sold

Listings/Footprint Phinney

Footprint Phinney

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Sold – $10,550,000

This listing has closed. Please visit our Listings page to view apartment buildings and development land currently available for purchase.

Executive Summary

Footprint Micro Apartments are the brainchild of the late Jim Potter. Jim was the first pioneer of micro-living in Seattle, informed by a career spent developing affordable, urban-located housing. Jim’s concept was simple: offer affordable and efficient housing ideally located in phenomenal urban neighborhoods sought by many, yet not affordable by all. In response to the Great Recession, Jim delivered his first Micro Apartment development in 2009. The Footprint Portfolio is certainly the greatest expression of micro-living and the culmination of Jim’s four-decade commitment to offering affordable housing to urban dwellers in the Puget Sound region.

Each Footprint property contains studio units with access to common kitchens and resident amenities. Studio units, with their own convenience centers, are serviced by a common kitchen. Units are efficiently designed, maximizing utility and space while minimizing rental costs to residents. The signature expression of Footprint buildings are excellent and durable building design, efficient floor plates and floor plans and strategic location in Seattle’s best urban neighborhoods. As Jim put it, “Your neighborhood is your amenity!”

Site Details

Address
8727 & 8731 Phinney Avenue N, Seattle, WA
Parcel Size
11,936 SF
Parcel Numbers
643150-0028; 643150-0026
Zoning
LR3
2019 Tax Bill
$16,076

Development Details

Units
79
Year Built
2015
Total Residential SF
12,031 SF
Number of Buildings
2
Number of Stories
4
Laundry
Common
MFTE Participation
Started 2016

Investment Opportunity

Footprint Portfolio buildings are located in Seattle’s most desirable urban neighborhoods, offering investors access to coveted and timeless locations. Residents have every benefit of neighboring apartment units that are double and triple the cost, yet can live an equal lifestyle efficiently and economically.

Financial returns on Footprint Portfolio buildings are well in excess of any other core-located, urban multifamily investment in the market. On a percentage basis, rental rate growth will best any other apartment investment in the market. New construction, ideal locations and protected financial performance create a true arbitrage opportunity.

Seattle building code changes in 2015 prevent any other developer from replicating the Footprint Portfolio formula. The Footprint Portfolio provides a price-point monopoly with no time horizon – a truly once-in-a-lifetime opportunity!

Ideal Location

Financial Arbitrage

Monopoly Position

Location

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Footprint Phinney

8727 Phinney Ave N
Seattle, WA 98103
Units: 79
Price: $10,550,000

About the Area

On the outskirts of what were once considered exclusive Seattle neighborhoods, North Seattle saw a rapid ascension as a prime investment market after 2012. Greenwood, a refreshingly eclectic and laid back neighborhood within North Seattle, remains a perfect example of that growth.

In addition to private multifamily development, the City has identified Greenwood as a prime area for growth and investment. The Greenwood Town Center, located along 85th Street — the neighborhood’s primary East – West corridor — has been approved for a re-zone to Neighborhood Commercial 3, with an increased height limit from 40 to 65 feet. The re-zone encourages future development and investment in the neighborhood, providing residents with additional amenities and making the area more pedestrian friendly.

Just three blocks from the Town Center and adjacent to the already-thriving commercial corridor along Greenwood Avenue, Footprint Phinney has a front- row seat to watch (and participate in) the neighborhood’s growth. From craft brews at the Naked City Taphouse to shows at the Taproot Theatre, Footprint residents have endless opportunities to shop, play, eat, and thrive.

And although Greenwood claims to be “just a little off center,” Footprint Phinney’s proximity to SR-99 and I-5 ensure the neighborhood is central to the region’s employment hubs.

4 Minute

Bike ride to SR-99 bus routes

12 Minute

Drive to South Lake Union

6 Minute

Walk to Fred Meyer

13 Minute

Drive to the University of Washington

Contact Us

Exclusive Listing Brokers

Dylan Simon, Jerrid Anderson, and Matt Laird are exclusively representing the Seller in the sale of Footprint Phinney.

Direct: 206.414.8575

       
       

Direct: 425.736.5516