Northgate Development Lot 10019 Interlake Ave N Lot | Terrain residentiel | 2 015,33 ha | À vendre | 713 101 € | Seattle, WA 98133

Foundation Group is pleased to present an exceptional development opportunity in the heart of Seattle’s growing Northgate neighborhood. Located at 10019 Interlake Ave N, this 4,980 SF parcel includes approved architectural plans for a 14-unit apartment building totaling approximately 6,475 buildable square feet under LR1 (M1) zoning with a 1.3 FAR. With construction and demolition permits ready for issuance and the Master Use Permit (MUP) in final review, this project is development-ready—offering investors the ability to save 6–18 months of entitlement time and $50,000–$100,000 in soft costs. The lot benefits from no parking requirement, is MHA-compliant, and offers potential for three to four stories as currently designed. Importantly, the property stands to benefit from anticipated LR2/LR3 up zoning by late 2025 through Seattle’s One Seattle Plan, unlocking additional density and long-term value. Strategically located just minutes from the Northgate light rail station, the property offers direct access to Downtown Seattle, the University of Washington, South Lake Union, and Sea-Tac Airport—aligning perfectly with the city’s transit-oriented development goals.
Projected Economics:
Upon completion, the 14-unit building is projected to achieve average monthly rents between $1,550 and $1,700, generating an estimated annual rental income of $260,400 to $285,600. This efficient unit mix is well-aligned with neighborhood demand, supported by excellent transit access, employment
proximity, and limited new apartment supply. This offering presents a rare chance to acquire a low-barrier, permit-advanced
development lot in a rapidly appreciating submarket. With clear value-add potential, streamlined execution, and strong projected returns, the Northgate 14-Unit project is ideally positioned for developers seeking near-term velocity and long-term growth.