UNDER CONTRACT // 2122 E Jefferson St and 507 22nd Ave, Seattle, WA 98122

Elena and Junior Apartments

Elena Under Contract

Junior Price: $2,600,000

Elena and Junior Apartments, available for the first time, presents a generational opportunity to own top-quality multifamily assets in Seattle’s desirable Central District. Elena, built in 1988 and fully renovated, and Junior, new construction built in 2018, are available either as a portfolio or as individual assets. Situated on adjacent lots and sharing an off-street parking lot, purchasing as a portfolio offers the opportunity to own 22 high-quality units just a stones-throw away from Swedish Hospital, Seattle University, Capitol Hill, and Downtown Seattle. Central District, known as a vibrant cultural and residential neighborhood offers tenants countless dining, entertainment, employment, and education opportunities.

Elena

Originally built as condos in 1988, Elena has been fully renovated with high-quality finishes, presenting the opportunity to acquire a trophy asset. Tenants are attracted to the spacious two-bedroom units averaging +/- 870SF, featuring hardwood floors, spacious layouts, in-unit laundry, patios, and condo-quality finishes throughout the kitchens and bathrooms. Elena has been extremely well maintained and managed since it was built and presents a low-maintenance investment opportunity.

Junior

Junior, high-quality 2018 construction, is the perfect complement to Elena. Offering 8 one-bedroom units averaging +/- 393SF and 2 studios averaging +/- 366SF, Junior presents premium compact units preferred by young professionals. Built with style and efficiency in mind, units feature air-conditioning, dishwashers, in-unit laundry, and balconies.

Property Overview

 

ADDRESSES

2122 E Jefferson St

507 22nd Ave, Seattle, WA

 

RESIDENTIAL NRSF

± 14,313

NEIGHBORHOOD

Central District

 

ZONING

L2R (M)

YEAR BUILT

1980/2018

 

HEATING

Electric

UNITS

22 Units

 

SITE AREA

14,400 SF (0.33 ACRES)

Executive Highlights

  • Variety of Amenities

    Units in both buildings have patios, air-conditioning, dishwashers, in-unit laundry, storage options, and off-street parking.

  • Off-Street Parking

    12 off-street parking spots offers security and convenience for tenants with cars.

  • Strong Core-Seattle Tenant Base

    Due to proximity to employment opportunities, the average household income in Central District is $151,000 per year.

  • Strong Unit Mix

    Junior’s studio and one-bedroom units are in high demand and Elena’s spacious two-bedroom units offer condo-quality living spaces.

  • Attractive Year of Construction

    Comparable rents allow for 11% increase for current in-place rents

  • Excellent Proximity To The Region’s Major Employers

    • 10 minutes to Amazon, Google, Apple, Meta, Central Business District

    • 5 minutes to UW, Swedish, Harborview, Virginia Mason hospitals

    • 15 minutes Microsoft, T-Mobile, Downtown Bellevue

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