632 Woodland Avenue N is located in Fremont on the southeast border of the Wallingford residential market. Directly off of Highway 99, the neighborhood encompasses multiple recreation opportunities with nearby parks including Meridian Playground, Wallingford Playfield, and Gas Works Park. The Burke Gilman Trail, just two blocks from the site connects the University of Washington with Golden Gardens at its terminus. With the perfect mix of amenities, recreation, and employment drivers, Wallingford is one of the most sought-after neighborhoods in Seattle. The 3626-3632 Woodlawn Park offering presents a rare opportunity to develop units in a housing constricted neighborhood.

Highlights

• NC2-75 (M1) zoning presents a perfect boutique opportunity to develop multifamily or commercial product.
• Existing duplexes and historic 5-plex provide stable in-place cash flow ($119,000 of NOI) to help offset development costs.
• Fremont / Wallingford multifamily market is just 3.2% vacant and rent has grown by 8.3% year-over-year.
• Easy access to Lake Union, the Burke-Gilman Trail, and Gasworks Park, by pedestrian, bike, and vehicle routes.
• Excellent amenity base with numerous restaurants and small retail shops surrounding the site offering outdoor dining, public art, and unique boutique shopping destinations.
• Community features a diverse mix of old and new architecture offering distinct charm.

Documents

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