Skip to main content

Multifamily

De Luxe Apartments

1732 18th Ave, Seattle, WA 98122

Listing Price: $3,500,000

Cap Rate
4.54%
Number of Units
15
GRM
11.75
Occupancy
95.0%
Price/Unit
$233,333
Price/Gross SF
$233.21
Gross SF
15,008

Investment Overview

The De Luxe Apartments encompass the true meaning of “old world charm” and are situated in Seattle’s most desirable neighborhood, Capitol Hill. Representing Beaux-Arts style architecture, the De Luxe Apartments was built in 1911 and was designed by acclaimed architect William P. White, known for Seattle’s landmark Calhoun Hotel and Vancouver BC’s Sylvia Hotel. This irreplaceable, well-constructed building has been diligently preserved and maintained by one owner for over 40 years; significant structural upgrades were completed in 1994 and major systems including plumbing and sprinklers have been updated. In addition to being a structurally reinforced building, De Luxe features an elegant marble entry, open lobby, and has plenty of on-site tenant storage. This 15+1 unit apartment building comprises a mix of 13 one-bedroom units and 2 two-bedroom units, offering comfortable living spaces averaging 692 square feet. Each unit features hardwood floors with intricate parquet designs, original woodwork, curved double-paned glass, original tile work, large Bay Windows, and porcelain fixtures.

The De Luxe Apartments represent a rare investment opportunity in Seattle’s dynamic real estate market. With its historic charm, desirable location, and quality amenities, the property offers investors the potential for attractive returns and stable cash flow, whether as a strategic addition to a diversified investment portfolio or as a standalone asset. Based on the location, vintage, and architect the De Luxe could qualify to receive a historical designation as a landmark building from the Seattle Historic Preservation Commission.

Investment Highlights

  • Trophy Asset with Value-Add Opportunity: Well-maintained vintage building with ability to capture significant rental upside through further capital improvements
  • Significant System Upgrades: Building has copper plumbing, copper electrical and is sprinklered
  • Opportunity to add a 16th unit: Potential to convert the office unit into a studio apartment through renovations and permitting.
  • Strong Unit mix: Spacious one- and two- bedroom units averaging 692 square feet. Units feature separate living and dining rooms. Large bay windows allow for significant natural light.
  • Excellent East Capitol Hill Location (93 Walk Score) - 0.1 miles to Trader Joe's & 0.25 miles to Safeway. - 0.6 miles to Seattle University. - 0.75 miles to Pike-Pine Corridor restaurants, shopping, & entertainment. - 1 mile to Washington Park Arboretum. - 1.5 miles to Downtown Seattle.

Exclusively Listed By

Financing By

Multifamily

De Luxe Apartments

Listing Price: $3,500,000

Cap Rate
4.54%
Number of Units
15
GRM
11.75
Occupancy
95.0%
Price/Unit
$233,333
Price/Gross SF
$233.21
Gross SF
15,008

Investment Highlights

  • Trophy Asset with Value-Add Opportunity: Well-maintained vintage building with ability to capture significant rental upside through further capital improvements
  • Significant System Upgrades: Building has copper plumbing, copper electrical and is sprinklered
  • Opportunity to add a 16th unit: Potential to convert the office unit into a studio apartment through renovations and permitting.
  • Strong Unit mix: Spacious one- and two- bedroom units averaging 692 square feet. Units feature separate living and dining rooms. Large bay windows allow for significant natural light.
  • Excellent East Capitol Hill Location (93 Walk Score) - 0.1 miles to Trader Joe's & 0.25 miles to Safeway. - 0.6 miles to Seattle University. - 0.75 miles to Pike-Pine Corridor restaurants, shopping, & entertainment. - 1 mile to Washington Park Arboretum. - 1.5 miles to Downtown Seattle.

Investment Overview

The De Luxe Apartments encompass the true meaning of “old world charm” and are situated in Seattle’s most desirable neighborhood, Capitol Hill. Representing Beaux-Arts style architecture, the De Luxe Apartments was built in 1911 and was designed by acclaimed architect William P. White, known for Seattle’s landmark Calhoun Hotel and Vancouver BC’s Sylvia Hotel. This irreplaceable, well-constructed building has been diligently preserved and maintained by one owner for over 40 years; significant structural upgrades were completed in 1994 and major systems including plumbing and sprinklers have been updated. In addition to being a structurally reinforced building, De Luxe features an elegant marble entry, open lobby, and has plenty of on-site tenant storage. This 15+1 unit apartment building comprises a mix of 13 one-bedroom units and 2 two-bedroom units, offering comfortable living spaces averaging 692 square feet. Each unit features hardwood floors with intricate parquet designs, original woodwork, curved double-paned glass, original tile work, large Bay Windows, and porcelain fixtures. The De Luxe Apartments represent a rare investment opportunity in Seattle’s dynamic real estate market. With its historic charm, desirable location, and quality amenities, the property offers investors the potential for attractive returns and stable cash flow, whether as a strategic addition to a diversified investment portfolio or as a standalone asset. Based on the location, vintage, and architect the De Luxe could qualify to receive a historical designation as a landmark building from the Seattle Historic Preservation Commission.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower