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228 11th Ave E is a 9-unit apartment building with potential for redevelopment located in the Capitol Hill neighborhood of Seattle, WA. This offering provides buyers the opportunity to purchase the property free and clear of existing debt. This offering is priced at $3,900,000.
Development Potential: 228 11th Ave E falls within highly sought-after MR (M1) zoning, which offers multiple development options without the commercial requirements of NC zoning. Conventional or SEDU massing options yield 52–86 new units on this site.
Existing Income: Comparable apartment buildings in Capitol Hill demonstrate that in-place rental rates are currently below market. Additionally, a full renovation strategy would generate a 39% increase in annual rent.
Location & Accessibility: Just two blocks from Broadway — the retail heart of Capitol Hill — and the Link light rail station, 228 11th Ave E Apartments is the nexus of the live-work-play trifecta.
Situated just two blocks east of Broadway — the commercial pulse of Capitol Hill — and a two-minute walk from the light rail station, 228 11th Ave E Apartments is perfectly located in this high-demand neighborhood. A quick bike ride transports professionals to tech employers in South Lake Union, and the Link light rail travels Downtown and to the University of Washington in just four minutes. For those driving to Eastside employers such as Microsoft, back routes cut I-5 congestion out of the commute. Although, with planned light rail expansions, cars will be nearly obsolete.
Capitol Hill also fulfills the “play” requirement of the live-work-play trifecta. As soon as the sun starts shining in Seattle, the neighborhood congregates on the grassy fields of Cal Anderson Park, or in line at Molly Moon’s Ice Cream. Social gatherings at local bars and restaurants along Broadway create vivacity from morning to night.
to Cal Anderson Park
to the Capitol Hill light rail station
to Downtown Seattle
to the University of Washington
to QFC grocery
Kidder Mathews is the exclusive Listing Brokerage for this Offering. Dylan Simon, Jerrid Anderson, and Brandon Lawler are exclusively representing the Seller in the sale of 228 11th Ave E, Seattle, WA 98102.