Overview

Highlights

• Blocks from Uptown & the Seattle Center
• Potential to add an additional unit, increasing returns
• 7,670 SF LR3 (M) Zoned Lot

Description

The Lee & Associates | Northwest Multifamily Team is pleased to present the Vali Loa Apartments consisting of 13 units on the South Slope of Queen Anne in Seattle, WA. The unit mix consists of one & two bedroom units with sizes ranging from 563 to 841 square feet. On-site parking includes nine surface spots, a bonus in a parking-scarce neighborhood. This three-story multifamily asset sits on a sizable 7,670 square foot, LR3 (M) site just one block off Queen Anne Ave and Roy Street. The central location provides easy access to South Lake Union and downtown Seattle. It also places tenants within steps of the vibrant, amenity filled Uptown District. Initial feasibility studies indicate the ability to add one additional unit providing additional upside (buyer to verify).

First time to market in over 22 years, this asset appeals to multiple investment strategies, offering rental upside from capturing loss to lease, value-add scenarios with option of an additional unit, and a covered land play with its doorstep into Uptown.

Location

Located on Queen Anne’s south slope just above the heart of Uptown, the Subject boasts a Walk Score of 95 providing tenants easy walkability to retail, restaurants, entertainment, and the Space Needle. Services within blocks of the property include QFC, Metropolitan Market, Safeway, CVS and Bartell Drugs. Popular Uptown restaurants and cafes are also just steps away. 

The Key Arena, which is the future home to Seattle’s new NHL team, as well as the gateway to the vast Seattle Center entertainment, are just a few blocks away. For employment, the property is perfectly positioned between the employment centers of Downtown, South Lake Union, and the new waterfront Elliott Bay Expedia campus. The building is also within easy walking distance to the Amazon campus, Facebook’s central Seattle offices and the Bill & Melinda Gates Foundation.

In a city that values urban renewal and proximity to retail and entertainment amenities, Vali Loa offers it all.

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