under contract

Listings/Footprint West Seattle

Footprint West Seattle

Contact Listing Agent

Open House

  • Thursday, October 31 | 12:00 – 2:00 PM

Offering Details

Price
$7,750,000
Financing Debt
Offered free and clear
Address
3266 SW Avalon Way, Seattle, WA
Parcel Size
4,800 SF
Parcel Number
929730-1840
Zoning
MR

Building Description

Units
56
Year Built
2014
Avg Residential Unit
192 SF
Number of Buildings
1
Number of Stories
6
Laundry
Common

Investment Opportunity

1. Buy Value-Add for 5.0% Cap Rate on Current Income

    • 2014 construction
    • 56 units for under $8M
    • 2 blocks from Rapid Ride (10 minutes to Downtown Seattle)

 

2. Stabilize Operations with Improved Management

    • Move rents $50-100 higher to match rates already achieved at the property and supported by comps
    • Convert 14 month-to-month leases to 12-month leases
    • Manage lease expirations to minimize turnover in winter months

 

3. Own a 6.0% Cap in West Seattle in 12 Months

    • Low maintenance building
    • Steps from Whole Foods and Trader Joes
    • Two blocks from light rail in 10 years

Value-Add 5.0% Cap Rate

Stabilize Operations

Own 6.0% Cap in 12 Months

Location

Open Google Maps

Footprint West Seattle

3266 SW Avalon Way
Seattle, WA 98126
Units: 56
Price: Pending

About the Area

West Seattle has truly transformed over the last six years and continues its trajectory from a nearly suburban residential community on the edge of Seattle to a well-defined urban neighborhood. Despite a rapid increase in the inventory of apartments in West Seattle since 2010, outdoor recreation, an influx of popular restaurants and bars, and proximity to Seattle’s job centers continue to drive demand.

Footprint West Seattle is just up the street from the Luna Park Café — and one look at the establishment reveals everything you need to know about this pocket of West Seattle. The popular, funky 1950s café is the neighborhood’s calling card, and it personifies the area’s quirky character.

Ever since the original Luna Park amusement park brought visitors to West Seattle in the early 1900s, Avalon Way has been a hidden-yet-lively corridor where people gather to work, eat, and thrive. Walk to the West Seattle Brewing Company, jog through Pigeon Point Park, or watch the sunset from Alki Beach.

“The Junction” — one of West Seattle’s thriving commercial centers — is at the fingertips of Footprint West Seattle residents, while downtown Seattle is just a bus or water taxi ride away. For those focused on the long term, the Link light rail expansion will reach West Seattle by 2030 (it’s closer than you’d think!).

12 Minutes

Walk to The Junction

10 Minutes

Drive to Alki Beach

15 Minutes

Water Taxi ride to Downtown

10 Minutes

Ride to SODO on future Link light rail extension

Contact Us

Exclusive Listing Brokers

Kidder Mathews is the exclusive Listing Brokerage for this Offering. Dylan Simon, Jerrid Anderson, and Matt Laird are exclusively representing the Seller in the sale of Footprint West Seattle.

Direct: 206.414.8575

       
       

Direct: 425.736.5516