Carolina Court

Get Marketing Materials

Contact Listing Agent

On the Market

Price: $13,500,000

Now Touring: Thursday 4/3: 12pm-3pm

Offers Date: To Be Announced

Access marketing materials by using the button below.

Access Document Library

Site Details

Address

527 Eastlake Ave

City

Seattle

Neighborhood

South Lake Union

Total Units

Avg Unit Size

477 SF

NRSF

34,309 SF

Year Built

1916

Building Systems

Updated

Residential Unit Mix

Studio

1x1

Opportunity

Carolina Court Apartments is a prime value-add investment opportunity in Seattle’s thriving South Lake Union neighborhood. This 72-unit historic property blends classic charm with modernized building systems, offering immediate operational upside and strong rental growth potential. With updated electrical, plumbing, and vinyl double-pane windows, the property is well-positioned for long-term stability. Located in a walkable, transit-friendly area near major employers like Amazon, Google, and Fred Hutchinson, Carolina Court benefits from consistent tenant demand. Investors can capitalize on light unit upgrades to increase rents by 21%, further enhancing NOI.

Seattle remains one of the strongest multifamily markets in the country, with high employment growth and a return-to-office trend driving rental demand. Limited new apartment supply, combined with increasing rents and a top-tier innovation hub, makes this an attractive acquisition. The property’s strong fundamentals, desirable location, and market positioning offer investors stable cash flow with significant upside potential.

Upside Potential

Light renovations can boost rents by 21%, increasing NOI and long-term value.

Prime Location

Walkable to South Lake Union’s major employers, restaurants, and transit options.

Modernized Systems

Updated electrical, plumbing, and vinyl double-pane windows ensure efficiency.

Location

Open Google Maps

About the Area

South Lake Union is one of Seattle’s most dynamic and rapidly evolving neighborhoods, known as a hub for technology, life sciences, and urban living. Home to corporate giants like Amazon, Google, and the Fred Hutchinson Cancer Center, the area attracts a high-income professional tenant base, driving strong rental demand. With a Walk Score of 95, residents enjoy seamless access to top-tier restaurants, coffee shops, boutique fitness studios, and waterfront recreation on Lake Union. The neighborhood’s vibrant mix of employment, retail, and entertainment options makes it one of the most desirable places to live and work in Seattle.

The area is also a key transportation hub, offering exceptional connectivity via the South Lake Union Streetcar, I-5, Highway 99, and multiple bus lines. This allows for easy access to downtown Seattle, Capitol Hill, and other major job centers. With ongoing commercial and residential development, limited housing supply, and continued employment growth, South Lake Union remains one of Seattle’s strongest multifamily investment markets.