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Othello TOD Apartments

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Executive Summary

A 85 Unit Pre-TCO Opportunity Zone Apartment Building offered for sale before occupancy to maximize Opportunity Zone benefit to buyer.

 

Tours Available:

Thursday, April 1, 1:00-3:00 PM

Friday, April 9, 1:00-3:00PM

Thursday, April 15, 1:00-3:00 PM

Property Summary

Price
$20,000,000
OZ Tax Benefit
$14,065,775
Address
7339 43rd Ave S, Seattle
Neighborhood
Othello
Year Built
TCO Expected June 2021
Units
85
Site Area
7,540
Zoning
NC3P-95 (M2)

Opportunity

Opportunity Zone

Othello TOD (Transit Oriented Development) Apartments are located in an Opportunity Zone

This building is being offered Pre-TCO giving the buyer the ability to take full advantage of the OZ benefits

Transit Oriented Development

The property is located 1 minute from the Othello Light Rail Station

The Othello Station is a 25 minute ride to Seattle and a 30 minute ride to Bellevue, making it perfect center for professionals

Othello’s Recent Growth

Since the 2009 Othello neighborhood master growth plan, the area has transformed, experiencing 45% rent growth

We have seen expansive growth from Developers/Institutional owners, such as Wood Partners, Wolff Company, Greystar, Woodridge, Security Properties, BRD Holdings and Mack Real Estate

Location

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Othello TOD Apartments

7339 43rd Ave S
Seattle, WA 98118
Units: 85
Price: Market Pricing

Location Overview

A BRAND NEW OTHELLO

Othello continues to feed off the growth of South Seattle as the Light Rail line looks to connect the entire Puget Sound. Since the Othello station was built in 2009, we have seen more than 700
Apartment units get absorbed into Othello with a few hundred more on the way. The lightrail has completely changed the landscape of this community from a neighborhood of single-family homes to a bustling multifamily hub north of Rainier.

In this very dense neighborhood, you have the phenomenal Othello Park that is always brimming with joggers and picnickers on sunny days. The new apartments have brought some new ethnic restaurants and the walkable Safeway is just a block away. Looking for new restaurants and amenities is not far, with the hip Georgetown across the 5 and Beacon Hill and Columbia City just a minutes’ ride on the Light Rail.

Currently there are quick connections to the Seattle Airport and employers in Downtown and South Lake Union. As soon as 2023, we’ll see new connections to the entire Eastside Tech Hub via the Light Rail.

9,828

NO. OF HOUSEHOLDS (1 MI)

83

WALK SCORE

36

MEDIAN AGE (1 MI)

$96,346

AVG. INCOME (1 MI)

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