5050 MARTIN LUTHER KING JR WAY S, Seattle, WA 98118, Seattle, 98118 - 0 bed, 0 bath
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Prime Columbia City LR3 (M) Site — Fully Rented Income Property Outstanding investment opportunity along the MLK transit corridor. This LR3 RC (M)-zoned property sits just blocks from the Columbia City Light Rail Station and is fully rented, providing immediate income while offering strong long-term redevelopment potential. The site features gentle topography, solid solar exposure, and frontage along a major arterial with full sidewalks and light rail transit access. 5 minutes walk Surrounded by single-family, townhome, and multifamily developments, this location supports a wide range of future residential uses. Perfect for investors seeking cash flow now with development upside later in one of Seattle’s fastest-growing urban villages.
Property is extensive renovation needed.
Built in 1951 (75 years old) with no recorded renovations; the listing emphasizes redevelopment potential and land value (LR3 zoning), suggesting the structure is at the end of its economic life despite being currently rented.
The LR3 (M) zoning designation provides exceptional redevelopment potential for multi-family or townhome projects in one of Seattle’s most active urban villages.
Situated just a five-minute walk from the Columbia City Light Rail Station and along a major transit corridor, the site offers superior accessibility for future residents.
The property is currently fully rented, allowing investors to generate steady income while navigating the entitlement and permitting process for future development.
Frontage on Martin Luther King Jr Way S, a major arterial with light rail transit, results in significant ambient noise and high-volume traffic activity.
With 84 days on the market, the property may be facing pricing resistance or challenges related to current high-interest-rate environments for development financing.
No exterior & parking available.
Grades K-5 • 0.4 mi
Grades PK-5 • 0.8 mi
Grades PK-5 • 1.1 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 0.0 |
| Baths | 0.0 | 0.0 |
| Square foot | 2,736 | 5,554.5 |
| Lot Size | 6,299 | 10,915.5 |
| Price | $2.50M | $2.88M |
| Price per sq ft | $914 | $491 |
| Built year | 1951 | 1961 |
| HOA | $0 | $0 |
| Days on market | 113 | 124 |
Jul 3, 2026
$2,500,000
Initial Listing