Friday, March 13, 2009

Beacon Hill is a sound investment

When people ask me where I think it would be wise to invest, I point their sights south to Beacon Hill. Otherwise known as NoBeHi or SoBeHi, North/South Beacon Hill has incredible values and views with unbelievable proximity to downtown's core. With the Light Rail on its way, it is one more reason this much overlooked neighborhood needs a second chance.

For all you investors, there is a fantastic 4-Plex priced at $499,000 that sits 3 blocks from the Beacon Hill station. This 1910 building is consistently occupied with reliable tenants and brings in a nice rental income of $2800/month. It is zoned L-1 and offers tremendous upside if one wants to continue renting it out or knock it down for development. You can learn more at www.johnlscott.com/36289.

Light Rail is scheduled to open July 3rd with the line running from downtown to Tukwila. The extension from Tukwila to Sea-tac will open at the end of the year. By 2020, Light Rail predicts it will carry 42,500 daily passengers, which hopefully means less traffic on our already clogged freeways. Learn more: http://www.seattle.gov/Transportation/lightrail.htm

Studies have been done in every major city with mass transit (ex. BART in SF) and what was discovered for real estate values is interesting. Any property within a 1/4-1/2 mile to the line automatically appreciate anywhere between 10-20% once mass transit opens. People can finally ditch their cars or at least use them less while accessibility to work/life becomes a lot less stressful on you and the environment. Light Rail is a success story for our state and we should be excited it is finally here!

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