The Valuation and Appraisal Report for the Redevelopment of Site 2320 N. 45th St. 

​

The site at 2320 N 45th St Seattle (Parcel #051000-1120) is in the Wallingford neighborhood. Wallingford sits just to the west of the University District, separated by Interstate 5. The proposed project consists of 50 residential units including studios, urban one-bedrooms, 1b1b, 2b1b, and 2b2b units. The average square footage for the units is 735 square feet. The project will include 30 parking stalls and 20 storage units both of which will be rented for an additional fee to tenants.

This neighborhood is mostly single-family housing with several streets dedicated to commercial sectors and multifamily housing. The current use for the 9,269-square-foot parcel is a two-unit structure housing a teriyaki shop and a pizza restaurant. The zoning for this parcel, NC2P-55 (M), restricts building heights to 55 feet with a floor-to-area ratio of 3.75. This site boasts a walkability score of 94 based on accessible bus lines on 45th St and significant restaurant and shopping amenities nearby.

​

The value conclusion based on the sales comparison approach is $25,285,953. The values generated by the direct capitalization approach range from $20,997,379 to $25,292,297 generated with a 5.3% and 4.4% capitalization rate respectively based on the range of sales comparison cap rates that were available to us. The average price per square foot for the units is $3.86 and the average rent is $2,774 per month.