St. Florence Apartments 504 E Denny Way Immeuble residentiel 40 lots 7 888 264 € (197 207 €/Lot) Seattle, WA 98122

Marketing Description:
Built at the turn of the century, St. Florence sits in the heart of Capitol Hill—one of Seattle’s most sought-after neighborhoods for residents and businesses. This property offers direct access to Downtown Seattle, the city’s tech hub in South Lake Union, and multiple public transportation options. With direct access to I-5 and I-90, St. Florence connects residents to over 1,000 workplaces including industry giants like Amazon, Google, and Meta. Capitol Hill presents a prime real estate investment opportunity, with strong demographic trends, a thriving rental market, and a strategic positioning that cannot be replicated.

St. Florence is on the market and seeking new ownership for the first time in 30 years. The professionally managed property features 40 units, offering an ideal mix of studios and one-bedroom apartments, along with an exclusive live/work two-bedroom addition completed in 2018. The property has preserved its historic charm and original design, with large bay windows, hardwood floors, ten-foot ceilings, and an ornate marbled entryway. Select units have received premium upgrades, including quartz countertops, contemporary light fixtures, undermount sinks, and shaker style cabinetry. The current ownership has invested in recent capital expenditures including extensive repainting, carpet replacements during unit turnovers, telecommunication enhancements, and modern appliance upgrades.

New ownership will inherit a property with a highly affluent tenant profile, positioning St. Florence for immediate revenue growth through modest rent adjustments to market standards ($50/unit), with substantial upside potential through expanded renovation initiatives.
Investment Highlights:
Impeccable Location: Capitol Hill provides fast access to the Central Business District, Downtown Seattle, and South Lake Union. With proximity to I-5 and I-90, the property offers a gateway to major employer centers on the Eastside. St. Florence boasts a Walk Score of 98 and a Transit Score of 94.
Supplemental Rental Income: The rooftop cell tower, under a long-term lease with AT&T telecommunications, generates over $40,000 in additional annual income; upgrades to C-Band spectrum antenna were completed in 2023.
World-Class Healthcare Provides Recession-Proof Employment: Seven hospitals within five miles of the property offer recession-proof employment, supporting over 50,000 jobs in the region.
Superior Income Demographics: Within a one-mile radius, 76% of residents hold a bachelor’s degree or higher, compared to 45% in the Seattle Metro area; average household income is projected to exceed $208,000 annually by 2029.
Value-Add Opportunity: Minimal operational changes can achieve rent premiums of $50 per unit by aligning rents with market rates; further renovation projects can yield 14% rent premiums across all unit types.
Exceptional Connectivity: A short bus or bike ride connects you to Seattle’s largest tech employers, including Amazon, Apple, Fred Hutchinson Cancer Center, Swedish Medical Center, and the Bill and Melinda Gates Foundation, among over 9,300 workplaces.
Life of Convenience: Within a 15-minute walk to Seattle’s expanding Light Rail, QFC, Whole Foods, Seattle Library, Pike-Pine corridor, and Trader Joe’s.
Limited New Supply Bolsters Occupancy: Following a year of unprecedented new deliveries, construction starts are expected to slow by 40% on average from the 2024 peak over the next four years.
Amenities With Character: In-unit amenities include rare, vaulted ceilings, original hardwood floors, quartz countertops, and large bay windows.