A 5.44-acre plot behind IHOP and other businesses sees final auction bids on May 16. It’s zoned for commercial development within the Sequim city limits. Photo courtesy of Realty Marketing/Northwest
A commercial development originally planned for a 121-unit independent and assisted senior living facility finishes sealed auction bidding by mail and e-mail on May 16.
Realty Marketing/Northwest of Portland, Ore., and Sammamish, is auctioning off the 5.44-acre development west of businesses near IHOP and Walmart.
The property holds 450 feet of frontage along West Washington Street with a reserve asking price of $337,500 in cash.
John Rosenthal, president of Realty Marketing/Northwest, said the last asking market price for the property was $399,000 and it’s never been auctioned before.
His company is auctioning off assets of Sunwest Management Inc., a failed Salem, Ore.-based senior housing provider.
Rosenthal said all of Sunwest’s developments were sold and WPH Properties of Salem, a company set up to sell assets of Sunwest, has listed the Sequim property for at least 18 months.
Prior to Sunwest closing, they prepared a Phase I Environmental site assessment, geotechnical report and survey of the property.
“When the economy turned, they got sold and this is some of the last assets,” Rosenthal said.
The property is within the city limits and zoned C-III, General Commercial. The Sequim Municipal Code states the zone’s intent is “to provide areas for diversified commercial activities that serve a more regional clientele. Single-family and multifamily residential uses are permitted when located above ground-floor permitted uses and shall meet International Building Code standards.”
Some of the many potential permitted use businesses that could go in the lot include banks, churches, convenience stores, retail, restaurants, private schools, theaters excluding drive-in theaters, and vehicle repair and service.
Conditional uses apply to items such as bars and espresso stands, and special uses apply to items like parks and playgrounds.
Rosenthal said it’s possible the property could be broken up into smaller parcels.
“My thought initially is that it could be a good spot for a church,” he said.
Realty Marketing/Northwest sent out 1,400 catalogues with 80 properties listed for auction, Rosenthal said.
On the likelihood of the property being bid on, he said, “It’s a tough market for any vacant land. I don’t care where it is. But those people looking at these properties are serious,” Rosenthal said.
For more about the property, visit www.rmnw-auctions.com/table-of-properties.