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- LoopNet Team
7th Ave
Poulsbo, WA 98370
Affordable Apartment Development Site · Land For Sale
·
1.71 AC
INVESTMENT HIGHLIGHTS
- Site Located on 7th Avenue Poulsbo Washington
PROPERTY FACTS
DESCRIPTION
This is a property I own on 7th Avenue in Poulsbo Washington for which there is a plan for building 44 affordable apartments with about 1,000 square feet of commercial space. The project is in a preliminary state. I have been in touch with the Planning Department of the City of Poulsbo who support the intended use. A preliminary site plan and other parts of the project are complete. See google photo of where the property is. There is a day care center next door. The site is ideally located for apartments - within walking distance of Central Market restaurants hardware stores etc. There is a financial model available to serious investors or developer. $683,000 a year is the projected net income. Approximately $12 million will be needed to develop and build the buildings. If a developer I would consider investing the value of the property into the project.
