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4926 212th Street SW
Mountlake Terrace WA 98043

SALE PRICE $950,000

INCLUDING PLANS FOR 15-UNIT
APARTMENT BUILDING

 

BUILD A 15-UNIT APARTMENT BUILDING
PLANS APPROVED

This is a 10,450 square foot corner lot on which a 15-unit apartment can be built. There is currently a 1,770 square foot rental home on the property. 

However, the real value is in the land. Fortunately, this corner is zoned for apartments. Fortunately, the lot is big enough for 15 units and 17 parking spaces.

We have listed this property for sale for $950,000. It is worth that much because we have architectural plans for the construction of a 15-unit studio apartment building that are approved by MLT Planning.

Read all the plans and cost calculations at this link.

This property can be developed because it is large, around 10,450 square feet, and because it is specifically zoned for apartment buildings.

Currently the property is rented for $2,400 per month.

Do not go onto the property without my presence. Do not knock on the door or talk with the tenants. They would just tell you to call me.

If you plan to keep the house as a rental while you get ready to build, you will want to inspect the home interior. You may do that but only after you have signed a purchase agreement and paid earnest money – subject to inspection of the rental home.

Take a video walk through of the property on YouTube.

See plans, survey, conditional plan approval, photos, videos, and all links here

If we can sell the property for $950,000, we will sell it. If we cannot sell it, we will partner with our favorite general contractor and develop this property ourselves.

I have prepared a spreadsheet with cost estimates. It is entitled “Financing-Rent, Values, Cash Flow”, and it is found at the Box.com link.

There are three construction cost estimates based on three different costs per square foot, $100, $150, and $200 per square foot.

If you are going to hire your own contractor, count on spending $200 per square foot just to be on the safe side.

If you are experienced in construction you might be able to build it for $150 per square foot. My general contractor will build it for $100 per square foot, provided however that he will receive 25% equity in the property once it is built.

If you buy the property from us for $950,000, my favorite general contractor would probably be willing to give you the same deal, construction cost of $100 per square foot for 25% ownership.

You may review a large selection of documents regarding the apartment potential by visiting my document folder. Click here.

Our rental home is located on the south west side of the intersection at 212th Street SW and 50th Avenue West.There is a gigantic maple tree in the middle of the front yard. Unfortunately, it will have to go when the new apartment building is built.

We bought this home in 2004 because it was on a busy street and because the Mountlake Terrace sign ordinance allowed sizeable signage. I was thinking of establishing a law office there. However, I chose not to build a large law office but instead to work mostly from home as a real estate broker. See www.WashingtonAttorneyBroker.com.

Current rental status:

Until construction begins, we will continue to rent this home to a family for $2,400 per month. Please do not go on the property. Do not knock on the door. If you buy this property, you will be tearing down the home. So there is no reason for you to inspect the home. If you do want to inspect the interior, because you might rent it to tenants for a while, I can arrange that, but only after you have signed a contract to buy and paid earnest money – subject to inspection.

This is a four bedroom home. One bedroom is huge. Two are large. One is medium in size.

This is a one bathroom home, but it is a clean, nice-looking bathroom.

The floors are hardwood and ceramic tile throughout the home except for linoleum in the bathroom. If you or your children have allergies or asthma, a non-carpeted home is the way to go.

ADT security is included for no extra charge. ADT allows access to Pulse on the tenant’s cell phone.

We have repainted, updated, and remodeled this home.

There are three parking spaces on the west side, on 50th Avenue West. And there is a huge front yard big enough for several RVs.

Call James at 425-774-6611. 

Sincerely,

James Robert Deal , Attorney & Broker
James@JamesDeal.com
PO Box 2276 Lynnwood WA 98036
Law Office Line: 425-771-1110
Broker Line: 425-774-6611
Cell and Text Line: 425-670-1405
KW Everett Office Line: 425-212-2007
Fax: 425-776-8081
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