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Harrison Apartments 800-810 Harrison St 12 Unit Apartment Building $3,000,000 ($250,000/Unit) 4.04% Cap Rate Seattle, WA 98109
Investment Highlights
- Unparalleled South Lake Union Location
- Spacious 1 and 2 bedroom units
- Value Add Opportunity
- Proximity to major employers
- Recent Updates to 3 units
- On-site common laundry
Executive Summary
The Harrison Apartments, a rare investment opportunity in the heart of South Lake Union, is being offered for the first time in over three decades. Situated on a 7,200 SF corner lot with alley access, this 12-unit property has a historically low vacancy rate and the building provides immediate value-add potential with rents currently ~40% below market and additional upside through renovations. The mix includes ten 1BR/1BA units (approx. 700 SF) and two 2BR/1BA units (approx. 850 SF), with 5 units partially updated. Zoned SM-SLU 85-280, the site offers significant redevelopment potential, with preliminary estimates supporting up to 55 units (buyer to verify).
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$121,311
|
$14.14
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $121,311 |
| Annual Per SF | $14.14 |
Property Facts
| Price | $3,000,000 | Property Subtype | Apartment |
| Price Per Unit | $250,000 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 4.04% | Lot Size | 0.17 AC |
| Gross Rent Multiplier | 14.13 | Building Size | 8,580 SF |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1911 |
| Zoning | SM-SLU 85-280 | ||
| Price | $3,000,000 |
| Price Per Unit | $250,000 |
| Sale Type | Investment |
| Cap Rate | 4.04% |
| Gross Rent Multiplier | 14.13 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 8,580 SF |
| No. Stories | 2 |
| Year Built | 1911 |
| Zoning | SM-SLU 85-280 |
Amenities
Unit Amenities
- Balcony
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | $1,330 | 700 |
| 2+1 | 2 | $1,723 | 850 |
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Exceptionally walkable
100/100
Fairly drivable
50/100
Exceptional public transit
100/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 198820-1580 | Improvements Assessment | $1,000 |
| Land Assessment | $6,156,000 | Total Assessment | $6,157,000 |
Property Taxes
Parcel Number
198820-1580
Land Assessment
$6,156,000
Improvements Assessment
$1,000
Total Assessment
$6,157,000
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