The St. Theodore on Roosevelt presents a rare opportunity to purchase a generational real estate asset in Seattle, one of the top multifamily investment markets in the nation. St. Theodore on Roosevelt is a 47 + 2 Retail unit community located in the highly desired Roosevelt neighborhood of Seattle. Originally constructed in 1999 by Dally Properties LLC, the St Theodore on Roosevelt has been carefully maintained and updated to ensure that it’s a desirable community for tenants and a low-maintenance asset for ownership. Boasting a walk score of 97, the property is situated within a 0.2 mile walk to the Roosevelt Light Rail Station, and 0.5 miles to Green Lake.

Comprised of ten ±613 square foot open one bedroom units, ten ±780 true one bedroom units, twenty ±1,053 two bedroom two bath and seven ±1,244 three bedroom two bath units with select units that offer views of Mt. Rainier, the Olympic Mountains and the Space Needle. The two retail suites consisting of ±3,310sf is occupied by one community enhancing tenant, Kettlebility. St Theodore on Roosevelt offers a range of living spaces that are desirable to tenants looking to take advantage of all that Seattle has to offer.

Quality Construction and Condo Finishes

St Theodore on Roosevelt is a condo-quality, boutique building and is being offered to the market for first time since it was developed. The building itself has street level retail with 6 stories of residential and a secured, two level underground parking garage with 67 stalls. The building is controlled-access and is served by a centrally located elevator. All decks were recently replaced and are brand new, select units have large walk in closets, gas fireplaces, has copper plumbing, a new roof (2023), updated electrical panels in all units (2016), all water heaters are current and new exterior stairwells (2024).

All units are centered around the central courtyard allowing abundant natural light. The interior of the units have been thoughtfully designed and updated with 9’ ceilings, large open layouts to condo specification featuring luxury vinyl plank flooring throughout, stone countertops, stainless steel appliances and in-unit laundry. On site, there’s a leasing office, 4th Floor terrace with a BBQ area and fitness center.

Additionally, each unit is separately metered for gas, water/sewer, and hot water, as well as Seattle City Light in order to achieve 100% recovery of residential and retail utility use. These improvements not only enhance the property’s living experience but also contribute to the long-term durability, reducing maintenance costs for the foreseeable future.

Affluent Renter Demographics

The Roosevelt neighborhood in Seattle is a dynamic and rapidly evolving area known for its rich history, diverse community, and excellent connectivity. Situated in the northeastern part of Seattle, Roosevelt is bordered by the University District to the south, Green Lake to the west, Ravenna to the east, and Maple Leaf to the north.

Roosevelt is a diverse and vibrant community, attracting a mix of families, young professionals, students, and long-term residents. The neighborhood’s proximity to the University of Washington makes it a popular choice for students and university staff, while its appeal to families is enhanced by good schools and parks.

In terms of income, the average household income within a one-mile radius of Roosevelt is approximately $165,084, reflecting a mix of middle to upper-middle-class residents. The area is also becoming increasingly attractive to tech workers and other professionals due to its proximity to downtown Seattle and major employment hubs.