Why these two old houses on Bellevue Ave E are worth $5,030,000

Screen Shot 2013-10-27 at 3.22.44 PMScreen Shot 2013-10-27 at 3.23.00 PMOr, at least, we can tell you why the brokerage listing them believes the properties are worth more than $5 million.

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.

Offering Summary

Address:            123 & 127 Bellevue Avenue East, Seattle, WA  98102

Size:                  15,679 Sq. Ft.

Zoning:              MR

Price:                $5,100,000

Parcels

744900-0070   5,400 Sq. Ft.

744900-0065   10,279 Sq. Ft.

Zoning Summary

MR Zoning:        4.25 FAR

66,636 Sq. Ft.  Allowable FAR On-Site

85% Efficiency

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

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9 thoughts on “Why these two old houses on Bellevue Ave E are worth $5,030,000

  1. This is where in order not to decharm Seattle, it would be just great and green if a new development could design around and somehow include the two existing structures.

  2. I used to live at 123 Bellevue East and it’s not a single family home, it’s an old boarding house that has eight units! I think the one next door also has several dwelling units.

  3. Sweet, looks like I’ll be living next to a construction site in the near future. I was always amazed that those houses even existed on my block, so I guess it was only a matter of time.

  4. What possible justification could anyone have for creating a waste of space MIDRISE building there. The view is spectacular the location is great, people want to live there. This is a great spot for a multi story building. This is a great spot for a green building like the built center.

    This is a perfect opportunity to turn housing for 20 into housing for 200 or more which is what we need but if the preservationists get their way no change will be made or the neighborhood gets stuck with another short fat building and wasted potential.

    Short “midrise” buildings are what keep rents high!

  5. I’ll be thrilled if 127 gets sold. It’s currently owned by a company that rents it out to new groups of rich people every week. They often sit in the Jacuzzi all night yelling and hollering like frat boys on a Saturday. One time people rented it and left there dogs in the backyard all weekend to be lonely and bark all night long every 10 minutes.

  6. Pingback: CHS Year in Review 2013 | Capitol Hill development and the quest for affordability | CHS Capitol Hill Seattle