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1418 on queene anne

Metrics Overview

  • Address: 1418 2nd Ave W Seattle, WA 98119
  • Units: 12
  • Date acquired: 12/15/2019
  • Date sold: Current Holding
  • Acquisition price: $5,524,000
  • Sales price: Current Holding
  • Capital investment (M&M Ventures): $2,068,000
  • Profit: Current Holding
  • Internal rate of return (IRR): Current Holding

This 12 unit apartment building was built in 1948 with an equal mix of large, fully remodeled 800sf 1BR units & 1050sf 2BR units. The property has significant potential to add value with the addition of up to 5 basement units. The 9 private garages on the back of the property provide a valuable tenant amenity and additional cash flow. Potentially we may replace the garage structure with additional apartment units. However a City of Seattle setback requirement may preclude us from making this investment.



In the first 5 months of ownership we achieved significant facility and property management improvements, including exterior landscaping upgrades and re-leasing 9 of the 12 units at higher average lease rates.

PRIME 

LOCATION

Queen Anne is a highly sought out family friendly neighborhood with a walk score of 92, close to Seattle’s Central Business District (CBD), easy access to public transportation and most importantly just minutes away from the burgeoning South Lake Union community where fast growing tech companies like Amazon, Apple and Facebook continue to attract new employees all looking for a place to live. With median home values on Queen Anne Hill now exceeding $1.0M, renting is the only viable option for many residents who want to live in this area. It’s no wonder why the highest rental rates outside of Seattle core can be found at the top of Queen Anne Hill.

OUR

PARTNERS

M&M Ventures has partnered with Peter Gray, Principal at Untitled Architects, who recently submited a permit application for construction of the additional basement units. 

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