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Zindorf Apartments
On the Market
Price: $11,000,000
Offers Date: Thursday, August 22nd
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Property Details
Unit Mix
Opportunity
74-Unit, Value-Add Apartment in the Heart of Seattle, with Assumable Financing, in High-Rise Zoning
The Zindorf Apartments, located at 714 7th Ave in Seattle’s First Hill neighborhood, offer a compelling investment opportunity. This 74-unit property, built in 1910, sits on a 12,000 square foot parcel with high-rise zoning (HR) allowing for future redevelopment up to 440 feet. Currently priced at $11 million, Zindorf Apartments include an attractive assumable loan with an $8 million balance at a 4.4% interest rate maturing in February 2028. The property features updated plumbing and electrical systems, and presents significant value-add potential through minimal unit upgrades to achieve market rents, stabilizing to an 8% cap rate. With a prime location adjacent to Seattle’s renowned medical core and vibrant development activity, Zindorf Apartments stand poised for capital appreciation and strong long-term returns.
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About the Area
FIRST HILL
First Hill residents enjoy the benefits of a thriving urban environment with access to the region’s major healthcare employment hub.
First Hill is an exceptional neighborhood to reside in due to its strategic location near downtown Seattle, providing easy access to a multitude of amenities, employment opportunities, shopping centers, restaurants, and cultural attractions. With its adjacency to Seattle’s healthcare employment core, the neighborhood offers a wealth of job prospects, particularly in the healthcare sector, ensuring career growth and economic stability for residents.
Moreover, First Hill’s livability is further enhanced by the ongoing redevelopment efforts in the Yesler Terrace area, introducing over 1,200 new condos. These revitalization initiatives contribute to the community’s growth, foster diversity, and create a dynamic neighborhood atmosphere. Additionally, continuous efforts of the Downtown Seattle Activation Plan aim to transform the downtown area into a vibrant and inclusive space, catering to the needs and aspirations of all residents, workers, and visitors.
Overall, First Hill provides a thriving urban environment with convenient amenities and a promising future, making it a prime neighborhood to live in.
YESLER TERRACE REDEVELOPMENT
4.3 million SF of housing in 5,000 units.
1.8-Acre Park
88,000 SF Retail
900,000 SF Office
5,100 Parking Spots
SEATTLE'S HEALTHCARE EMPLOYMENT CORE
First Hill's status as a healthcare hub extends beyond its prestigious medical campuses. The concentration of medical institutions in the area translates into a substantial workforce of healthcare professionals. First Hill serves as a major employment center for the medical industry, offering diverse career opportunities for doctors, nurses, technicians, researchers, administrators, and support staff. The presence of renowned hospitals and medical centers attracts a talented pool of medical professionals who seek to be part of the cutting-edge healthcare services and research conducted in the neighborhood.
DOWNTOWN SEATTLE'S TRANSFORMATION
The City of Seattle is actively transforming its downtown into a vibrant and inclusive space that caters to the needs and aspirations of workers, families, small business owners, neighbors, visitors, and tourists alike.
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