2210 Eastlake Ave E
Seattle, WA 98102
2210 Eastlake · Land For Sale · 0.14 AC

2210 Eastlake, currently a six-unit apartment building, is located in the heart of Seattle’s exceptional and highly sought-after Eastlake neighborhood and is being offered for sale by the original owner for the first time in 59 years. In addition to its premier Eastlake location near an abundance of neighborhood amenities, 2210 Eastlake presents an investor with the opportunity to redevelop the property into 60 to 80+ SEDU units with no parking requirement and potential views from the upper levels, while providing a steady income from the existing 6-unit apartment building for the duration of the permitting process.* Alternatively, a new operator who prefers not to redevelop can simply begin charging tenants for parking and utilities and increase rents to market levels with cosmetic upgrades. With a “Very Walkable” walk score of 85 out of 100, the property is within a half-mile radius of more than 20 food and drink establishments and seven parks and green spaces. Other noteworthy recreational venues in the vicinity include Lake Union Park (1.2 miles), Volunteer Park (0.8 miles), and Gas Works Park (2.3 miles). Additionally, just blocks from 2210 Eastlake is Lake Union and the Cheshiahud Lake Union Loop, a lake-side pedestrian and bike trail that links residents to the 35+ pocket parks that dot the lake’s shore as well as to the UW and to a variety of South Lake Union and Fremont technology employers. 2210 Eastlake is also well connected to frequent transit and is just steps from King County Metro bus route 70 with constant access to Downtown and the U District. It is also less than a mile from the South Lake Union Streetcar line and roughly a mile and a half from the Link Light Rail transit system. 2210 Eastlake’s convenient location also provides quick and easy access to both Downtown Seattle and South Lake Union, two major regional employment centers located to the south. The property is within two miles of a variety of prominent employers including Amazon, Facebook, Google, the Bill and Melinda Gates Foundation, the Fred Hutchinson Cancer Research Center, UW Medicine, the Allen Institute for Brain Science, and a variety of biotech companies scattered throughout South Lake Union. Many of these world-renowned employers are experiencing tremendous growth in their Seattle locations. Facebook, which doubled its Seattle workforce in two years and currently employs 3,000 in the Seattle area, is poised for even more explosive growth. The social media giant has recently moved into the first of two new South Lake Union buildings and plans to occupy the other very soon. Combined, these two structures accommodate a total of 2,000 employees. Likewise, Google is undergoing an extraordinary expansion. The company is developing three South Lake Union blocks, with two nearing completion and the third scheduled for completion in 2021. While details have not been released, experts estimate that the campus will house 4,500 to 6,200 employees. Amazon, meanwhile, currently employs more than 45,000 employees in Seattle alone with thousands more anticipated in the next couple of years. Additionally, Expedia is moving its headquarters from Bellevue to Seattle’s waterfront, and the 1.2 million square foot first phase of construction will increase its employment capacity to 4,500. There are also plans for a second and third phase that will increase the company’s Seattle presence even more. Further, in June 2019, it was reported that Apple is planning to occupy South Lake Union’s 333 Dexter project, a 630,000-square-foot office building that would accommodate up to 4,200 workers based on industry standard space ratios. Built in 1960, 2210 Eastlake is a well-maintained, value-add apartment building comprised of one studio, four 1-bedroom units, and one 2-bedroom home. Units offer tenants livable floorplans with hardwood flooring under the carpet, and original but well-maintained cabinetry, with updated appliances and counter tops in select units. The property’s exterior boasts attractive brick veneer and wood siding as well as a pitched torch down roof. The property features a common laundry room with a coin-operated washer/dryer as well as six off-street parking spaces which are accessed from the alley behind the lot. Although profitable in its current operations, there is likely potential for upside in the form of raised rents with cosmetic improvements and charging tenants for both parking and utilities. With a stable tenant base and a profitable operating history with upside potential, 2210 Eastlake is an excellent candidate for a covered land play. With a maximum floor area ratio of 4.5, the 6,150-square-foot, NC2-65 (M2)-zoned lot will likely accommodate 60 to 80+ SEDU units – with potential views of Lake Union from the upper levels and no parking requirement.* During the permitting process, the existing 6-unit multifamily property would continue to produce income. With multiple available investment strategies – increased cash flow with cosmetic updates, redevelopment into 60 to 80+ SEDU units,* or a hybrid approach – 2210 Eastlake is an exceptional investment opportunity. The property’s walkable Eastlake location near area amenities and employers make acquiring 2210 Eastlake a rare and attractive opportunity. *Buyer to verify all development potential.