The Cornelius

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On the Market

Price: Market

Now Touring:
Tuesday 3/25: 1pm-3pm
Thursday 4/3: 12pm-3pm

Offers Date: To Be Announced

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Site Details

Address

306 Blanchard St

Neighborhood

Belltown

Total Units

137

Avg. Unit Size

455 SF

NRSF

62,380 SF

Year Built

1925

Residential Unit Mix

Studio

118

1x1

1x1 Penthouse

2x1

Opportunity

The Cornelius Apartments present a rare opportunity to acquire a 137-unit, value-add multifamily asset in the heart of Seattle’s Belltown neighborhood. Built in 1925, the nine-story building offers classic architectural charm with upgraded systems, presenting immediate operational upside for investors. Positioned within walking distance to the downtown core, South Lake Union, and the waterfront, the property benefits from Seattle’s dynamic rental market and ongoing economic revitalization efforts.

With immediate operational efficiencies, rental growth upside, and strong market fundamentals, investors can capitalize on Seattle’s ongoing economic resurgence and demand for well-located rental housing.

Value-Add Opportunity

Current in-place rents are below market, allowing for significant rental growth through strategic renovations.

Management Upside

The property operates at a 69% expense load, presenting immediate efficiency opportunities.

Historic Charm with Modern Upgrades

The building retains its timeless brick facade while benefiting from updated electrical, plumbing, and mechanical systems.

Location

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About the Area

The Cornelius Apartments are in Seattle’s vibrant Belltown neighborhood, offering urban convenience, lifestyle amenities, and proximity to major employers. Just blocks from downtown, South Lake Union, and the waterfront, the property sits in one of the city’s most desirable areas. With a Walk Score of 98, residents enjoy easy access to 200+ restaurants, bars, and entertainment venues, including Pike Place Market. The $1.1 billion Waterfront Seattle project, nearing completion, is transforming the area with new parks, public spaces, and improved pedestrian access. The Cornelius is also located near Amazon’s headquarters in South Lake Union and major office hubs for Google and Expedia, making it a prime location for professionals. With a 10-minute walk to the Light Rail and seamless transit access, The Cornelius offers exceptional connectivity across the city.