304 152Nd StShoreline, WA 98155

Property Details for 304 152Nd St

Year built

2023

Property size (Sq ft)

19,809 SF

Property type

Apartment buildings

Description

Paramount 1 Apartments presents a compelling multifamily investment opportunity in Shoreline, WA. This newly constructed (2023) seven-story building boasts 35 units within a single building, totaling 19,809 square feet on an 8,973 square foot lot (APN 2634500055). The property is zoned MUR-70 and benefits from a significant tax advantage. Inclusion of seven affordable units qualifies Paramount 1 for a 20-year property tax exemption in Shoreline. Its location offers unparalleled convenience, situated within walking distance of the soon-to-be-completed (2024) light rail station on 145th Street, providing easy access to downtown Seattle, SeaTac Airport, and the U-District. The surrounding area is experiencing robust growth, with major corporations like Amazon and Google establishing a significant presence nearby, adding thousands of employees to the local workforce and fueling demand for housing. This, coupled with CoStar's forecast of consistent rent growth (4% in 2024, followed by 3% annually), positions Paramount 1 for strong returns. The property's urban setting offers residents access to a diverse range of amenities, including excellent dining, recreational spaces, and cultural attractions, making it a highly desirable location. This is a rare opportunity to acquire a modern, tax-advantaged multifamily asset in a thriving market.

Location Insight

City

Shoreline

County

King

State

Washington

Latitude

47.7391

Longitude

-122.326

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