16325 5Th AveShoreline, WA 98155

This exceptional 2.59-acre site in Shoreline, WA, presents a compelling redevelopment opportunity. Currently housing a 24,020 square foot, single-story building with a 100% occupancy rate and a substantial net operating income (NOI) of $556,272, this property offers significant potential. The existing structure, a concrete block building, is utilized as a service industrial facility. The property features convenient access points on both 5th Avenue NE and 165th, and is fully fenced and paved, except for a portion on the southwest side. Its R24 zoning permits high-density multifamily development, aligning perfectly with the high demand for housing in this area. The site's prime location is less than a mile from the new Link Light Rail Park and Ride at 145th Street & Interstate 5, with a bus stop directly adjacent, offering excellent public transportation access. Furthermore, designated bike lanes run along 5th Avenue NE, enhancing its appeal to environmentally conscious residents. The property's flat, rectangular shape is highly desirable for developers seeking to maximize buildable space. The existing income stream can help offset carrying costs during the entitlement process. This established neighborhood location, near Shoreline schools and parks, offers a distinct advantage over higher-density corridors. The planned completion of Link Light Rail connections at 145th and 185th in 2024 will further enhance the property's value and desirability. The property's address is 16325 5th Ave NE, Shoreline, WA 98155, King County. The site consists of 466 units and was built in 1955. This is a Class C multifamily investment property categorized as an apartment building, single-family rental portfolio, and student housing, suitable for mixed-use redevelopment.