ON THE MARKET // 523 E Denny Way, Seattle, WA 98122
WHITE HOUSE APARTMENTS
On the Market
Price:
$3,750,000
Proven Short-Term Rental Opportunity
Due to the location of White House, ownership has experienced incredible success through operating a short-term rental business model catering to travelling professionals and nurses, young professionals seeking flexibility, and tourists. Proximity to Amazon world headquarters, the Seattle Convention Center, multiple universities, and some of the largest hospitals on the West Coast provides a unique opportunity to continue the short-term rental business model that achieved an average monthly income of ~$2,180 ($4.70/SF) per unit last year and has proven profitable. Of the 14 units, two are currently being operated as nightly Airbnb’s, seven are month-to-month furnished rentals, and five are on long term leases.
The White House Apartments, available to the market for the first time in over 15 years, is a fourteen-unit community located in the heart of Seattle’s most desirable neighborhood: Capitol Hill. Originally constructed in 1963, White House has been carefully maintained and updated to ensure that it is a desirable community for tenants and a low-maintenance asset for ownership. Boasting a walk-score of 98, the property is situated within a one-mile walk of hundreds of restaurants and bars, thousands of jobs, and a quarter mile from the Capitol Hill Link Light Rail Station. Comprised of six ±350-square foot studios and eight ±550-square foot one-bedroom/one-bathroom units, the property offers a range of living spaces that are desirable to tenants looking to take advantage of all that Seattle has to offer.
Capitol Hill is one of the most coveted neighborhoods in Seattle offering unmatched access to 620,000+ jobs at companies such as Amazon, Google, Expedia, Meta, Microsoft as well as some of the largest hospitals on the West Coast including Swedish Hospital, UW Medical Center, Harborview Medical Center, and more. Additionally, Capitol Hill is home to Seattle’s most exciting dining and entertainment scene. Within just a few blocks radius there are multiple bus stops, the Link Light Rail Station, grocery stores, restaurants, concert venues, and bars.
White House has undergone significant improvements, including updated copper plumbing, recent exterior painting, updated common areas, and secure entry. The interior of the units has been well maintained and updated as well, featuring LVP flooring throughout and top-floor units offering vaulted ceilings and skyline views. These improvements not only enhance the property’s curb appeal but also contribute to the long-term durability, reducing maintenance costs for the foreseeable future.
Property Overview
ADDRESS
523 E Denny Way,
Seattle, WA 98122
RESIDENTIAL NRSF
± 6,500
NEIGHBORHOOD
Capitol Hill
ZONING
MR (M)
YEAR BUILT
1963
PARKING
6 Parking Spots
UNITS
14 Units
SITE AREA
5,236 SF (0.12 ACRES)
Executive Highlights
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Fully Updated Property
Units have been updated with modern finishes and major systems including plumbing have been updated to copper.
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Excellent Core Capitol Hill Location (98 Walk Score)
- 0.3 miles to Capitol Hill Light Rail Station
- 0.5 miles to QFC
- Two blocks from Broadway restaurants and entertainment
- 2 blocks from Pike-Pine Corridor restaurants, shopping, & entertainment
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Strong Core-Seattle Tenant Base
Due to proximity to employment opportunities, the average household income in Capitol Hill is $182,000 per year.
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Strong Unit Mix
Studio and One-Bedroom units are in high demand in Core Seattle. Top-floor units have skyline views and vaulted ceilings.
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Opportunity to Capture Upside Through Proven Short-Term Rental Business Model
Current ownership brings in over $3,000/unit each month with short-term rentals for nurses and travelling professionals.
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Excellent Proximity To Major Employers
- 5 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