The Laureate presents a rare opportunity to acquire a well-maintained 23-unit multifamily asset building in the heart of the Seattle’s University District neighborhood and walking distance to both the University of Washington and the Link Light Rail Station. Originally built in 1961, the property benefits from recent extensive capital improvements and interior renovations, positioning the asset as a compelling combination of stable in-place income and future revenue growth potential. Ownership has invested significantly in the systems over the past 5 years: including a membrane roof replacement, replacement of all individual hot water tanks, securing and gating the parking for 17 vehicles, as well as overhauling the sprinkler system. Featuring a unit mix of 20 sizable 650 SF, 1-bedroom units and one 800 SF, 2-bedroom unit, select units have been renovated with modern finishes including luxury vinyl plank flooring, updated kitchens, stainless steel appliances, including dishwashers and in-unit W/D installations. All units feature A/C, and 1st floor units include patio access. The existing renovations provide future ownership with a blueprint to continue remodeling unit interiors and capture additional rental upside. Additionally, there is potential to assume the current debt with term through 2031.
| MLS # | 2543808 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1961 |
| Days On Site | 79 |
| Listing Provided By | Lee & Associates Commercial RE | Daniel Lim |
| SQ Feet | 25,500 |
|---|---|
| Garage | 17 |
| Story(s) | 3 |
| Units | 23 |
| Zoning | Multi-Family |
| Acreage | 0.17 |
| Property | 47556 |
|---|
| State | WA |
|---|---|
| County | King |
| City | Seattle |
| Zip Code | 98105 |
| Area | 710 North Seattle |
| Community Name | University District |
| Listing VS Median (in University District) | |
Price: $6,500,000 low | high Med: $799,000 sqft: 25,500 low | high Med: 1,500 $ / sqft: $255 low | high Med: $533 On site: 79 low | high Med: 55 | |
| State | WA |
|---|---|
| County | King |
| City | Seattle |
| Zip Code | 98105 |
| Area | 710 North Seattle |
| Community Name | University District |
| Listing VS Median (in University District) | |
Price: $6,500,000 low | high Med: $799,000 sqft: 25,500 low | high Med: 1,500 $ / sqft: $255 low | high Med: $533 On site: 79 low | high Med: 55 | |