119 19Th Ave Seattle, WA 98122

This exceptional value-add investment opportunity presents a 21-unit apartment building located in Seattle's desirable Squire Park neighborhood at 119 19th Ave, Seattle, WA 98122. The property, built in 1963 and extensively renovated in 2023, boasts a total of 18,778 square feet, with 15,363 square feet of net rentable space. The unit mix includes eight one-bedroom, twelve two-bedroom, and one spacious three-bedroom unit (1,071 sq ft), catering to a diverse renter base. Each unit features a private deck. Situated on a sizable 23,040 square foot corner lot, the property is zoned LR3 (M), offering significant potential for future development. A Master Use Permit (MUP) was issued in 2019 for a 70-unit apartment building on this site, highlighting the considerable upside potential. The property currently offers a strong 5.32% cap rate, with further upside potential through increased rents and operational efficiencies. This turnkey investment is conveniently located just five minutes from downtown Seattle and one block from Pratt Park, offering residents easy access to urban amenities and green spaces. The asking price is $6,500,000, representing a price per unit of $309,524 and a price per square foot of $423. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset with significant future development potential in a prime Seattle location.