sold

Listings/Gramercy Flats

Gramercy Flats

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Site Details

Address
114 24th Avenue E, Seattle, WA 98112
Number of Parcels
1
Parcel Size
14,400 (0.33 acres)
Parcel Number
982870-2540
2018 Property Tax
$80,004

Development Details

Units
56 + one 180 SF office/work space
Year Built
1910
Year Renovated
2018
Avg Unit Size
480 SF
Number of Buildings
1
Number of Stories
3 + 2 Above-Grade Basement Levels
Laundry
Common (2) + In-Unit (3)
Parking
8 Stalls

Investment Opportunity

Gramercy has experienced a renaissance, with the current owner spending more than $2.5M on extensive upgrades and renovations. Thoughtful design has transformed the exterior and common spaces of the building, creating curbside appeal with character you won’t find in new construction. Extensive, modern updates to unit interiors offer everything today’s renters want — with the spacious floor plans that few buildings offer. The following table is a summary of costs incurred by the current owner directly related to building upgrades and renovations.

With much of the heavy lifting completed, Gramercy is perfectly poised for new ownership to benefit from increasing rental rates, while opportunities remain to increase income further by adding a carport and additional storage in the parking lot, and subterranean residential units under the BBQ area.

Good Bones, Great Renovations

Completely renovated in 2018, preserving the classic Seattle character while providing today’s renters with “must haves”

More Upside Remaining

Averages 10% rent increases on renewals with below-market rents and additional value-add remaining

Location, Location, Location

Checks off all the boxes for centrality, connectivity, and neighborhood amenities

Location

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Gramercy Flats

114 24th Ave E
Seattle, WA 98112
Units: 56
Price: $13,600,000

About the Area

Nestled on the eastern slope of Capitol Hill, Gramercy Flats connects to regional hot spots via 23rd Avenue and East Madison Street — two thoroughfares that deliver residents from Downtown to Lake Washington, and from the University of Washington to Interstate 90.

Around the block, residents love the convenience of a Safeway, lifestyle vendors, and local bars and restaurants. For those who venture west along Madison Street, the eclectic glories of the Pike/Pine Corridor and Broadway are just minutes away by foot or bus. Students and professionals also enjoy short commutes to Seattle University, major hospitals on First Hill, and the Central Business District.

Continuing east, ushers in a complete change of scenery — and some of Seattle’s most desirable residential neighborhoods. Whether one seeks the unending trails and greenery of the Washington Park Arboretum or access to Lake Washington for water sports, these natural wonders provide a coveted escape from the concrete jungle within a mile of Gramercy Flats.

86

Walk Score

63

Transit Score

36

Median Age (1 Mile)

$113,000

Avg Income (1 Mile)

23

Parks within 1 Mile

Contact Us

Exclusive Listing Brokers

Colliers International WA LLC is the exclusive Listing Brokerage for this Offering. Dylan Simon, Jerrid Anderson, and Matt Laird are exclusively representing the Seller in the sale of Gramercy Flats.

Direct: 206.414.8575

       
       

Direct: 425.736.5516