18449 1st Ave S - Multi-Family FOR SALE


Normandy Park, WA 98148
$2,300,000 USD
206-457-6775
18449 1st Ave S, Normandy Park, WA for Sale
$2,300,000 USD
Multi-Family - FOR SALE
1/10
null | Request Cap Rate

18449 1st Ave S
Normandy Park, WA 98148


HIGHLIGHTS

  • Approximately 75% complete
  • 6-12 month estimated time to project completion
  • Desirable unit mix: 2 – 2bd, 4 – 3bd and ground floor commercial space
  • Potential to make the ground floor “live/work” for residential use
  • Excellent Normandy Park location
  • Attractive modern design that blends with the neighboring townhouse development

OVERVIEW

Paragon Real Estate Advisors is proud to present the Belleme at Normandy Park, a partially completed mixed-use apartment building located on 1st Ave South in the excellent community of Normandy Park. This project is located in one of the fastest growing suburbs in King County and is well-positioned for success with high rental demand and very little nearby new construction to compete with. The building has approximately 2,596 square feet of commercial space on the first floor level that has been divided into 6 live-work units offering flexibility. The second and third floors are comprised of 6 large, condo-style residential units with a total of approximately 7,000 rentable square feet. The residential unit layout consists of four - 3BD/2BTH units and two - 2BD/2BTH units that range from 1,006 – 1,200 square feet. The large 13,673 square foot lot also has ample parking, with 18 off-street stalls, two of which are ADA accessible stalls. The flexibility and short timeline to finish a new product makes this a very unique and lucrative opportunity for the future owner. Belleme at Normandy Park is located on 1st Ave S, one of the main thoroughfares that connects this growing city with nearby Burien and Des Moines. This location is ideal for people who want to be in a more calm, suburban setting, but still close to the city with convenient options for commuters. With Highway 509, 99 and I-5 all within a close proximity, residents can get to where they need to go easily.

FOR SALE DETAILS

PRICE

$2,300,000 USD

PRICE/SF

$240 USD /SF

# OF UNITS

12

PRICE/UNIT

$191,667

CAP RATE

Request Cap Rate

% LEASED

-

STATUS

Under Construction

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Belleme at Normandy Park

PROPERTY TYPE

Multi-Family

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

2026

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.31 AC

LAND SF

13,673 SF

ZONING

-

APN/PARCEL ID

050200-0200

ASK ABOUT THIS PROPERTY

Will DouglasParagon Real Estate AdvisorsMore Info
206-457-6775

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Will DouglasParagon Real Estate AdvisorsMore Info
206-457-6775

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.