1401 Holgate St Seattle, WA 98144

Property Details for 1401 Holgate St

Year built

1957

Lot size

0.15 lot acres

Property size

7,575 SF

Property type

Commercial real estate

APN

060550-0000

Description

This exceptional 17-unit apartment building in Seattle's desirable Beacon Hill neighborhood presents a compelling investment opportunity. The property, located at 1401 S Holgate St, boasts a substantial 7,575 square feet across three stories, situated on a 0.15-acre lot (APN: 060550-0000). Built in 1957 and extensively renovated in 2017, the building currently enjoys 100% occupancy, generating a Net Operating Income (NOI) of $257,183, representing a 5.50% capitalization rate. The asking price is $4,700,000, translating to $276,471 per unit. The property is zoned L-2, Seattle, and benefits from its proximity to key employment hubs, including Downtown Seattle, South Lake Union, Seattle-Tacoma International Airport, the University District, and the Rainier Valley. Significant value-add potential exists due to the opportunity to increase rents, currently slightly below market standards, by an estimated $80 to $100 per unit per month. Furthermore, the property's location within a growing area, coupled with rising home values in the Seattle metro area (average home value exceeding $750,000), suggests strong potential for future rental growth. The property's location is also a 13-minute walk from the Beacon Hill Light Rail Station. This offering presents a rare chance to acquire a well-maintained, high-performing multifamily asset with significant upside potential in a thriving Seattle market. The property is conveniently located in King County, WA, 98144.

Location Insight

City

Seattle

County

King

State

Washington

Longitude

-122.3143014

Latitude

47.5862144