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Listings/Crown Hill Development Site

Crown Hill Development Site

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Executive Summary

Crown Hill is brimming with potential. What can’t be bought or built is already there: access to the natural wonders of the Pacific Northwest, amenities for a high quality of life, and a strong sense of community. As Seattle grows outside its core, new opportunities are surfacing in Crown Hill for multifamily developments and commercial improvements. Now is your time to shape the future of this neighborhood.

Site Details

Address
8541 15th Avenue NW
Location
Crown Hill, Seattle
Major Street Exposure
15th Avenue NW
Parcel Numbers
330070-0974
Site Size
6,854 SF
Zoning
NC3P-40

Development Details

Project Architect
Neiman Taber
Height
4 Stories
Total Units
40 Residential + 4 Retail
Master Use Permit Status
April 2018
Building Permit Status
June 2018
GSF
21,993 SF
NRSF
15,898 SF
Commercial
1,960 SF

Investment Opportunity

Once only considered “North Ballard,” the Crown Hill neighborhood has blossomed into its own unique offering as Seattle continues to grow. Although 68% of housing units are currently owner occupied, the City has identified Crown Hill as a potential Urban Village, and is invested in enabling a variety of new developments. As the neighborhood evolves, savvy investors are recognizing opportunities on the horizon for Crown Hill.

Crown Hill has benefited from consistent rent growth like many other Seattle neighborhoods since 2012. However, the data shows that Crown Hill is still — by comparison — an undiscovered rental market. Further rent growth is now pushing towards Crown Hill as residents are priced out of core neighborhoods such as Ballard, Fremont, and the University District.

Limited Competition

Crown Hill has seen limited recent deliveries with comparatively-low development pipeline.

Future Rent Growth

This emerging market is the first choice for Ballard residents seeking lower rental rates, creating cumulative five-year rent growth of 41%.

Differentiated Offering

This development site offers ease of constructability, unique unit layouts that will drive rent/sf, and the opportunity to participate in Seattle's MFTE propgram.

Location

Open Google Maps

Crown Hill Development Site

8541 15th Ave NW
Seattle, WA 98117
Units: 40
Price: $2,900,000

About the Area

Don’t call Crown Hill “North Ballard.”

Sure, it has the benefit of a seven-minute Uber ride to Ballard’s best restaurants and bars off NW Market Street. And it’ll only take 10 minutes by bus to get to the planned Ballard light rail station. Plus, Golden Gardens is just a short bike ride away.

But where 15th Avenue curves onto Holman Road, you’ll find a welcoming community that is dedicated to its distinct neighborhood and sees the potential for further growth.

Home to numerous dairy farms and orchards during the 1930s and ‘40s, you’ll still find original farm houses and orchard trees nestled throughout Crown Hill. Waves of veterans, aerospace workers, and tech hires have since built out the now primarily residential neighborhood.

As Seattle continues to grow—and people are hoping to stay close to the city’s core without the core pricing—Crown Hill is emerging as an Urban Village. With proposed zoning changes, there are opportunities for new multifamily developments and improvements to commercial space along the main arterials.

84

Walk Score

72

Transit Score

88

Bike Score

Contact Us

Exclusive Listing Brokers

Colliers International WA LLC is the exclusive Listing Brokerage for this Offering. Dylan Simon, Jerrid Anderson, and Matt Laird are exclusively representing the Seller in the sale of 8541 15th Ave NW.

Direct: 206.414.8575

       
       

Direct: 425.736.5516