4519 S Henderson Street, Seattle, WA 98118, Seattle, 98118 - 2 bed, 3 bath
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Seattle, WA 98118
This property presents a High-Potential Investment Opportunity with a List Price of $799,999—positioned above the $704,256 Fair Market Value. While the current valuation reflects a premium, the 14,555 SF lot with MHA LR3 + SM-RB 85 zoning offers significant density potential for multi-family development. With a Condition Rating of 5, the existing structures provide immediate rental income while permitting is underway. This site is a strategic development asset ideal for Multi-Family Developers or Buy-and-Hold Investors targeting the rapidly evolving Rainier Beach corridor.
Rare Rainier Beach development site. 14,555 SF lot zoned LR3/SM-RB 85. Prime transit-oriented location near Link Light Rail. Ideal for multi-family investment.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 4519 S Henderson Street Subject | $799,999* List Price | 2 | 3 | 1,244 | $566 | - |
A 5103 S Garden Loop Road 25 Active | $575,000 List Price | 3 | 2 | 1,134 | $507 | 0.8 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1983 (41 years old), the property is marketed primarily as 'Value in Land' for development. While currently livable for a month-to-month tenant, the age and the listing's focus on zoning and FAR ratios indicate the structure is secondary to the land value and likely requires significant rehab or removal for highest and best use.
Zoned LR3 and SM-RB 85 within a HALA opportunity zone, this 14,555 SF lot offers significant density potential with confirmed favorable FAR ratios for multi-family projects.
Situated just one block from the Link light rail and bordering two main thoroughfares, the property provides exceptional accessibility and visibility for future residents.
The existing residential structure features a month-to-month tenant, providing steady rental income to offset carrying costs while the buyer secures development permits.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =1244, other record lot size in square feet = 14555. Living area discrepancy between mls listing and other public or private record. mls listing living area = 1244, other record living area = 2460. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 2, other record bedroom count = 3.
At a $1.1M list price primarily for land value, the initial investment requires a developer with strong margins to justify the per-unit cost in the current market.
While nearby elementary schools perform well, the local high school's low rating may impact the long-term appeal for families looking at future residential units on this site.
Rare development opportunity in the heart of Seattle’s rapidly growing Rainier Beach neighborhood. This 14,555 SF parcel is zoned MHA LR3 + SM-RB 85 in a HALA opportunity area, offering strong redevelopment potential for builders and investors alike. City correspondence has confirmed favorable FAR potential and the possibility for dual maximum building heights. The property includes an existing rental home plus a separate garage rental unit, for easy rental income while pursuing permits. Existing month-to-month tenant would like to stay. Positioned on two main thoroughfares with access potential from both sides, the site offers flexibility for future development. Possible Downtown Seattle and Lake Washington views from approximately 35 feet. Located just one block from Link Light Rail, parks, shopping, and neighborhood amenities. Here is your chance to secure a large urban development site in one of Seattle’s fastest-evolving neighborhoods.
No exterior & parking available.
Grades PK-5 • 0.2 mi
Grades K-5 • 0.7 mi
Grades K-5 • 0.7 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | - | - | 0% |
| Baths | - | - | 0% |
| Square foot | - | - | 0% |
| Lot Size | - | - | 0% |
| Price | - | - | 0% |
| Price per sq ft | - | - | 0% |
| Built year | 1983 | - | 0% |
| HOA | $0 | $0 | 0% |
| Days on market | - | - | 0% |
May 19, 2026
$799,999
$1,100,000
-27% Price Drop
Initial Listing
Mar 25, 2026
$1,100,000
Initial Listing