Harrison Apartments 800-810 Harrison St 12 Unit Apartment Building $3,000,000 ($250,000/Unit) 3.65% Cap Rate Seattle, WA 98109

Paragon Real Estate Advisors is pleased to present the exclusive listing of the Harrison Apartments, a rare investment opportunity in the heart of South Lake Union. Positioned on a 7,200 SF corner lot with alley access, this 12-unit apartment building is being offered for the first time in over three decades.
The property features a fully occupied, yet underperforming, apartment complex with immediate value-add potential. Current rents are estimated to be approximately 40% below market, with additional upside achievable through unit renovations as turnovers occur. The building consists of 10 one-bedroom/one-bath units (approx. 700 SF each) and 2 two-bedroom/one-bath units (approx. 850 SF each). The interior of 5/12 units have been partially updated with new LVP flooring, sinks and countertops.
Zoned SM-SLU 85-280, the site offers substantial redevelopment potential. While a formal feasibility study has not been completed, preliminary estimates suggest the lot could support up to 55 residential units averaging 550 SF (buyer to verify).
Located in South Lake Union, tenants enjoy unmatched amenities such as the Lake Union Waterfront, countless bars and restaurants and great public transportation to all parts of the city. This offering provides investors with a rare chance to secure a historically low vacancy apartment building with strong income growth potential and long-term development upside in one of Seattle’s most dynamic urban neighborhoods.