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The OK Apartments 212-216 Alaskan Way S 44 Unit Apartment Building $5,900,000 ($134,091/Unit) Seattle, WA 98104
INVESTMENT HIGHLIGHTS
- Features waterfront views in some units
- Beautiful historic building
EXECUTIVE SUMMARY
OK Apartments presents a rare opportunity to acquire a historic mixed-use building in Seattle’s Pioneer Square. Constructed in 1914 and thoughtfully updated, the property delivers 44 affordable housing units, two retail spaces, and 23 commercial studios with immediate waterfront access and exceptional urban connectivity.
The property sits steps from Seattle’s largest employment corridor, where Virginia Mason, Harborview Medical Center, and Safeco anchor over 336,900 jobs in the immediate area. Seattle University is just one mile away, contributing 1,200 campus jobs with an enrollment of 2,261 students. With 830 students living off campus, the university creates consistent rental demand and boosts local spending.
Seattle’s downtown multifamily market maintains 95.75% occupancy, with asking rates reaching $2,866 per month in Q3 2025—up 5.8% year-over-year. Even with this growth, in-place rents represent just 7.6% of average household income, creating exceptional affordability in the metro's second-most expensive submarket. Additionally, the property participates in the Low-Income Housing Tax Credit program, providing fully affordable housing with rent restrictions at 30%, 50%, and 60% AMI across all units through 2033.
OK Apartment’s unique combination of historic character, walkability, and direct access to major transit stations, parks, and cultural amenities make it an unrivaled investment opportunity in Downtown Seattle’s high-demand, supply-constrained housing market.
INVESTMENT HIGHLIGHTS:
Prime Pioneer Square Location: OK Apartments sits on Seattle's revitalized waterfront, directly across from Pier 50's ferry terminal serving Bainbridge Island, Bremerton, and West Seattle.
Attractive Financing: Strong pricing below $130,000 per residential unit with seller financing offering 25% down at a 5.25% fixed interest-only rate.
Recession-Proof Employment Base: Located minutes from Harborview Medical Center, Virginia Mason, Swedish, and dozens of medical clinics that anchor recession-resistant employment.
Historic Mixed-Use Asset: Offers 44 affordable residential units across studio and one-bedroom layouts, 23 commercial studios, and two retail spaces with waterfront frontage.
Desirable Urban Submarket: Serves downtown Seattle’s concentrated tech, finance, and medical workforce with immediate access to major employers, dining, and entertainment.
Diversified Commercial Income: Mixed-use configuration generates over $170,000 annually from commercial studios and retail, supplementing residential revenue.
Major Transit Hub: Walking distance to Columbia St. Light Rail Station, King Street Station, and ferry terminals connecting throughout Seattle and Puget Sound.
Walkable Lifestyle: Residents enjoy top-tier walkability to parks, galleries, restaurants, T-Mobile Park, and Lumen Field.
Supply-Constrained Market: Restrictive waterfront and Pioneer Square development controls limit new supply, stabilizing occupancy and supporting long-term demand.
The property sits steps from Seattle’s largest employment corridor, where Virginia Mason, Harborview Medical Center, and Safeco anchor over 336,900 jobs in the immediate area. Seattle University is just one mile away, contributing 1,200 campus jobs with an enrollment of 2,261 students. With 830 students living off campus, the university creates consistent rental demand and boosts local spending.
Seattle’s downtown multifamily market maintains 95.75% occupancy, with asking rates reaching $2,866 per month in Q3 2025—up 5.8% year-over-year. Even with this growth, in-place rents represent just 7.6% of average household income, creating exceptional affordability in the metro's second-most expensive submarket. Additionally, the property participates in the Low-Income Housing Tax Credit program, providing fully affordable housing with rent restrictions at 30%, 50%, and 60% AMI across all units through 2033.
OK Apartment’s unique combination of historic character, walkability, and direct access to major transit stations, parks, and cultural amenities make it an unrivaled investment opportunity in Downtown Seattle’s high-demand, supply-constrained housing market.
INVESTMENT HIGHLIGHTS:
Prime Pioneer Square Location: OK Apartments sits on Seattle's revitalized waterfront, directly across from Pier 50's ferry terminal serving Bainbridge Island, Bremerton, and West Seattle.
Attractive Financing: Strong pricing below $130,000 per residential unit with seller financing offering 25% down at a 5.25% fixed interest-only rate.
Recession-Proof Employment Base: Located minutes from Harborview Medical Center, Virginia Mason, Swedish, and dozens of medical clinics that anchor recession-resistant employment.
Historic Mixed-Use Asset: Offers 44 affordable residential units across studio and one-bedroom layouts, 23 commercial studios, and two retail spaces with waterfront frontage.
Desirable Urban Submarket: Serves downtown Seattle’s concentrated tech, finance, and medical workforce with immediate access to major employers, dining, and entertainment.
Diversified Commercial Income: Mixed-use configuration generates over $170,000 annually from commercial studios and retail, supplementing residential revenue.
Major Transit Hub: Walking distance to Columbia St. Light Rail Station, King Street Station, and ferry terminals connecting throughout Seattle and Puget Sound.
Walkable Lifestyle: Residents enjoy top-tier walkability to parks, galleries, restaurants, T-Mobile Park, and Lumen Field.
Supply-Constrained Market: Restrictive waterfront and Pioneer Square development controls limit new supply, stabilizing occupancy and supporting long-term demand.
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
- Title and Insurance
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $5,900,000 | Building Class | C |
| Price Per Unit | $134,091 | Lot Size | 0.19 AC |
| Sale Type | Investment | Building Size | 42,534 SF |
| No. Units | 44 | Average Occupancy | 99% |
| Property Type | Multifamily | No. Stories | 5 |
| Property Subtype | Apartment | Year Built/Renovated | 1914/2004 |
| Apartment Style | Mid-Rise | Opportunity Zone |
Yes
|
| Zoning | PSM-100, Seattle | ||
| Price | $5,900,000 |
| Price Per Unit | $134,091 |
| Sale Type | Investment |
| No. Units | 44 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 42,534 SF |
| Average Occupancy | 99% |
| No. Stories | 5 |
| Year Built/Renovated | 1914/2004 |
| Opportunity Zone |
Yes |
| Zoning | PSM-100, Seattle |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Granite Countertops
- Refrigerator
- Range
- Tub/Shower
- Wi-Fi
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- On-Site Retail
- Trash Pickup - Door to Door
- Online Services
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 24 | $1,223 | 446 |
| 1+1 | 20 | $1,370 | 468 |
Walk Score®
Walker's Paradise (96)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (89)
PROPERTY TAXES
| Parcel Number | 524780-0090 | Total Assessment | $4,349,100 (2024) |
| Land Assessment | $4,348,100 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,000 (2024) | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
524780-0090
Land Assessment
$4,348,100 (2024)
Improvements Assessment
$1,000 (2024)
Total Assessment
$4,349,100 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
CONTACTS
-
Chad Blenz -
Brandon Grisham -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Brandon Lawler -
Berkadia
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