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.
Highlights
Highly desirable Queen Anne location, Walk Score 96.
Exceptional trophy asset with significant value-add potential.
Extensive interior and exterior renovations completed.
Upscale unit renovations preserving mid-century modern charm.
Units feature large windows providing abundant natural light.
Two penthouse units: a 1,180 sq ft 2 bed/2 bath with private rooftop terrace and a 1,720 sq ft 3 bed/2 bath with a 556 sq ft private rooftop terrace offering panoramic views.
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Contacts
Cathy Jeney
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800 Queen Anne Ave, Seattle, Washington, 98109
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The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
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800 Queen Anne Ave
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