sold

Listings/Footprint Wallingford

Footprint Wallingford

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Sale Price: $7,150,000

For more information about this property, please contact the listing broker.

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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

Address

4516 Meridian Avenue N

City, State

Seattle, WA

Parcel Size

5,700 SF

Parcel Number

051000-0775

Zoning

NC2-40

Units

40 Residential + 1 Commercial

Year Built

2013

Residential SF

10,585 SF

Sale Details

sale date

June 20, 2019

sale price

$7,150,000

price per unit

$178,750

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!

Ideal Location

Financial Arbitrage

Monopoly Position

Location

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sold

Footprint Wallingford

4516 Meridian Ave N
Seattle, WA 98103
Units: 40
Price: $7,150,000

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About the Area

Wallingford’s unique character stems from its development as a “Streetcar Suburb” in the 1920s. Bookended by Green Lake and Gas Works Park, the family-friendly neighborhood is primarily residential in nature, with North 45th Street serving as the heart of commercial activity.

While the development and sales of apartment buildings have been strong in Fremont, Green Lake, and the University District, which surround Wallingford, such activity within Wallingford, especially close to the commercial core along North 45th Street, has been limited in the last decade.

Due to zoning and the density of single-family homes, the multifamily market in Wallingford is difficult to penetrate. Additionally, neighborhood plans promote homeownership and seek to protect the single-family character.

Footprint Wallingford is an exception to the lack of neighborhood growth. Located just off 45th Street, the building — constructed in 2013 — allows residents to enjoy the best of Wallingford without the burden of buying a house. Just around the corner from TNT Taqueria, The Octopus Bar, and Fainting Goat Gelato, Footprint Wallingford represents the local Seattle experience that residents crave.

In a city full of techies, staying connected is crucial. A 10-minute walk from Footprint Wallingford offers access extensive bus routes, major highways, bikeable streets and trails, and the impending U District Link Light Rail station.