Overview

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Highlights

• Perfectly situated on a corner lot in a quintessential Queen Anne residential setting with nearby amenities & employment drivers.
• Desirable spacious units with formal dining / den spaces, averaging approximately 783 square feet
• Current below market rents provide significant future rent upside.
• Well-maintained pride of ownership building, provides future investor the perfect palette for upgrades and reposition.

Description

The Lee & Associates Northwest | Multifamily Team is pleased to present the Maywood Apartments, a 10-unit apartment building nestled on a quiet, residential street on the top of Queen Anne hill. Situated on a 6,400 square foot lot zoned L3, this building was constructed in 1909. A true pride of ownership building, the units combine vintage appeal with modern kitchen and bath appointments and consists of 9 large 1-bedroom apartments with a formal den and one 2-bedroom unit.

Common area patio space offers tenants an outdoor oasis. The building has been very well cared for with a series of recent capital improvements totaling nearly $250,000, including the installation of new appliances and refinished flooring in 2021, new roof and a sewer line replacement in 2020, new hot water heaters and common area carpets in 2019, electrical upgrades in 2017/2018, fencing, drainage and patio upgrades in 2017 and siding repairs and new paint in 2014. The plumbing lines have mostly been converted to copper and the sewer was relined to the street in 2020. The building has common laundry. With one unit recently receiving a private washer and dryer, a future investor may choose to install washers and dryers in the remaining units. There are three off-street parking spaces and plentiful street parking. Maywood’s idyllic location attracts a strong renter profile. It is within easy walking distance to a popular retail cluster on Galer including Café Fiore, Top Pot Donuts and Via Tribunali.

The first time to market in over 25 years, the Maywood offers investors an opportunity to own 10 stabilized units on the top of Queen Anne with potential to capture additional revenue over time. The current two bedroom configuration shows a possible pathway to reconfigure existing one bedroom units into 2-bedroom units, capturing additional rental upside over time.

Location

Located on the top of Queen Anne, this building is nestled on a quiet residential street. Residents enjoy walkability to retail, restaurants and entertainment with amenities just steps away. Just a few blocks away, tenants can overlook Seattle from Kerry Park, Seattles most iconic viewpoint. Residents can choose to patronize the retail and grocery amenities along West Galer and the famous Queen Anne Avenue. Just down the hill is access to the amenities of Uptown including retail and restaurants as well as many cultural attractions including the Seattle Center and the Climate Pledge Arena, home to Seattle long awaited NHL team. Bus service downtown and short distances allows tenants easy access to employment downtown via public transportation or ridesharing services. For employment, the property is perfectly positioned between the employment centers downtown, in South Lake Union and even the new waterfront Elliott Bay Expedia campus. In a city that values urban renewal and proximity to retail and entertainment amenities, there is hardly a better location.

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