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Footprint Capitol Hill
Executive Summary
Footprint Apartments were the brainchild of the late Jim Potter. Jim was the first pioneer of micro-living in Seattle, informed by a career spent developing affordable, urban-located housing. Jim’s concept was simple: to offer affordable and efficient housing ideally located in phenomenal urban neighborhoods sought by many, yet not affordable by all. In response to the Great Recession, Jim delivered his first Micro Apartment development in 2009. The Footprint Portfolio was certainly the greatest expression of micro-living and the culmination of Jim’s four-decade commitment to offering affordable housing to urban dwellers in the Puget Sound region.
Each Footprint property contained studio units with access to common kitchens and resident amenities. Studio units, with their own convenience centers, were serviced by a common kitchen. Units were efficiently designed, maximizing utility and space while minimizing rental costs to residents. The signature expression of Footprint buildings was excellent and durable building design, efficient floor plates and floor plans, and strategic location in Seattle’s best urban neighborhoods. As Jim put it, “Your neighborhood is your amenity!”
Property Details
Sale Details
Investment Opportunity
Footprint Portfolio buildings are located in Seattle’s most desirable urban neighborhoods, offering investors access to coveted and timeless locations. Residents have every benefit of neighboring apartment units that are double and triple the cost, yet can live an equal lifestyle efficiently and economically.
Financial returns on Footprint Portfolio buildings are well in excess of any other core-located, urban multifamily investment in the market. On a percentage basis, rental rate growth will best any other apartment investment in the market. New construction, ideal locations and protected financial performance create a true arbitrage opportunity.
Seattle building code changes in 2015 prevent any other developer from replicating the Footprint Portfolio formula. The Footprint Portfolio provides a price-point monopoly with no time horizon – a truly once-in-a-lifetime opportunity!
Location
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Footprint Capitol Hill
422 11th Ave E
Seattle, WA 98102
Units: 54
Price: $9,200,000
About the Area
Footprint Capitol Hill is located in the heart of the vibrant Capitol Hill neighborhood. Better known for classic brick buildings than large, institutional apartments, Capitol Hill has experienced less development than other areas of Seattle, but not for lack of demand. From retail to recreation, convenience to culture, Capitol Hill creates endless opportunities for residents.
Situated on a residential street just three blocks east of Broadway — the commercial pulse of the neighborhood — Footprint Capitol Hill is well-positioned to accommodate students and professionals alike. A quick bike ride transports residents to tech employers in South Lake Union, and the Link Light Rail travels Downtown in two minutes and to the University of Washington in just four. For those driving to Eastside employers such as Microsoft, back routes cut I-5 congestion out of the commute. Although, with planned light rail expansions, cars will soon be obsolete for commuting around the region.
Capitol Hill more than fulfills the “play” requirement of the live-work-play trifecta. As soon as the sun starts shining in Seattle, the neighborhood congregates on the grassy fields of Cal Anderson Park, or in line across the street at Molly Moon’s Homemade Ice Cream. Social gatherings at local bars and restaurants create vivacity from brunch until closing time every weekend.
7 Minute
Walk to Link Light Rail Station
2 Minute
Light Rail ride to Downtown
4 Minute
Light Rail ride to University of Washington
9 Minute
Bike ride to South Lake Union
8 Minute
Walk to Safeway
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Exclusive Listing Brokers
Colliers International WA LLC is the exclusive Listing Brokerage for this Offering. Dylan Simon, Jerrid Anderson, and Matt Laird are exclusively representing the Seller in the sale of Footprint Capitol Hill.
