Nine months after a real-estate/development group bought the 12-unit apartment building at 3060 Avalon Way for just under $1 million, they’ve put it up for sale for more than twice that. The 9,500-square-foot site is listed for $2,552,000, with the listing mentioning renovations since last year’s sale, and also: “With the ability to build up to 65 feet in height on the property. The land value today is approximately the same as the asking price for the apartment building, giving the buyer an opportunity to earn income while processing permits at the City of Seattle.” The building is sandwiched between two sites that have had development proposals in the past few years – apartments at 3062 Avalon (which the DPD site notes were canceled last year) and 104 units of microhousing at 3050, and a few lots east of a project that just won a key approval last week, 100+ apartments at 3078 Avalon.
P.S. If you like stats and numbers, they abound in this background brochure about the 3060 Avalon property, which takes a broader look at the West Seattle and citywide apartment market, too.
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