212-216 Alaskan Way S
Seattle, WA 98104
The OK Hotel Apartments · Multifamily Property For Sale · 68 Units

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 22 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 $2,825per month in Q4 2025—up 4.7% 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.
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 $190,000 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.