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Crown Hill Development Site
Sale Price: $2,900,000
For more information about this property, please contact the listing broker.
Please visit our Listings page to view apartment buildings and development land currently on the market.
Executive Summary
Crown Hill was brimming with potential. What couldn’t be bought or built was 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 grew outside its core, new opportunities were surfacing in Crown Hill for multifamily developments and commercial improvements. It was now the time to shape the future of this neighborhood.
Property Details
Sale Details
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.
Location
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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
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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.
