The Oriana 416 Summit Ave E 11 Unit Apartment Building $3,375,000 ($306,818/Unit) 5.15% Cap Rate Seattle, WA 98102

Oriana Apartments presents a rare opportunity to acquire a profitable, character-rich multifamily asset in the heart of Seattle’s highly desirable Capitol Hill neighborhood. Built in 1928, this well-maintained wood-frame property features 11 spacious corner units – 9 one-bedroom/one-bath homes and 2 two-bedroom/ one-bath homes – each offering abundant natural light and spacious/functional floor plans with dining areas and large closets. Residents appreciate the building’s enduring old-world charm – oak floors, original wood windows, coved ceilings, picture rails, and classic 6-inch molding – as well as the property's 10 remodeled homes and 1 new unit. All units have updated Square D electrical panels and main service appears to have been updated. Plumbing updates have been consistently made to the baths upon turnover as well. Finishes and features vary among the units and include walk-in closets, dining areas, updated countertops and backsplashes, and/ or pedestal bathroom sinks. West facing top-floor units offer views of Downtown Seattle and the Space Needle.
At the list price, Oriana offers the buyer a 5% cap rate based on existing expenses and scheduled rent increases effective March 1, 2026, Oriana Apartments provides stable in-place cash flow supported by historically low vacancy rates. Six on-site parking spaces further enhance tenant appeal.
Positioned just seven blocks from the Capitol Hill light rail station and near the First Hill Streetcar, the property offers exceptional connectivity. It sits within close reach of neighborhood restaurants, shops, grocery stores, and parks, earning a Walker’s Paradise walk score of 96 out of 100. The location places residents within a mile of Amazon’s campus and only blocks from Seattle Central College and Seattle University, with direct transit access to the University of Washington.
Oriana Apartments also offers compelling value-add upside. Multiple strategies exist, including adding a 12th unit in the existing building, retaining the existing structure and adding new units in the current parking area, or pursuing a full redevelopment of the MR-zoned parcel, which can accommodate an estimated ±50-unit building (buyer to verify).
Combining irreplaceable 1920s craftsmanship, dependable performance, and meaningful future potential, Oriana Apartments stands as an exceptional opportunity in one of Seattle’s most dynamic and amenity-rich urban neighborhoods.