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Listings/East Highland Apartments

East Highland Apartments

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Sold – $5,600,000

This listing has closed. Please visit our Listings page to view apartment buildings and development land currently available for purchase.

Executive Summary

East Highland Apartments comprises two classic brick buildings totaling 12 units. This immaculately-maintained property is located in the high-demand Capitol Hill neighborhood, tucked into a peaceful residential pocket while maintaining proximity to the city’s best amenities and the region’s top employers. Impressive recent leasing activity in the building sets the precedent for investors to benefit from increased rental rates with minimal marketing effort.

Offering Details

Pricing
$5,500,000
Financing Debt
Offered Free & Clear or Assumable

Property Summary

Address
1903-1907 E Highland Dr, Seattle, WA
Year Built
1928
Total Units
12
NRSF
9,072 SF (per King County records)
Construction
Brick with wood structure (not URM)
Parcel Numbers
133830-0670 & 133830-0675
Zoning
SF 5000

Opportunity

Building: Handsome and timeless curb appeal, complemented by lush landscaping and large units. Don’t miss this opportunity to own a legacy asset, tastefully appointed with the perfect mix of modern and classic finishes.

Operations: Recent leasing demand indicates that there is room to raise in-place rents by $200 without upgrading finishes. This equates to an impressive 12% increase in rental income, which bolsters the already stellar operations.

Location: Located in one of the oldest and most prestigious neighborhoods in Seattle where the average household income is $220,000 (0.5 mile radius). Residents enjoy a historic neighborhood feel while still being within close proximity to major job centers and urban amenities.

Building

Classic, well-maintained brick building with timeless curb appeal

Operations

Stellar operations are bolstered by opportunity to raise in-place rents

Location

High-demand Capitol Hill location central to top employers

Location

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East Highland Apartments

1903-1907 E Highland Dr
Seattle, WA 98112
Units: 12
Price: $5,600,000

About the Area

Surrounded by swaths of single-family homes and small multifamily residences, some might think of East Highland’s pocket of the neighborhood as “sleepy,” but quirky and authentically-Seattle better describe this high-demand area. It’s Capitol Hill, grown up.

Since 2010, more than 5,000 apartment units have been developed in Capitol Hill. While this inevitably brings a change to the landscape of the neighborhood, efforts to preserve historic buildings have maintained countless elements of the Hill’s past.

Consistently one of Seattle’s most popular neighborhoods, Capitol Hill’s reputation for bottomless-mimosa brunches, cream-cheese hot dog carts, and thrift shops remains a large draw for the city’s younger residents. The majority of this activity converges along Broadway and the Pike/Pine Corridor, streets lauded for being the vibrant anchors of the neighborhood.

Minutes away from the action, East Highland residents enjoy a pocket of quiet residential streets – less noise and nightlife without sacrificing the bars, restaurants, and eclectic, independent businesses that appeal to the tastes and ideals of Seattleites.

Quick connections to employers in South Lake Union, Downtown, the University District, and the Eastside via SR 520 clinch East Highland’s value as an ideal location to call home.

Pike/Pine Corridor

To the southwest, the Pike/Pine Corridor has long been a source of vibrancy for the neighborhood, yet in the last decade new investment, development, and premier retailers turned these connector streets into a true anchor for the community.

19th Avenue Retail

Just south of East Highland is the newest spoke: 19th Avenue E. Tucked among single-family homes and small apartment buildings, the recent construction of new multifamily developments enabled the quiet expansion of a new foodie nook – and where the foodies go, all else will follow.

15th Avenue Retail

The 15th Avenue Retail Corridor holds the honorary title of “grown-up Capitol Hill.” While the physical landscape has been largely untouched by development over the last decade, 15th Ave perfectly balances the local character Seattleites have to live with and the basic amenities they can’t live without.

Contact Us

Exclusive Listing Brokers

Kidder Mathews is the exclusive Listing Brokerage for this Offering. Dylan Simon, Jerrid Anderson, and Matt Laird are exclusively representing the Seller in the sale of East Highland Apartments.

       

Direct: 206.414.8575

       

Direct: 425.736.5516