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Rainier Avenue Development Site 6355 Rainier Ave S 2,844 SF Retail Building Seattle, WA 98118 $1,980,000 ($696.20/SF)
INVESTMENT HIGHLIGHTS
- Opportunity Zone Development: Investors can leverage unique tax benefits
- Improving Submarket Indicators
- Strategically Located: Located just 6 miles from downtown Seattle and 0.6 miles from the Othello Light Rail Station
- Impact of Boeing Field: located just 3 miles from King County International Airport
EXECUTIVE SUMMARY
Introducing an exceptional development opportunity in the heart of Seattle's Rainier Valley. This vacant building at 6355 Rainier Avenue presents a prime investment chance with 14 proposed townhomes in an Opportunity Zone. With a substantial lot size of 21,344 SF, zoned for NC2-55 (M), this property offers a strategic location just minutes from major employers like Meta, Amazon, and Boeing. Ideal for redevelopment, the site benefits from being only 0.6 miles from the Othello Light Rail Station, providing seamless connections to key destinations including downtown Seattle. The surrounding area boasts a vibrant cultural scene and strong market indicators, with rental growth projected to accelerate, making it a lucrative venture for savvy investors. Don't miss out on this rare chance to capitalize on a burgeoning market in one of Seattle's most dynamic neighborhoods. Contact us today to unlock the full potential of the Rainier Avenue Development Site!
-Opportunity Zone Development: Investors can leverage unique tax benefits with this property, which spans over 21,000 square feet and is zoned NC2-55 (M) in an Opportunity Zone.
-Strategically Located: Located just six miles from downtown Seattle, this site provides convenient access to over 336,000 jobs and major employers like Meta, Apple, Amazon, Nordstrom, and Zillow.
-Improving Submarket Indicators: The vacancy rate in South Seattle has decreased from 7.7% to 7.0% over that past year; annual asking rent growth is currently at 1.5%, with 4- and 5-star properties experiencing a higher growth rate of 2.8%; experts expect rent growth to accelerate to 2.6% by the end of 2025.
-Impact of Boeing Field: King County International Airport - Boeing Field, located just three miles from the site, averages 180,000 aircraft takeoffs and landings annually; the airport supports $3.5 billion in local business, provides 16,000 jobs with $2 billion in labor income, and hosts more than 150 tenants contributing to over 5,000 jobs in the region.
-Opportunity Zone Development: Investors can leverage unique tax benefits with this property, which spans over 21,000 square feet and is zoned NC2-55 (M) in an Opportunity Zone.
-Strategically Located: Located just six miles from downtown Seattle, this site provides convenient access to over 336,000 jobs and major employers like Meta, Apple, Amazon, Nordstrom, and Zillow.
-Improving Submarket Indicators: The vacancy rate in South Seattle has decreased from 7.7% to 7.0% over that past year; annual asking rent growth is currently at 1.5%, with 4- and 5-star properties experiencing a higher growth rate of 2.8%; experts expect rent growth to accelerate to 2.6% by the end of 2025.
-Impact of Boeing Field: King County International Airport - Boeing Field, located just three miles from the site, averages 180,000 aircraft takeoffs and landings annually; the airport supports $3.5 billion in local business, provides 16,000 jobs with $2 billion in labor income, and hosts more than 150 tenants contributing to over 5,000 jobs in the region.
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PROPERTY FACTS
Sale Type
Investment
Sale Condition
Redevelopment Project
Property Type
Retail
Property Subtype
Auto Repair
Building Size
2,844 SF
Building Class
C
Year Built/Renovated
1923/1975
Price
$1,980,000
Price Per SF
$696.20
Tenancy
Single
Building Height
1 Story
Loading Docks
2 Exterior
Building FAR
0.13
Lot Size
0.50 AC
Opportunity Zone
Yes
Zoning
NC2-55 (M)
Parking
23 Spaces (8.09 Spaces per 1,000 SF Leased)
Frontage
170’ on Rainier Avenue South
Bike Score®
Very Bikeable (80)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 110500-0182 | Improvements Assessment | $1,000 |
| Land Assessment | $1,909,800 | Total Assessment | $1,910,800 |
PROPERTY TAXES
Parcel Number
110500-0182
Land Assessment
$1,909,800
Improvements Assessment
$1,000
Total Assessment
$1,910,800
CONTACTS
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Chad Blenz -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Brandon Lawler -
Berkadia
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