505 3rd St - Multi-Family FOR SALE


Kirkland, WA 98033- Norkirk
$2,950,000 USD
425-531-7966
505 3rd St, Kirkland, WA for Sale
$2,950,000 USD
Multi-Family - FOR SALE
1/30
null | Request Cap Rate

505 3rd St
Kirkland, WA 98033
Norkirk


HIGHLIGHTS

  • * Exceptional Location 2 min walk from Downtown Kirkland
  • * Corner Lot / Fully Remodeled Units
  • * Multiple Development Options - Add 4 Units to Existing Duplex / Townhomes/Tiny Homes
  • * Plans and Renderings Available
  • * Long Term Land Development Strategy
  • * Strong Cash Flow w/ Existing Income

OVERVIEW

Exceptional rare location and land development opportunity in Kirkland East of Market St! Located East of Market Street and a just a two-minute walk from the vibrant downtown Kirkland, this property potential offers numerous development possibilities. Plans are available for constructing six cottages or townhomes along with six parking spaces. Alternatively, you may choose to retain the existing renovated duplex and add four more units. A third option is the development of tiny homes. For a long-term strategy, consider retaining the property and utilizing the existing duplex as a short-term rental (STR) with strong cash flow while planning for future development. Existing units are fully beautifully renovated, including new kitchen cabinets, quartz countertops, stainless appliances, with W/D in units. This remarkable lot represents a unique opportunity in downtown Kirkland with multiple development potential. Driveway variance in process to be completed with City of Kirkland. *Plans/Diagrams and renderings are attached or ask LA. Buyer to verify all information to their own satisfaction.

FOR SALE DETAILS

PRICE

$2,950,000 USD

PRICE/SF

$1,536 USD /SF

# OF UNITS

2

PRICE/UNIT

$1,475,000

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Downtown Kirkland - 6-Unit Land Development

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

ADD'L SUBTYPES

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1968

PARKING SPACES

2

LAND DETAILS

LAND ACRES

0.12 AC

LAND SF

5,100 SF

ZONING

PLA 7B

APN/PARCEL ID

390010-0105

ASK ABOUT THIS PROPERTY

Jamie LangsfordVenture Real Estate GroupMore Info
425-531-7966

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Jamie LangsfordVenture Real Estate GroupMore Info
425-531-7966

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