Colliers International’s McKay | Chhan | Wayne present The Garfield, a seven unit apartment building located in the heart of Seattle’s historic Central District, walking distance from the rapidly improving retail corridors of East Union Street, East Cherry Street, and South Jackson Street. The original 7-unit building that faces 23rd Avenue was purchased in 2011 and has been fully remodeled, including; new paint and roof, new windows, updated electrical system and plumbing, and modernized units.
Additionally, The Garfield is located in a qualified Opportunity Zone census tract, and the parking lot behind the building can support up to eight additional studio units which could satisfy the Opportunity Zone required 1 + 1 investment. The feasibility study and renderings included herein were completed by Fischer Architects and illustrate schematics for a possible (re)development. The parcel is located inside the 23rd & Union Urban Village which does not require parking.
With a Walk Score of 86, and a Bike Score of 96, tenants have easy access to many restaurants, cafés, taverns, and shops within a seven block walk. Three bus routes within one block provide transit service to Downtown, South Lake Union, Queen Anne, Fremont, and the University of Washington. Vulcan is currently redeveloping Jackson Square, six blocks south, which will be home to 500 new apartments and 44,000 square feet of retail.
Ability to eliminate long term capital gains by building on the back lot and holding for 10+ years
Existing apartments have been fully renovated and are leased to good tenants
Parking lot on the back half of the lot can support up to eight additional units
Double the Unit Count
Walking distance to retail corridors on East Union, East Cherry, and South Jackson
THE CENTRAL DISTRICT
The Central District is a diverse, flourishing neighborhood with convenience to transportation and amenities. Within half of a mile one can locate two grocery stores, a drugstore, a handful of coffee shops and restaurants, a public library, the Langston Hughes Performing Arts Institute, and the Seattle African American Museum. Multiple parks, including Pratt Park with a fine arts center, are within a two block walk, making it one of the greenest neighborhoods in the city.
The Central District is in close proximity to Capitol Hill’s many bars and restaurants and has smaller pockets of its own where locals frequent, such as Chuck’s Hop Shop or Ezell’s Fried Chicken. The thoroughfares of Martin Luther King Jr. Way, 23rd Avenue, and E. Union each have bustling areas of stores and restaurants with many different flavors.
CONTACT OUR TEAM
Colliers International WA LLC is the exclusive Listing Brokerage for this Offering.
Tim McKay, Dan Chhan, and Sam Wayne exclusively represent the Seller in the sale of the Garfield in Seattle, WA.
Senior Vice President
+1 206 223 5586
Senior Vice President
+1 206 223 1265
+1 206 515 4498
601 Union St., Ste. 5300
Seattle, WA 98101