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Listings/Gramercy Flats
Gramercy Flats
Sale Price: $13,600,000
For more information about this property, please contact the listing broker.
Please visit our Listings page to view apartment buildings and development land currently on the market.
Property Details
Sale Details
Investment Opportunity
Gramercy has experienced a renaissance, with the current owner spending more than $2.5M on extensive upgrades and renovations. Thoughtful design has transformed the exterior and common spaces of the building, creating curbside appeal with character you won’t find in new construction. Extensive, modern updates to unit interiors offer everything today’s renters want — with the spacious floor plans that few buildings offer. The following table is a summary of costs incurred by the current owner directly related to building upgrades and renovations.
With much of the heavy lifting completed, Gramercy is perfectly poised for new ownership to benefit from increasing rental rates, while opportunities remain to increase income further by adding a carport and additional storage in the parking lot, and subterranean residential units under the BBQ area.
Location
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About the Area
Nestled on the eastern slope of Capitol Hill, Gramercy Flats connects to regional hot spots via 23rd Avenue and East Madison Street — two thoroughfares that deliver residents from Downtown to Lake Washington, and from the University of Washington to Interstate 90.
Around the block, residents love the convenience of a Safeway, lifestyle vendors, and local bars and restaurants. For those who venture west along Madison Street, the eclectic glories of the Pike/Pine Corridor and Broadway are just minutes away by foot or bus. Students and professionals also enjoy short commutes to Seattle University, major hospitals on First Hill, and the Central Business District.
Continuing east, ushers in a complete change of scenery — and some of Seattle’s most desirable residential neighborhoods. Whether one seeks the unending trails and greenery of the Washington Park Arboretum or access to Lake Washington for water sports, these natural wonders provide a coveted escape from the concrete jungle within a mile of Gramercy Flats.
86
Walk Score
63
Transit Score
36
Median Age (1 Mile)
$113,000
Avg Income (1 Mile)
23
Parks within 1 Mile
Gallery
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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 Gramercy Flats.
