1618 Bellevue AveSeattle, WA 98122

Property Details for 1618 Bellevue Ave

Year built

2001

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 63-unit Class A apartment building, constructed in 2001, presents a compelling value-add investment opportunity in Seattle's vibrant Capitol Hill neighborhood. Located at 1618 Bellevue Ave, Seattle, WA 98122, this eight-story building boasts 44,378 square feet of net rentable space and features a desirable NC3P-75 (M) zoning designation. The property includes an 87-space secured underground parking garage with significant potential for increased revenue. All 63 units are equipped with in-unit washers/dryers, private balconies or patios, stainless steel appliances, high ceilings, laminate flooring, and hard surface countertops. On-site amenities include Cap Hill Fitness and J's Quick Stop, both under lease with favorable terms extending through 2028, offering additional income streams and tenant convenience. Currently operating at a 42% expense ratio, the property offers significant potential for NOI improvement through operational efficiency enhancements. A light value-add strategy could yield a substantial return, boosting the current mid-5% cap rate to a high 6% cap rate. This prime location within the Pike-Pine Corridor provides unparalleled access to Seattle's best amenities, ensuring strong tenant demand and long-term investment stability. The property's APN is 872560-0500.

Location Insight

City

Seattle

County

King

State

Washington

Latitude

47.6158

Longitude

-122.327

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