Exeter 720 Seneca St Immeuble residentiel 115 lots À vendre Seattle, WA 98101

Introducing Exeter at 720 Seneca St, a prime trophy asset in downtown Seattle. This exceptional property features 115 luxurious residential units and 17,524 SF of versatile commercial/retail space, just steps from Seattle's bustling core. With 62 secured parking spaces, Exeter offers ample parking for residents and tenants. The unique unit mix includes spacious studios, 1-bedroom, and 2-bedroom units, all exceeding the submarket average in size. A proven rental upside presents an opportunity for increased revenue by adjusting rents to market norms. Originally a luxury hotel, Exeter now boasts quality improvements and modern amenities like a private dog park, outdoor patio, and resident lounge. Its impeccable location near Seattle's CBD and First Hill neighborhood ensures easy access to major highways and healthcare facilities. Don't miss this turnkey asset with upside potential in an excellent submarket. Own a piece of Seattle's charm with Exeter at 720 Seneca St.
-Commercial Income: The property includes 17,524 square feet of commercial/retail space that can be leased or repurposed by new ownership for a specific use, offering a unique opportunity. A newly implemented cell tower lease is in place through 2029, generating an additional $30,000 in annual operating income.
-Ample Parking: The four levels of secured parking, comprising 62 parking spaces in total, provide over $160,000 annually in top-line income.
-Diverse Unit Mix: Averaging over 700 square feet, the 115 spacious units are comprised of oversized studios, one-bedroom units (with one or two bathrooms), and two-bedroom units all of which are larger-than-average unit sizes compared to similar properties in the submarket.
-Trophy Asset with Upside: Exeter boasts proven rental upside with multiple units achieving and exceeding market rents, with opportunity to increase net operating income across remaining units to market by pushing rents just 1.5% and aligning expenses with normal market conditions.
-Unique Building Features: The building was originally designed as a luxury hotel and recently converted to multifamily apartments; community amenities include a private, city-owned dog park, a generator, rooftop patio with BBQ, laundry facilities, and an ornate, resident lounge with fireplace.
-Quality Improvements: Brand-new electrical feeder panel to rooftop telecommunication installed in 2024; fully sprinklered, the building has new fire protection systems and is wood-framed construction over a concrete podium.
-Impeccable Location: Nestled atop Seattle's iconic First Hill Neighborhood near the Central Business District and Downtown Seattle, with convenient access to Interstate 5, major healthcare institutions, and Waterfront Redevelopment, Exeter boasts a perfect Transit Score of 100.
-Excellent Submarket Fundamentals: Average Effective Rent of $2,684 through Q4 2024, second highest in the Seattle metro; 61% of housing units are renter occupied and population growth of 10.3% expected through 2029 compared against 3.9% in the Greater Seattle metro.