Back to Briefings
Deal Analysis January 11, 2026

Deal Analysis: 334 SE Warsaw St, Redmond

Converting a 'Fixer' into a Multi-Unit Portfolio using Alley Access.

SC
Stuart Chapin
Principal Broker & Land Analyst

Everyone sees a generic 1970s ranch. I see a 4-plex in disguise. While the market is pricing 334 SE Warsaw as a standard "Fixer Upper," the zoning map tells a completely different story.

334 SE Warsaw Site Plan
Figure 1: Leveraging the rear alley allows for two distinct "Townhome" lots in the backyard.

Neighborhood Score

65/ 100

Curb Appeal Audit: Transitioning area. High ownership mixed with some deferred maintenance.

Ownrshp
Med
Canopy
Low
Risk
Med

The Alpha

The "Renovation Cost" trap is real here. Flippers will spend $100k updating the kitchen and see a 12% return. But a Developer sees the Lot Yield.

By keeping the front house and subdividing the rear (thanks to the alley access), we drop the effective land-basis per door to under $60k. That is unheard of in Redmond right now.

  • Zoning: GR (General Residential) - Enables Density.
  • Strategy: "Keep & Split" (Retain front home, build rear duplex).
  • Verdict: BUY for Development. PASS for flipping.

Want the full technical report?

This analysis was generated using the Stake & Charter proprietary audit system.

Request a Property Audit →