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The Caroline 2123 E James St 5 Unit Apartment Building $2,250,000 ($450,000/Unit) 5.73% Cap Rate Seattle, WA 98122
Investment Highlights
- Recently renovated 5-unit property in Seattle’s Central District
- Modern upgrades include hardwood floors, stainless steel appliances, and refreshed kitchens/baths
- Spacious units averaging 960 square feet, larger than typical urban apartments
- Prime location minutes from Downtown Seattle, Capitol Hill, and major employment
Executive Summary
CBRE is pleased to present The Caroline Apartments, a recently renovated 5-unit multifamily property located in the vibrant Central District of Seattle. Situated at 2123 E James Street, this property offers investors a rare opportunity to acquire a well-positioned asset in one of Seattle’s most historic and rapidly evolving neighborhoods. The property features a mix of one and two bedroom apartments, averaging an impressive 960 square feet per unit, providing residents with spacious layouts uncommon in the urban core. Recent renovations include hardwood floors, stainless steel appliances, and refreshed kitchens and bathrooms, delivering a modern living experience that appeals to today’s renters. Each unit also benefits from abundant natural light and thoughtful design upgrades. Caroline Apartments offers investors stable in-place income with upside potential in a high demand rental market. Located just minutes from Downtown Seattle, Capitol Hill, and major employment hubs, the property enjoys exceptional walkability and transit access. The Central District continues to experience strong rental demand driven by its proximity to tech employers, cultural amenities, and neighborhood retail. This property’s manageable scale, turnkey condition, and prime location make it an ideal investment for those seeking consistent cash flow and long-term
appreciation in a core Seattle submarket.
appreciation in a core Seattle submarket.
Property Facts
| Price | $2,250,000 | Apartment Style | Low-Rise |
| Price Per Unit | $450,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.33 AC |
| Cap Rate | 5.73% | Building Size | 3,408 SF |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1910/2025 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | LR2 - Residential | ||
| Price | $2,250,000 |
| Price Per Unit | $450,000 |
| Sale Type | Investment |
| Cap Rate | 5.73% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 3,408 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1910/2025 |
| Opportunity Zone |
Yes |
| Zoning | LR2 - Residential |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | - | 1,200 |
| 2+1 | 4 | - | 900 |
Walk Score®
Very Walkable (83)
Bike Score®
Very Bikeable (88)
Property Taxes
| Parcel Number | 912610-1040 | Improvements Assessment | $566,000 |
| Land Assessment | $665,000 | Total Assessment | $1,231,000 |
Property Taxes
Parcel Number
912610-1040
Land Assessment
$665,000
Improvements Assessment
$566,000
Total Assessment
$1,231,000
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