2335 Boylston Ave Seattle, WA 98102
- Commercial real estate
- 19,289 SF
Current Use by Public Records
- Commercial real estate
Property Details for 2335 Boylston Ave
- Year built
- 2024
- Property size
- 19,289 SF
- Property type
- Commercial real estate
- APN
- 2902200756
Description
This exceptional Class A, 8-story apartment building in Seattle's coveted Eastlake submarket offers 71 brand-new units, totaling 19,289 square feet on a 4,950 square foot lot. Built in 2024, this core investment opportunity boasts 11,821 square feet of net rentable space and is priced at $11,000,000 ($154,930 per unit) with a pro-forma cap rate of 6.14%. The property features a large common area, oversized lobby, shared laundry, and bike storage. Select units offer stunning views of downtown Seattle, Lake Union, and Portage Bay. Its prime location provides easy access to Interstate 5, Highway 99, and Downtown Seattle, with walkability and bikeability scores of 88 and 75, respectively. The building is situated in a high-demand area attracting young professionals due to its proximity to major employers and transit options. Expected total cost of ownership is within 120 days, with the potential for delivery vacant at closing. The property is zoned MR (M1). This is a low-risk, high-reward investment opportunity in a thriving Seattle submarket with consistent rental demand. The average effective rent in the Lake Union submarket was $2,650 per month in Q2 2024, a 7.8% year-over-year increase.
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
- -122.3237685
- Latitude
- 47.6407904
