Just Closed! 5 Units in Bellevue with future development potential. Congrats to Listing Brokers: Reid Jones & AJ Lachini
703 122nd Ave NE was successfully sold to a local buyer procured off market focused on long-term redevelopment potential. This 12,946 SF lot, zoned R20, sits within the Wilburton Implementation Plan Rezone Study Area, providing a strong rationale for the buyer's belief in a future upzone to allow for higher density with an increased height allowance for redevelopment. Although the Bellevue 2044 Comprehensive Plan has yet to be finalized which will confirm the property’s new zoning, a premium for the land was negotiated between both buyer and seller. At $659 per square foot and $594k per door, this was a challenging price point to deliver a sale at for our seller. However, the buyer saw value in the site’s future potential, expecting continued appreciation with the likelihood of a zoning change. This trophy asset, which had not traded hands in over 36 years, includes both a triplex and a duplex on a single tax parcel. Built in 1992, the property required extra diligence due to current insurance environment, particularly as the 5-unit building was over 30 years old. The property boasts numerous amenities, including decks with views, a spacious outdoor terrace, a large backyard, and multiple heated storage sheds. The sale remained under contract for over 4 months, while our client accommodated the buyer’s need for an extended closing period. This extension allowed the buyer to complete a 1031 exchange from a recently sold asset in Vancouver, Canada. For more information or an evaluation of properties in the Bellevue and Eastside market, please don’t hesitate to reach out. Reid Jones: [email protected] AJ Lachini: [email protected]