416 Summit Ave E Seattle, WA 98102

This well-maintained wood-frame property, constructed in 1928, features 11 corner units, including one new and 10 remodeled units. The units have updated Square D electrical panels, and the main service appears to have been updated. Plumbing updates have been consistently made to the baths upon turnover. Finishes and features vary among the units and include walk-in closets, dining areas, updated countertops and backsplashes, and pedestal bathroom sinks. The west-facing top-floor units offer views of Downtown Seattle and the Space Needle. Six on-site parking spaces enhance tenant appeal. Positioned seven blocks from the Capitol Hill light rail station and near the First Hill Streetcar, the property offers connectivity. It is within close reach of neighborhood restaurants, shops, grocery stores, and parks, with a Walker’s Paradise walk score of 96 out of 100. The location places residents within a mile of Amazon’s campus and blocks from Seattle Central College and Seattle University, with direct transit access to the University of Washington. The property also offers value-add upside. Strategies include adding a 12th unit in the existing building, retaining the existing structure and adding new units in the current parking area, or pursuing a full redevelopment of the MR-zoned parcel, which can accommodate an estimated 150-unit building. The property size is 8,220 square feet.