1221 Jefferson St Seattle, WA 98122
- Hotels
- 1,220 SF
Current Use by Public Records
- Hotels
Property Details for 1221 Jefferson St
- Year built
- 1901
- Property size
- 1,220 SF
- Property type
- Hotels
- APN
- 794930-0035; 794930-0040
Description
The Art Inn, a unique 10-room boutique hotel in Seattle's First Hill neighborhood, presents a compelling investment opportunity. Strategically located near Seattle University and the Broadway District, this property benefits from high foot traffic and proximity to public transportation, restaurants, and entertainment venues. Originally two Victorian-style homes, the property underwent a $500,000 renovation in 2020, transforming it into a stylish inn with individually designed rooms featuring original artwork. The Art Inn operates with a state-of-the-art virtual reception, offering 24/7 guest access via mobile devices. Amenities include private bathrooms, smart TVs, mini-fridges, complimentary Nespresso machines, and high-speed internet. The property boasts six off-street parking spaces and secure backyards. Current booking agreements are in place with Expedia and Booking.com. Financial performance in 2023 shows a gross revenue of $514,413 and a net income of $207,179, resulting in an 8.32% cap rate. The asking price is $2,490,000 ($995,000 for 1221 E. Jefferson St and $1,495,000 for 1225 E. Jefferson St). Building sizes are 1,220 sq ft and 2,270 sq ft respectively, situated on 2,592 sq ft lots each. The property's NC2 55 (M) zoning allows for future mid-rise development (maximum height 55 feet), presenting significant potential for expansion into apartments, condominiums, or a larger hotel. Built in 1901/1905, the property is a 1.5-story frame construction.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Seattle
- County
- King
- State
- Washington
- Longitude
- -122.3158257
- Latitude
- 47.60602
