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Listings/2020 at Lake Union
2020 at Lake Union
Sale Price: $5,000,000
For more information about this property, please contact the listing broker.
Please visit our Listings page to view apartment buildings and development land currently on the market.
Sale Summary
In a successful transaction, a privately owned apartment was sold for $454,000 per unit before undergoing value-add improvements. The challenge for our team was to represent a local family who was already under contract on a commercial property in another state and needed to complete a 1031 exchange. Our solution involved broad marketing efforts for the property known as 2020 at Lake Union, resulting in over 20 tours and multiple offers. Eventually, we awarded the deal to a local investor at the list price. The results were impressive, as we were able to take the property to market in November and close the sale within 72 days in January, meeting the seller’s desired timeline.
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Property Details
Sale Details
Investment Opportunity
MODERNIZE
While the property has been meticulously cared for, a full modernization would allow for rent increases up to 30%
SPLIT UNIT
Add a 12th unit by turning the top floor 3 bed unit to 2 units and reap the income benefits. Conceptual plans in data room and Marketing Flyer.
DEV. POTENTIAL
Current zoning, LR3 (M) would permit the addition of 2-4 townhomes in a portion of the current parking area or the addition of 12-15 apartments.
Location
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Location Overview
2020 Lake Union is located in Seattle’s Eastlake neighborhood, one of the most coveted pockets in the Puget Sound.
Resting right on Lake Union, Eastlake boasts an escape from the city while being less than a 10 minute drive away from Downtown CBD. Ever since Amazon moved into the neighborhood, we have seen walkable dining and retail flourish along the lake. The property is also minutes away from the vibrant Capitol Hill neighborhood that lives a flourish of nightlife and restaurants alike. There are also many local parks that residents will be very close to including Rogers Playground, Harvard Miller / Roanoke Annex, Lynn Street Park and Gas Works Park. With transit to downtown, Capitol Hill and University of Washington, Eastlake has a small suburb feel in the middle of it all which has been attractive for renters and investors for years.
275,035
POPULATION (3 MI)
41.5
MEDIAN AGE (.5 MI)
$219,898
AVG HOUSEHOLD INCOME (.5 MI)
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