Ella Robert 16 Valley St 23 Unit Apartment Building $6,995,000 ($304,130/Unit) 4.80% Cap Rate Seattle, WA 98109

The Lee & Associates Northwest Multifamily Team is pleased to present the Ella Robert, a 23-unit apartment community located on the south slope of the highly desirable Queen Anne neighborhood, considered by many to be the heart center of Seattle. Originally constructed in 1928, the building blends timeless architectural character with thoughtful modernization, offering residents a refined living experience that pairs charm with today’s most desired amenities.
Ella Robert is a classic brick veneer, wood-frame building with extensive system upgrades valued over $1.1M including updated electrical and plumbing systems and a roof replacement completed in 2020, reinforcing long-term durability while limiting near-term capital exposure. The property also offers 14 secure garage parking stalls with sprinklers. Select units enjoy views of the Seattle skyline, Space Needle, Mount Rainier, and Elliott Bay, enhancing resident appeal and overall rentability.
Ownership has demonstrated exceptional pride of stewardship, investing in capital improvements over the past 25 years. 17 of the 23 units have been remodeled, with 18 units featuring in-unit laundry. Renovated units include modernized kitchens and bathrooms, updated systems, refinished hardwood floors, and improved layouts. There is a rare penthouse unit which can be used as a pied-à-terre and Airbnb unit. The remaining classic units provide a clear runway for continued rent growth and value creation.
Complementing the interior upgrades is a private, terraced courtyard with a patio, turf and garden areas offering a desirable outdoor space, a rare feature in this urban core location. With below-market rents, operational flexibility including a potential short-term rental component, and close proximity to Climate Pledge Arena and Seattle Center, the Ella Robert represents a compelling opportunity and a rare chance to steward a legacy asset in a trophy Seattle location.
Trophy property on the south slope of Queen Anne with views of Downtown | Most sought after “Walker’s Paradise” location steps from Climate Pledge Arena and Seattle Center, with select units offering Space Needle and Mount Rainier views and peekaboo Elliott Bay water views.
Modernized Vintage Character | Originally built in 1928 and thoughtfully upgraded with a 2020 roof replacement, updated plumbing, and a well-maintained elevator, blending charm with long-term durability.
Demonstrated Pride of Ownership | Over $1.1 million in capital improvements, with the majority of units renovated featuring in-unit laundry, a rare amenity for assets of this vintage. Equally rare, the building has a penthouse unit, currently rented, but in the past, was used as an Airbnb unit. This unit creates a unique combination of beautiful owners a pied-à-terre with income generation for the new owner.
Rent Growth & Management Upside | In-place rents remain below market, with clear opportunity to enhance NOI through continued rent optimization and streamlined, more efficient expense management.
Positioned on the coveted south slope of Queen Anne Hill, the property offers an exceptional urban lifestyle defined by walkability and convenience, supported by a Walk Score of 96, reflecting true “Walker’s Paradise” living. Proximity to transit lines and major regional corridors further enhances connectivity, making The Ella Robert ideally situated for long-term renter demand in one of Seattle’s most sought-after neighborhoods.
Strategically located on Valley Street, The Ella Robert sits at the intersection of Lower Queen Anne, Uptown, and South Lake Union, placing residents within immediate reach of Seattle’s most prominent cultural, entertainment, and employment centers. Seattle Center, Climate Pledge Arena, the Space Needle, and a vibrant mix of retail, dining, and nightlife options are all within walking distance, with major employers including Amazon, Expedia, and the Gates Foundation nearby.