Iowan Apartments
819 6th Avenue N, Seattle, WA 98109
Property Type Multi-family
Price $1,695,000
Status Active
Property Highlights:
- $1,695,000 Purchase Price | $242,143 per unit | $348 per rentable square foot
- 5.5% Current Cap Rate with a 6.9% Market Cap Rate
- 25.1% Rental Upside through renovation and natural turnover, increasing projected monthly income from $13,780 to $17,234
- Rare 1:1 Parking Ratio with seven open parking stalls accessed from the alley, providing a valuable amenity and additional income stream
- Extensively Upgraded Building Systems, including re-plumbed building supply lines (2026), new roof (2025), new central hot water tank (2024), double-pane vinyl windows, and Square D electrical panels throughout
- Significant Development Optionality with LR3 (M) zoning, 2.3 FAR, and 50-foot height allowance; existing improvements only utilizes approximately half of the site’s maximum permitted floor area
- No Residential Parking Minimum within the Uptown Urban Center, providing flexibility for the existing seven surplus parking stalls in a future redevelopment strategy
- Prime South Queen Anne / Uptown Location two blocks from Seattle Center and minutes from Climate Pledge Arena, the Space Needle, South Lake Union, downtown, and major transit connections
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