The Carlton Apartments 603 Pontius Ave N 30 Unit Apartment Building $7,200,000 ($240,000/Unit) 5% Cap Rate Seattle, WA 98109
INVESTMENT HIGHLIGHTS
- TENANT RETENTION - Strong renewal history with nearly two-thirds of tenants renewing annually
- PARKING - Secure garage with 10 spaces—a unique and highly valued amenity in this neighborhood
- VALUE-ADD POTENTIAL - Updating finishes, appliances, and systems while preserving the charm—could raise rents by $142/month on average
- VIEWS - North-facing units enjoy views of Lake Union
EXECUTIVE SUMMARY
Historic Apartment Building + NNN-Leased Office Property on a Future Development Site in South Lake Union
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Window Coverings
SITE AMENITIES
- 24 Hour Access
- Walking/Biking Trails
- Storage Space
- Public Transportation
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 9 | $1,372 | 350 |
| Studios | 6 | $1,658 | 600 |
| Studios | 9 | $1,616 | 615 |
| 1+1 | 3 | $1,845 | 650 |
| 1+1 | 3 | $1,778 | 700 |
1 of 1
Walk Score®
Walker's Paradise (94)
Transit Score®
Excellent Transit (84)
Bike Score®
Very Bikeable (85)
PROPERTY TAXES
| Parcel Number | 246740-0190 | Improvements Assessment | $3,631,000 |
| Land Assessment | $4,032,000 | Total Assessment | $7,663,000 |
