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.
Address: 123 & 127 Bellevue Avenue East, Seattle, WA 98102
Size: 15,679 Sq. Ft.
744900-0070 5,400 Sq. Ft.
744900-0065 10,279 Sq. Ft.
MR Zoning: 4.25 FAR
66,636 Sq. Ft. Allowable FAR On-Site
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