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John Winthrop
Sale Price: $18,220,000
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.
Executive Summary
Though John Winthrop Apartments were steeped in New England history, the building was quintessential Seattle. Built in 1925, classic red brick and terra-cotta details comprised architectural character that was in high demand among local residents.
Previously operated under rent and income restrictions that recently expired, John Winthrop underwent an exciting transition to market-rate apartments. Steps from Downtown, and connected to South Lake Union, Capitol Hill, and major freeways, the central location set the stage for a successful transformation.
By implementing strategic value-add improvements and operational excellence, the path forward was clear to produce abundant returns.
Property Details
Sale details
Opportunity
We won’t bore you with the old real estate adage about location—you’re an expert, you know it well. As Seattle’s neighborhoods continue to evolve, identifying anchors is key when evaluating the strength of a potential investment’s locale. John Winthrop is anchored by Seattle’s key economic contributors: jobs, retail, tourism, healthcare, education, and transportation.
As John Winthrop’s transition to market-rate takes place, the future owner is well positioned to add value to this classic building, driving demand and pushing rental rates. There is high demand among the renter pool for the classic look and feel of a 1920s brick building. Based on comparable vintage, market-rate buildings, John Winthrop can achieve 50% rent growth over current operations—with nothing more than a market-rate leasing strategy.
Nearby vintage, renovated properties are achieving impressive rental rates at or near newly-built luxury apartment buildings. Implementing a renovation strategy to draft just below the top of the market will offer renters a “vintage new” modern apartment, full of character and history at a comparatively affordable price point. A whopping 85% rent growth over in-place operations possible after implementation of a value-add program.
Location
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About the Area
During Seattle’s early years, First Hill became a popular neighborhood for notable residents—including Boeing, Frye, and Carkeek—who wanted to remain close to the action of Downtown while maintaining some privacy.
Today, First Hill residents still choose the neighborhood because of its many connections to Seattle’s pulse. Situated between Downtown, Capitol Hill, and the Central District, First Hill is the epicenter of the city.
A straight shot along Boren Avenue delivers residents to top tech employers in South Lake Union, while easy access to freeways and the Link light rail make any commute around the region feasible.
Students are steps away from Seattle University, while medical professionals can walk to work to any of the hospital campuses that give this neighborhood the nickname “Pill Hill.”
The Frye Art Museum and Town Hall, cultural mainstays on First Hill, offer exhibitions, concerts, and book talks, or residents can take themselves on a self-guided tour of the small neighborhood’s historic homes and churches.
$77,073
Average Household Income (0.5 Mile)
34.2
Median Age (0.5 Mile)
17,351
Current Population (0.5 Mile)
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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 John Winthrop Apartments.
