TOWNHOUSE REDEVELOPMENT OPPORTUNITY NEAR FREMONT/WALLINGFORD/GREENLAKE | 4,000 SF LOT WITh LR2 (M) ZONING 807 N 49th St is located just blocks from the Woodland Park Zoo, this 4,000 square foot lot is zoned LR2 (M), a highly desirable zoning code for townhome and small-scale multifamily development. Historically, LR-zoned sites were subject to unit-count density caps that limited overall development potential. However, with the implementation of HB 1110 in June 2025, those constraints have been removed in favor of a building envelope driven by FAR, height, and setback standards, meaning the total buildable size is now the primary limitation rather than the number of units. This shift allows developers to increase unit count through more efficient design, creating a more compelling development opportunity for 4+ luxury townhomes (buyer to verify) with skyline views in one of Seattle’s most sought-after neighborhoods. The existing structure on the site currently operates as a 5 Unit apartment building producing $50,311 in annual net operating income.

Property type

Townhouse

Year built

Not listed

Open houses

No upcoming open houses scheduled for this property.

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RexMont Market Signal©

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$678,000

-$397,000 under list price

Nearby comparable homes

RexMont uses 2 strongest recent nearby sales, priced between $665K and $690K.

Rental earnings

$2,025/mo

Screening estimate from the comp-supported value. Verify with rent comps before underwriting.

Viewing 1 of 2

Sold Apr 28, 2026Comp 1

$690,000Last sold price

1 beds0.5 baths910 sq ft

114 N 39th Street, Seattle, WA 98103

$758/sq ft0.8 mi awaysmaller lot

Property photo for 116 N 39th Street, Seattle

Sold Nov 7, 2025Comp 2

$665,000Last sold price

1 beds0.5 baths923 sq ft

116 N 39th Street, Seattle, WA 98103

$720/sq ft0.8 mi awaysmaller lot

Estimate is a comp-supported screen, not an appraisal or broker price opinion. Ask RexMont for a property-specific pricing review before writing or accepting an offer.

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Rental earningsEst. $2,025 per month, before expense review

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807 N 49th Street, Seattle, WA 98103

Your offerDown payment %

Waive financing Pre-inspection

List price

$1,075,000

Down payment

$215,000

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Property details

Neighborhood mobility

Walk, bike & transit scores

Mortgage payment forecast

$6,601 per month

Great rate

Principal and interest

Property taxes

HOA dues

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Plan your offer with a RexMont buyer specialistWalk through escalation strategy, contingencies, and competing-offer risk in this neighborhood Compare loan options30-yr fixed, 15-yr, FHA, VA, jumbo

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MLS GRID Disclaimer

Based on information submitted to the MLS GRID as of June 16, 2026 at 01:48pm (date and time MLS GRID Data was obtained). All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

Listing information courtesy of Northwest Multiple Listing Service (NWMLS). The listing data relating to real estate for sale on this web site comes in part from the Northwest Multiple Listing Service. Real estate listings held by brokerage firms other than RexMont Real Estate are marked with the “Listing courtesy of NWMLS” designation. Information provided is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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