800 Queen Anne Ave Seattle, WA 98109

Property Details for 800 Queen Anne Ave

Year built

1958

Property size

34,018 SF

Property type

Commercial real estate

APN

387990-0165

Description

This exceptional 49-unit apartment building, The Val Anne, presents a compelling value-add investment opportunity in Seattle's coveted Queen Anne neighborhood. Located at 800 Queen Anne Ave N, this five-story, 34,018 square foot building boasts a prime location with a walk score of 96. Built in 1958 and extensively renovated in 2019, the property features a mix of studio, one-bedroom, two-bedroom, and two luxurious penthouse units. Nine units offer private balconies, and nineteen enjoy stunning city skyline and Puget Sound views. The penthouses are particularly noteworthy, one a 1,180 sq ft, 2 bed/2 bath unit with a private rooftop terrace, and the other a 1,720 sq ft, 3 bed/2 bath unit featuring a 556 sq ft private rooftop terrace. The building includes 30 parking spaces (both covered and surface), an elevator, and a beautifully updated lobby. Current NOI is $726,017, with a pro-forma NOI of $810,654, yielding a 4.18% cap rate and a pro-forma cap rate of 4.67%. The asking price is $17,350,000 ($354,081.63 per unit and $510.02 per square foot). Significant value-add potential exists, including adding ventless washer/dryer combos, developing a dedicated website, and potentially adding 10 units above the garage (subject to feasibility). The seller is offering $2,000,000 in favorable preferred equity, interest-only, to an approved buyer, co-terminus with the assumable existing mortgage. The property sits on an 18,000 sq ft lot and is zoned MR (M). This is a rare opportunity to acquire a high-quality asset in a thriving Seattle location with substantial upside potential.

Location Insight

City

Seattle

County

King

State

Washington

Longitude

-122.3562847

Latitude

47.6265062