Ellis Court

Get Marketing Materials

Contact Listing Agent

On the Market

Price: Market

Offer Review Date: TBD

Access marketing materials and document library using the button below.

View Document Library

Site Details

ADDRESS

2510 Western Ave

NEIGHBORHOOD

Belltown

YEAR BUILT

1990

UNITS

58 + 1 Commercial Unit

AVG. UNIT SIZE

471 SF

NRSF

27,337 SF

LAUNDRY

Common (4 W / 4 D)

PARKING

2 Stall Garage (Private for Commercial)

Unit Mix

STUDIO

9 (Avg. 509 SF)

OPEN 1

46 (Avg. 441 SF)

1x1

3 (Avg. 818 SF)

TOTAL

58 (Avg. 471 SF)

COMMERCIAL

1 Unit (2,826 SF)

Opportunity

HIGHLY ATTRACTIVE ASSUMABLE LOAN

Loan Balance: $7,762,000
Rate: 4.31% I/O
Maturity: March 2031

SIGNIFICANT RENT UPSIDE

Of the 58 residential units at Ellis Court, 46 are spacious Open One-Bedroom units with distinctive, highly functional layouts that stand out from much of the competing market. A small set of stairs separates the living room and kitchen from the bedroom, creating elevated ceiling heights and a more livable feel than a typical Open One-Bedroom layout. Up until early 2026, these Open One-Bedroom units were incorrectly labeled and marketed as studios. Since correcting that classification, both leasing activity and achieved rental rates have increased meaningfully. The property also offers easily attainable value-add potential through light interior finish upgrades and the addition of in-unit washers and dryers upon turnover, creating the opportunity to increase rents by approximately 30%.

Immediate Management Upside

Management and payroll expenses currently total approximately 25% of EGI, well above a more typical market standard of roughly 10% of EGI.

This presents a meaningful day-one opportunity for new ownership to streamline operations, reduce overhead, and materially improve NOI.

Location

Open Google Maps

on the market

Ellis Court

2510 Western Ave, Seattle, WA 98121
Units: 58
Price: Market

Open Google Maps

About the Area

SEATTLE WATERFRONT IS HIGHLY WALKABLE

Ellis Court sits in the vibrant Seattle Waterfront neighborhood, just moments from the waterfront and downtown core, offering residents easy access to top dining, nightlife, and entertainment in one of the city’s most walkable areas.

Ellis Court also benefits from its close proximity to the Seattle’s $806 million Waterfront Seattle Project, which has reshaped the city’s connection to Elliott Bay, creating a world-class public space that links Belltown, Downtown, and the waterfront.

These enhancements include an addition to the Seattle Aquarium, upgrades to several piers and the Overlook Walk, and a 60,000 SF park connecting the Pike Place Market to the waterfront, designed by James Corner. Additionally, a group of local philanthropists funded a public-private partnership (Elliott Bay Connections) to connect and revitalize parks along Elliott Bay between Pier 62 and the Expedia campus, opened in April 2026.