421 Belmont Ave E
Seattle, WA 98102
Alt Apartments · Multifamily Property For Sale · 91 Units

MARKETING DESCRIPTION:
· Brand-new 2024 construction in Seattle’s Capitol Hill neighborhood, just three blocks from Broadway, the area’s main hub for restaurants, shopping, and nightlife.
· The diverse unit mix includes studios, one- and two-bedroom units; 24% of all units are lofted, with open floorplans, 17-foot ceilings, and terraces.
· Capitol Hill offers quick access to the Central Business District, Downtown Seattle, and South Lake Union, supported by a Walk Score of 96 and a Transit Score of 87, with proximity to I-5 and I-90, Alt Flats serves as a gateway to major employer centers on the Eastside.
· Achieving 95% occupancy, Alt Flats is fully stabilized and has completed its initial lease-up, demonstrating rental upside with recent rents setting new benchmarks at 15% above current market rates; additional operating income of $109,767 is projected annually through storage, parking, pet rent, and laundry services.
· Alt Flats boasts an Energy-Efficient, Built-Green 4-Star Certification.
· Amenities include an unmatched panoramic rooftop deck overlooking Elliot Bay and South Lake Union, air conditioning on the top two floors, secured 24-hour access, a lobby lounge with Wi-Fi and workstations, and a communal kitchen with multiple cook stations and eating areas.
· There is a robust renter pool within a one-mile radius, with 87% of housing units renter-occupied, compared to 38% in the Seattle Metro.
· Alt Flats is well-connected to major employment hubs, including Capitol Hill, South Lake Union, and Downtown Seattle, home to over 9,300 workplaces and notable employers like Amazon, Google, and the University of Washington.
INVESTMENT HIGHLIGHTS:
Alt Flats is situated in a prime Seattle location, right in the heart of the popular Capitol Hill neighborhood, offering easy access to employers, restaurants, nightlife, and retail stores.
High-quality construction and attention to detail attract young professionals seeking a new building with desirable amenities near the major employment hubs; 61% of renters are in the key age group of 18 to 35.
The central location supports consistent future rental demand, with 85% of residents employed in white-collar positions compared to 71% in the Seattle Metro.
Alt Flats features nine floors, a rooftop outdoor amenity space, shared laundry facilities with large commercial-grade washers and dryers, a pet wash station and relief area, 82 bicycle racks, and floor-to-ceiling windows providing abundant natural light.
In-unit amenities include loft-style apartments and terraces in select units, luxury vinyl plank flooring, tile backsplashes, Pental quartz countertops, energy-efficient stainless-steel appliances, undermount sinks, air conditioning ports in all units and washer/dryer in most units.