119 19Th AveSeattle, WA 98122

Property Details for 119 19Th Ave

Year built

1963

Property size (Sq ft)

18,778 SF

Property type

Apartment buildings

Description

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.

Location Insight

City

Seattle

County

King

State

Washington

Latitude

47.6025

Longitude

-122.308

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].