Absorption has been fairly steady for the last three quarters, with 12,370 units absorbed in the third quarter. Vacancy is steady at 7% over the last two quarters. Asking rents have been relatively fl at for the last four quarters, but with diminishing supply, expected to begin to tick up in Q1 2026. Sales volume is up 30% quarter over quarter, coming in at $1,768,326,429 in the third quarter, which is up 81% over this…
Case Study – Greenlake Pointe
Key Deal Points Address: 1400 N 80th St, Seattle Units: 21 Residential + 3 Retail Sale Price: $10,000,000 Timeline: Closed One Day before sellers 1031 acquisition Unique Feature: Newer construction property at an enviable location Client Quote “The Lee & Associates Multifamily Team was truly top-notch. Their communication and advice throughout the process was exceptional, keeping every detail on track from start to finish. I would highly recommend them to anyone looking to buy…
Multifamily Investment Review Fall 2025
Market Dynamics Resetting The Puget Sound region is seeing a tapering in construction activity after record-setting inventory growth in 2024. Only 11.6K units are expected to be delivered in 2025, down 22% from last year. The pipeline contracted significantly with new construction starts down over 80% from this time last year, representing the lowest level in over a decade. This drop in supply, coupled with healthy leasing velocity, is setting the stage for a recovery…
Case Study – Beachside Five | 5-Units
Key Deal Points Address: 7043 Beach Drive SW, Seattle Units: 5 Sale Price: $2,350,000 Timeline: Quick closing with minimal contingencies Unique Feature: Over 50 feet of private Puget Sound beachfront Challenge Jim and Deb had self-managed Beachside Five for over 40 years, treating the property not just as an investment but as a deeply personal endeavor. They had thoughtfully cared for the property and developed long-standing relationships with their tenants. When they made the decision…
Q2 2025 Multifamily Market Report
From Q1 to Q2 2025, multifamily fundamentals strengthened as net absorption rose from 12,282 to 12,720 units for the first time outpacing net deliveries. Private equity & institutional buyers emerged as the most active investor class, capitalizing on tightening fundamentals. With limited new construction in the pipeline, many investors are focused on establishing strong basis positions in anticipation of sustained demand. The market’s trajectory suggests ongoing absorption will continue to outpace new deliveries, creating favorable…
21-Unit Mixed-Use Apartment Asset in Seattle’s Green Lake Hits the Market for $11.99MM
A boutique mixed-use multifamily asset at 1400 N 80th St. in Seattle’s Green Lake neighborhood has hit the market with an asking price of $11.99 million, or approximately $500,000 per unit. The 21-unit property, named Greenlake Pointe, totals 20,672 square feet and includes three fully leased ground-floor retail suites and 31 dedicated parking stalls. The listing is being marketed by Lee & Associates on behalf of the original developer-owner. According to King County public records,…
Q1 2025 Multifamily Market Report
Absorption rose slightly over last quarter with 12,282 units absorbed. Vacancy ticked up one basis point to 7.3%, through this metric is expected to fall with new supply falling 4.5% to just 14,761 under construction, the lowest supply in over 10 years. Rents are starting to increase slightly. Sales volume started rebounding towards the end of last year in lockstep with interest rates beginning to trend downwards. Sales volume and price appreciation is expected to…
Case Study – 5121 17th Ave NW | 21-Units
Key Deal Points 5121 17th Ave NW, Seattle 14 tours, 40 signed CA 41-Unit with Views of Salmon Bay & Olympic Mountains Sale Price $4.85M Current Cap Rate 4.93% Represented Seller & Buyer “Working with Dea, Candice, and the Lee Multifamily Team on the sale of Sunset House was a seamless and enjoyable experience. Their clear communication kept us informed at every step, and their positive, collaborative approach made the process effortless. They were…
Seattle Multifamily Investment Poised for Growth Amid Market Adjustments
SEATTLE—The Seattle multifamily housing market is navigating a period of transition, with key indicators pointing toward evolving investment strategies and steady demand shifts. According to the Lee & Associates Multifamily Investment Review, median rents across the Seattle-Tacoma-Bellevue Metropolitan Statistical Area (MSA) grew by 1.8 percent year-over-year in 2024, outpacing the national average increase of one percent. This growth, despite macroeconomic challenges, underscores the region’s persistent housing demand. Market fluctuations have impacted pricing trends across different…
Case Study – Mt Baker Apartments
Key Deal Points 1501 & 1505 31st Ave S 5 Units Sale Price: $1.7M Brought Multiple Offers in a Stagnant Market Replacement Buyer Sourced within 48 hours For more information regarding this case study, please contact: Candice Chevaillier, CCIM Principal D (206) 773-2694 cchevaillier@lee-associates.com Dea Sumantri Vice President D (206) 773-2680 dsumantri@lee-associates.com Daniel Lim Senior Vice President D (206) 773-2692 dlim@lee-associates.com Challenge Long-time owners of a well-maintained property in Mt. Baker were…