Investment Opportunity: 4-Plex on Queen Anne
Urban Living reader Phil writes in with another suggestion. This time for a 4 unit building at 321 W Olympic Pl for $1.1m:
Tired of looking for the perfect view condo/townhouse? This 6,400 square foot L-3 zoned lot on the very sloping, south slope of Queen Anne has views to die for. The existing 4 unit building can keep the cash coming in while you go through the design and approval stages. $1,100,000 might sound a lot, but townhouses up the street are going for around $750k each, and single lot single family home knockdowns up the hill are selling for near that too. With good planning, you could pay for your unit with the profits.
My question for Phil is. This place has been on the market for three months. Why hasn’t it been snatched up yet? His response:
According to DPD, Build Urban applied for permits in 2008 to build townhouses on 321 & 327 W Olympic Pl. They didn’t follow thru, I’m guessing the housing bust. There’s probably a limited number of developers willing to build multi on a smaller, steep lot.
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