5305 15th Avenue NW, Seattle, WA 98107

Property Description

The Ballard Development Site, a 12,810 square foot corner parcel at 5305 15th Ave NW in Seattle’s Ballard neighborhood. The site sits at the northwest corner of 15th Ave NW and NW 53rd St, one block south of NW Market St, with approximately 100 feet of frontage on 15th Ave NW and 128 feet on NW 53rd St. It is improved with a vacant 2,567 square foot restaurant building constructed in 1971. The property is zoned C1-75 (M), which permits apartments, mixed use, retail, office, live and work, and a range of commercial uses up to a 75 foot height limit. At a 5.5 FAR, the zoning supports approximately 70,455 square feet of floor area. The site is located within the Ballard Regional Center and the Medium MHA fee area. The lot is operated by Diamond Parking under a month to month revenue sharing agreement that generates monthly income to ownership. The parking income offsets a portion of the carry while a buyer completes design and permitting, and the month to month term allows the site to be cleared for construction with no lease to buy out. No design, permitting, or pre submittal work has been started. The seller has not researched the zoning or completed any feasibility work, and a buyer is to confirm floor area, unit count, MHA obligations, and all development assumptions with the Seattle Department of Construction and Inspections.