1519 Bishop Rd SW Tumwater, Washington 98512 Sold

  • $124,997
  • 2 beds
  • 2 baths
  • 1,144 sqft
Sold
Price: $124,997
Bedrooms: 2-3
Bathrooms: 1
Square feet: 1,144 sq.ft.
Year built: 1939
Lot size: 90,605 sq.ft.
Rehab Estimate: $90,000
Zoning: Mixed Use (MU) and Multifamily Medium Density (MFM)
ARV: $230,000
Closing date April 17th 2019
This deal includes 3 parcels: 12703242100, 12703242200 , 12703242300. One of the parcels has a 2/3 bedroom house with 1 bath. However, the septic system has failed and the status for repairs is unknown. There are multiple ways to look at this deal considering comps for land and after repaired value for similar houses.
Potential Strategy 1
Since two parcels are vacant land, the lot next door sold in 2015 for $99,950. This makes it a $1.63/sq.ft. Therefore, the two lots could be worth $23,456 and $67,524. This allows you to rehab the house and sell the two parcels separately.
Potential Strategy 2
Develop the land. Multifamily Medium Denisty(MFM) allows up to 17 units to be build. The other lots zoned Mixed Use (MU) allow a minimum of 13 units to be built.
Development Potential

Comparables

REHAB
  • 3 beds 1.75 bath 1,302 sqft
  • SOLD: $216,000 Sold on 2/20/18
  • Built 1932, lot 0.3 acres
  • 4/5 condition
  • 3 beds 1 bath 1,176 sqft
  • SOLD: $252,000 Sold on 06/14/18
  • Built 1949, lot 7,405 sqft
  • 5/5 condition
  • 3 beds 1 bath 1,144 sqft
  • SOLD: $232,719 Sold on 11/13/18
  • Built 19789, lot 7,260 sqft
  • 3/5 condition
DEVELOPMENT
1413 Harvest Ave SE Olympia, WA 98501
  • Sold $275,000 9/19/18
1525 Harvest Ave SE Olympia, WA 98501
  • Sold $282,000 8/6/18
Average Price per sq.ft sold $175

 

 

DISCLAIMER: This is an assignment of contract. A legally binding purchasing contract with memorandum has been signed with the Seller giving this company exclusive rights to purchase the property. This company does not represent the owner. We are NOT brokers and do not represent ourselves as such. DO NOT CONTACT THE OWNER/ SELLER without our explicit consent. Any attempts to renegotiate or make contact with the owner will result in legal action. (If you need more information on what is an assignment of contract, click here.)

If you are interested in the assignment, please reply directly to this email address.

Viktor Rybachuk
206-899-1857
sales@iwillbuyhouse.com

Price:
$124,997
Address:
1519 Bishop Rd SW
Tumwater, WA 98512
Square Feet:
1,144
Lot Size:
90,605
Bedrooms:
2
Bathrooms:
2
Terms:
For Sale
Property Type:
Home
Year Built:
1939

Call 206-739-2402 for more details

Property Location