2801 I St NE
- Low planned-unit basis: approximately $25,000 per proposed unit at the asking price.
- R-NM zoning supports dense residential and light commercial uses, with a 75-foot height limit and no maximum density listed in the zoning summary.
- The 55-unit concept is below Auburn’s adopted multifamily SEPA categorical exemption threshold of 200 units, subject to City determination and environmental conditions.
- The concept includes 67 parking stalls versus the stated one-space-per-unit requirement, including 37 covered stalls.
- Modern rent drivers include elevator access, air conditioning, in-unit laundry, quartz counters, stainless appliances, balconies/patios, fitness center, tenant lounge, package lockers, and controlled access.
- Seller and independent operating projections are closely aligned on base rent, expenses, and stabilized NOI.
- The recorded covenant is not a blanket prohibition on ordinary market-rate apartments; title counsel should confirm all restrictions and termination mechanics.
Property Description
Auburn 55 presents a compelling 55-unit multifamily development opportunity on approximately 0.92 acres in North Auburn. The generally level infill site is currently planned for a four-story, elevator-served apartment community with 67 parking stalls, including 37 covered spaces. R-NM zoning supports multifamily development, and substantial preliminary work has already been completed, including conceptual plans, a feasibility and market study, development budget, surveys, and additional due diligence materials. Convenient access to SR-167, SR-18, Auburn Station, and the future RapidRide I Line provides strong connectivity to major South King County employment and transit hubs, creating an attractive opportunity for developers seeking a well-positioned infill multifamily project.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Land/Development |
| Price: | $1,375,000 |
| Lot Size: | 0.92 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
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