International Video
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International APARTMENTS
53 UNITS + 1 COMMERCIAL SPACE 315 Maynard Avenue South | Seattle, WA
PROPERTY HIGHLIGHTS
Exceptional Building Ideally located Nearby Century Link Walk Score value-add improvements in Seattle’s Field and Safeco of 98 and a opportunity include electrical and International District Field Stadiums, and perfect 100 hot water systems neighborhood Pioneer Square Transit Score THE OFFERING
CBRE presents International Apartments, a classic brick building consisting of 53 units and a commercial space situated on a 7,200 square-foot parcel zoned IDM-75/85. Located in Seattle’s popular International District, the Property boasts an almost perfect Walk Score of 98 and a perfect 100 Transit Score. The International Apartments is the epitome of true urban living, with restaurants, recreation, amenities and transportation right outside residents’ front doors. Recent building improvements include electrical and hot water systems, water main replacement, and two sides have been tuck pointed.
VALUE-ADD OPPORTUNITY
International contains three different floor plans of efficiently designed studio units, and several units have views of the Olympic Mountains and the nearby Seattle sports stadiums. The average unit size is 315 square feet, with rents averaging $752—or $2.38 per square foot—and all the units are currently on month-to-month leases. Even with basic unit improvements such as new cabinetry, countertops and flooring, investors could see a rent increase of at least $215, which still results in below-average studio rent for the city of Seattle. Tenants at International enjoy an on-site laundry room, and additional amenity space could be added in the unused basement space.
EXCEPTIONAL LOCATION
The International Apartments is ideally located in the heart of Seattle’s International District, with easy access to downtown Seattle, South Lake Union and the sports stadiums. Within one mile of the Property are many of the area’s top attractions, including CenturyLink and Safeco Field stadiums, Seattle Great Wheel, the Seattle Waterfront, and Pioneer Square. Dozens of diverse restaurants, bars, retailers and recreation are less than a 10-minute walk away, including Maneki Restaurant, Oasis Tea Zone, Starbucks, Hing Hay Park and the Seattle Pinball Museum. INTERNATIONAL Transportation nearby is abundant, with the International District/Chinatown Link light rail APARTMENTS station, the First Hill Streetcar and King Street Station—with access to Amtrak Cascades— all within a 10-minute walk of the Property. The International Apartments’ location will attract a large tenant base who may work downtown in the Seattle CBD, at Harborview or Swedish Medical Centers, or attend Seattle University, which are all within 10 minutes of the Property. The Property is also just a few blocks from Yesler Terrace, which is under 5 construction for 88,000 square feet of retail, 900,000 square feet of office space, 4.3 million square feet of housing and a 1.8-acre central park. PROPERTY DETAILS Address 315 Maynard Avenue S Seattle, WA 98104 No. of Units 53 Rentable SF 17,489 SF Land Area 7, 20 0 S F Price $7,200,000 Price per Unit $133,333 Price per SF $411 Year 1 Cap Rate 5.30% (Including Reno Cost) Year Built 1910 Parcel Number 524780-1990 UNIT MIX Average Average Average Unit Type Unit Count Rent Range Zoning IDM-75-85 Unit Size Rent Rent/SF Studio 52 $660 - $950 315 SF $752 $2.38 1 BD / 1 BA 1 $950 400 SF $950 $2.38 Commercial 1 Vacant 750 SF -- --
CBRE EXCLUSIVE AGENTS | PNW MULTIFAMILY PRIMARY PROJECT TEAM
Mitchell Belcher Mark Zoffel Steven Chattin Jay Timpani First Vice President Senior Vice President First Vice President Vice President +1 206 292 6003 +1 206 292 6019 +1 206 442 2707 +1 206 292 6074 [email protected] [email protected] [email protected] [email protected]
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