Prime city real estate about to be up for grabs

Prime city real estate about to be up for grabs
SEATTLE -- Looking for a plot to invest in, or build your dream home? Seattle City Light's off-loading some unused property.

A total of four parcels of land that used to be sub-stations are now on the market. Long abandoned for bigger, better models, these parcels sit idle.

The surveys and environmental studies are done, the lots are just waiting for structure.

"They'll probably design apartment houses with 25 to 30 units that might look similar to the one next door, only a more modern version," said Arvin Vander Veen with Colliers International said.

That lot, just off Sandpoint Way, is the only one zoned for a multi-family building. The other three are ready for single family homes -- a rare opportunity in the city, where land's been developed for years.

"They create a lot of traffic and a lot of demand because there just aren't many of them out there," Vander Veen said.


View City Light Parcels in a larger map

So why is this surplus city property for sale now?

"When Seattle City Light saw the progress, or the success on the fire stations, they said, 'let's do it with our four properties,' " Vander Veen said.

Just last year, the city put two of its old fire stations on the market. Those properties solicited a huge response with hundreds of people walking through open houses.

In the end, the properties sold for more than twice the minimum asking price.

The smallest of the parcels on the market this go around is equal to two lots. Vander Veen said he expects the parcels to close about 20 percent above the minimum asking price.

For More Information: Seattle City Light Properties