Listing provided courtesy of Heartland LLC - MLS# NWM2153442MLS Provider

5907 Martin Luther King Jr Way SSeattle, WA 98118

Vacant Land · 1.87 Acres

$12,000,000 Active

Overview

Time on Site:
235 days
Visits:
4

The Owner is selling ~81,544 SF of land (a portion of parcel #2224049028), including a 10,400 SF office building completed in 2015. The parcel is zoned NC2-75 (M). The Owner seeks to retain approximately 16,000 land SF of the westernmost portion of the current 97,544 SF parcel, including the westernmost building (outlined in yellow in most of the attached graphics). NC2-75 (M) zoning allows various commercial and residential uses. Residential multifamily or townhomes are likely the highest and best use. Preliminary yield studies indicate that the Site could accommodate 295 multifamily units or 57 townhomes utilizing all for-sale land.

View Map

Facts & Features

  • Type Vacant Land
  • Lot 1.87 Acres

General

Association/HOA
  • Association Fee: $0.00
School Information
  • School District: Seattle
Location/Region
  • Country: US
  • County Or Parish: King
  • MLS Area Major: 380 - Southeast Seattle
  • Subdivision Name: Hillman City
General Information
  • Buyers Agent Compensation: 2.25%
  • Parcel Number: 2224049028
  • Possible Use: See Remarks
  • Property Sub Type: Land
  • Property Type: Land
  • Senior Community: No
  • Special Listing Conditions: None
  • Zoning Class: See Remarks

Interior

Building Interior
  • Building Area Total: 0
  • Building Area Units: Square Feet
  • Calculated Square Footage: 0
  • Square Footage Finished: 0
  • Square Footage Unfinished: 0
General Information
  • Cooling: No
  • Fireplace: No
  • Heating: No
  • Living Area: 0
  • Living Area Units: Square Feet

Exterior

Lot Information
  • Irrigation Water Rights: No
  • Lot Size Acres: 1.872
  • Lot Size Square Feet: 81544
  • Lot Size Units: Square Feet
  • Road Surface Type: Paved
  • Elevation Units: Feet
  • Water Source: Available, On Property
Waterfront/View
  • View: No
  • Waterfront: No
Building Exterior/Construction
  • Structure Type: Multi Family
General Information
  • Carport: No
  • Electric On Property: Yes
  • Sewer: On Property
  • Utilities: Electricity Connected

Neighborhood

Community

98118 (Seattle) Demographics
38
Median Age
5,537
Population Density (per sq. mile)
52%
College Educated
$85,541
Estimated Median Income
10,763
Estimated Total Home Owners
7,314
Estimated Total Renters
60% / 40%
Estimated Owner / Renter Divide
3
Estimated Average Household Size
Community data courtesy of LiveBy, Inc.

Schools

Elementary Schools
1
Public
Dunlap Elementary School
  • Grades: PK - 5
  • Enrollment: 323
2
Public
Graham Hill Elementary School
  • Grades: PK - 5
  • Enrollment: 330
3
Public
Hawthorne Elementary School
  • Grades: PK - 5
  • Enrollment: 430
1
Public
Orca K-8 School
  • Grades: KG - 8
  • Enrollment: 406
2
Public
South Shore Pk-8 School
  • Grades: PK - 8
  • Enrollment: 596
3
Public
Wing Luke Elementary School
  • Grades: KG - 5
  • Enrollment: 312
Middle Schools
2
Public
Aki Kurose Middle School
  • Grades: 6 - 8 /
  • Enrollment: 657
1
Public
Orca K-8 School
  • Grades: KG - 8 /
  • Enrollment: 406
1
Public
Rainier Valley Leadership Academy
  • Grades: 6 - 10 /
  • Enrollment: 320
2
Public
South Shore Pk-8 School
  • Grades: PK - 8 /
  • Enrollment: 596
High Schools
1
Public
Rainier Beach High School
  • Grades: 9 - 12 /
  • Enrollment: 755
1
Public
Rainier Valley Leadership Academy
  • Grades: 6 - 10 /
  • Enrollment: 320
School data courtesy of LiveBy, Inc. School ratings are based on a scale of 1-5, with 5 being the highest rating and 1 being the lowest rating.

Monthly Cost

$
$ %
%
$
$
* Assumes 6.50% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information.

Market Data

Based on the last 30 days in this zip code

$1,003,453
Median Sales Price
$525
Median Price per Square Foot
253
Properties Sold
53
New on Market
55
Average Days on Market
108
Properties for Sale
Calculations provided by Reliance Network

History

Date Event Value Agent
8/21/2023Source: NWMLS Added to Database
August 21, 2023