Watching the real-estate listings, we saw this relatively new one of note:
3600 CALIFORNIA SW: Listed as “California Court Apartments and Redevelopment Site,” the 90-year-old 9-unit brick complex at 3600 California SW is on the market for just under $3 million. The marketing flyer (PDF) elaborates:
Situated on a prime 12,500 square foot corner lot on California Avenue SW at the epicenter of West Seattle’s vibrant North Admiral District, the California Court presents investors with the rare opportunity to invest in a trophy asset with significant redevelopment and value-add potential.
A massing study provided by Neiman Taber Architects shows the potential to develop 13 townhomes with an average unit size of 1,172 square feet, as well as an alternative plan for a 14+ unit condo or apartment development with an average unit size of 826 square feet. A wealth of potential exists for an investor to capitalize on historically high demand for both single-family and multifamily housing in a fantastic West Seattle location. The existing 9 unit provides investors with immediate income to off-set holding costs prior to redevelopment.
On that point, the flyer adds: “The current owner has intentionally kept 7 rent-ready units vacant upon turnover to allow the future purchaser the opportunity to quickly boost Net Operating Income with new tenants on market rate leases. 2 units remain occupied by tenants on a month-tomonth basis at rates well below comparable units in the neighborhood.” This also is the first flyer we’ve seen noting that the 2030 light rail is “1 mile away.” The site is zoned Lowrise 3.
P.S. The adjacent, similar complex to the east, which has different ownership, is not part of the listing.