Entitled Land for 148-Unit Apartment Development near Pacific Lutheran University

This listing features an exceptional opportunity to acquire entitled land for a significant multifamily development. Located in Western Washington, adjacent to Pacific Lutheran University, the 2.00-acre parcel is fully entitled for a 148-unit apartment building. The proposed unit mix comprises 66 studios, 74 one-bedroom units, and 8 two-bedroom units, designed to meet diverse rental demands. Financial projections indicate a Net Operating Income (NOI) of $2.47 million and a projected future value of the built asset at $52 million, with a CAP RATE of 4.80%. The asking price for this prime development site is $5,585,900.