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Harrison Apartments 800-810 Harrison St 12 Unit Apartment Building $2,800,000 ($233,333/Unit) 4.33% 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 |
$200,940
|
$23.42
|
| Other Income |
$11,412
|
$1.33
|
| Vacancy Loss |
$4,247
|
$0.49
|
| Effective Gross Income |
$208,105
|
$24.25
|
| Taxes |
$30,000
|
$3.50
|
| Operating Expenses |
$56,793
|
$6.62
|
| Total Expenses |
$86,793
|
$10.12
|
| Net Operating Income |
$121,312
|
$14.14
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $200,940 |
| Annual Per SF | $23.42 |
| Other Income | |
|---|---|
| Annual | $11,412 |
| Annual Per SF | $1.33 |
| Vacancy Loss | |
|---|---|
| Annual | $4,247 |
| Annual Per SF | $0.49 |
| Effective Gross Income | |
|---|---|
| Annual | $208,105 |
| Annual Per SF | $24.25 |
| Taxes | |
|---|---|
| Annual | $30,000 |
| Annual Per SF | $3.50 |
| Operating Expenses | |
|---|---|
| Annual | $56,793 |
| Annual Per SF | $6.62 |
| Total Expenses | |
|---|---|
| Annual | $86,793 |
| Annual Per SF | $10.12 |
| Net Operating Income | |
|---|---|
| Annual | $121,312 |
| Annual Per SF | $14.14 |
Property Facts
| Price | $2,800,000 | Property Subtype | Apartment |
| Price Per Unit | $233,333 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 4.33% | Lot Size | 0.17 AC |
| Gross Rent Multiplier | 13.2 | Building Size | 8,580 SF |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1911 |
| Zoning | SM-SLU 85-280 | ||
| Price | $2,800,000 |
| Price Per Unit | $233,333 |
| Sale Type | Investment |
| Cap Rate | 4.33% |
| Gross Rent Multiplier | 13.2 |
| 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 | Total Assessment | $6,157,000 |
| Land Assessment | $6,156,000 | Annual Taxes | $30,000 ($3.50/SF) |
| Improvements Assessment | $1,000 | Tax Year | 2025 |
Property Taxes
Parcel Number
198820-1580
Land Assessment
$6,156,000
Improvements Assessment
$1,000
Total Assessment
$6,157,000
Annual Taxes
$30,000 ($3.50/SF)
Tax Year
2025
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