Nestled in the bustling First Hill neighborhood in Seattle, and walking distance to Downtown, South Lake Union, and Capitol Hill, the PNW Multifamily Advisory Team is pleased to present for sale the Terri Ann Apartments. Terri Ann is a 25-unit apartment community, wood and concrete construction, originally built in 1967. The unit mix consists of 24 one-bedroom/one-bath units, with an average of 607 square feet, and one two-bedroom/two-bath penthouse unit that spans 1,600 square feet. Occupancy is currently suffering with nearly half of the building vacant, and the leased units lagging behind market comparables. Terri Ann, however, offers an incredible opportunity to quickly and drastically increase both income and value as some units have not been remodeled in decades and the large floor plans can offer an attractive alternative to smaller units common in newer construction. Parking is available for 15 vehicles. Some recent upgrades include exterior painting and double-pane, vinyl windows.

The location of Terri Ann is exceptional. From the front door, a tenant is less than ½ mile to Downtown Seattle and Capitol Hill, and less than one mile to South Lake Union, a combined 192,000 jobs within a one mile radius. Living in First Hill is exciting, with hundreds of food and beverage options including Melrose Market, the Pike/Pine Corridor, and Broadway. The Walk Score is a 98, a Walker’s Paradise, where daily errands do not require a car. The Transit Score is a perfect 100, with world class transportation within a few blocks. Other notable local amenities include Seattle Central College (1/2 mile), Seattle University (1/2) mile, and Amazon Corporate Headquarters (1 mile).

Terri Ann offers an investor an extraordinary value-add opportunity in the heart of Downtown Seattle. The current vacancy provides an opportunity to avoid scrutiny as half of the units can be rehabbed and released at significantly higher rents without having to relocate residents or face the wrath of tenant advocacy groups. Equally as important, the location is irreplaceable, walking distance to the jobs and amenities tenants crave. The perfect Seattle opportunity in the perfect Seattle location!