3109-3111 Rainier Ave S
Multifamily | 175 Units
Marketing description
Lee & associates is pleased to present the unique opportunity to acquire viv crossing, a fully entitled and shovel ready, Mixed-use multifamily development located at the iconic intersection of rainier avenue south and Martin Luther king jr. Way s in Seattle’s mount baker neighborhood. This transit-oriented project sits directly across from the mt. Baker light Rail station, positioning it as a prime transit oriented development (tod) site with unmatched regional connectivity. Viv crossing will deliver 175 residential units*, ranging from small efficiency dwelling units (sedus) and studios to Open one bedroom and two bedroom apartments, alongside 3,000 square feet of ground level retail and live/work lofts. With entitlements in place and construction ready status, viv crossing offers investors a rare opportunity to step into a High demand market without delay.
The mount baker/north rainier area is among Seattle’s most dynamic and rapidly evolving neighborhoods, with strong Fundamentals driven by low vacancy rates, above average rent growth, and robust population expansion. The immediate Adjacency to the mt. Baker light rail station ensures seamless access to local and regional destinations.
Viv crossing is a truly unique opportunity to develop a fully entitled, transit-oriented project located directly across from the mt. Baker light rail station.
Investment highlights
- 19,156 sf corner lot with sm-nr 95 (m) zoning providing the ability to build 175 units in a tod location. Viv crossing is vested at an mha-r fee of $14.46/sf.
- The site is just 2 blocks from a qfc as well as walking distance to many restaurants.
- Kitty-corner from the mt. Baker light rail station, providing direct access to downtown Seattle, the university of Washington, and seattle-tacoma international airport.
- Located at the intersection of rainier avenue south and Martin Luther king jr way south, one of the city's most visible and well-traveled crossroads.
- Walking distance to a wide range of neighborhood amenities including culturally diverse dining, cafes, retail, parks, and waterfront trails along lake Washington, all of which enhance livability and tenant demand.
- With zero units under construction in the surrounding one-mile area, the next development will be well positioned to absorb future housing demand.
- Ownership has prepared a post-permit revision designed to reduce costs and add 2 additional units, with some reduction in available parking
- 50% renter occupied households
- Adjacent to mt. Baker light rail station
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