The Lanning 219 Belmont Ave E 11 Unit Apartment Building $3,195,000 ($290,455/Unit) 6.38% Cap Rate Seattle, WA 98102
EXECUTIVE SUMMARY
The Lee & Associates Northwest | Multifamily Team is pleased to present The Lanning Apartments, an 11-unit apartment in the heart of Capitol Hill, one of Seattle’s most sought-after and walkable neighborhoods.
This well-maintained brick veneer building, originally constructed in 1910, offers spacious layouts averaging 827 SF, a rare find in a neighborhood known for compact apartments. The unit mix consists of 10 one-bedroom units and 1 two-bedroom unit, kitchens and bathrooms that have been updated on turnover, well-preserved original hardwood floors, and in-unit washers and dryers in 10 of the 11 apartments.
Just steps from Broadway’s vibrant retail corridor, the Capitol Hill Light Rail Station, and South Lake Union, The Lanning provides tenants with seamless access to top-tier employment, nightlife, and daily conveniences.
Currently operating with below market rents, The Lanning presents a clear value-add opportunity. Investors can recapture existing loss-to-lease through strategic rent increases while further enhancing revenue potential with interior upgrades, unit modernizations, and cosmetic enhancements, fully leveraging the above-market unit sizes in Capitol Hill’s high-demand rental market.
Whether repositioning as a bespoke high-end rental with distinctive character or realizing efficiencies as stabilized asset, The Lanning represents an unparalleled opportunity to own in one of Seattle’s most resilient and dynamic submarkets.
Pride of Ownership Building – Trophy property with classic brick charm
Above Average Sized Units – 1 bedrooms average 800 SF, 2 bedrooms 1,100 SF
Premier Walkability – Blocks from Broadway, the Capitol Hill light rail station and Pike/Pine retail, supports desired urban lifestyles
Significant Upside – Realize 20% upside on Loss-to-Lease in current rents and additional lift through value-add renovations
Top Performing Core Neighborhood - Provides future investors an opportunity to own a true centrally located asset with strong tenant demand for years to come
This well-maintained brick veneer building, originally constructed in 1910, offers spacious layouts averaging 827 SF, a rare find in a neighborhood known for compact apartments. The unit mix consists of 10 one-bedroom units and 1 two-bedroom unit, kitchens and bathrooms that have been updated on turnover, well-preserved original hardwood floors, and in-unit washers and dryers in 10 of the 11 apartments.
Just steps from Broadway’s vibrant retail corridor, the Capitol Hill Light Rail Station, and South Lake Union, The Lanning provides tenants with seamless access to top-tier employment, nightlife, and daily conveniences.
Currently operating with below market rents, The Lanning presents a clear value-add opportunity. Investors can recapture existing loss-to-lease through strategic rent increases while further enhancing revenue potential with interior upgrades, unit modernizations, and cosmetic enhancements, fully leveraging the above-market unit sizes in Capitol Hill’s high-demand rental market.
Whether repositioning as a bespoke high-end rental with distinctive character or realizing efficiencies as stabilized asset, The Lanning represents an unparalleled opportunity to own in one of Seattle’s most resilient and dynamic submarkets.
Pride of Ownership Building – Trophy property with classic brick charm
Above Average Sized Units – 1 bedrooms average 800 SF, 2 bedrooms 1,100 SF
Premier Walkability – Blocks from Broadway, the Capitol Hill light rail station and Pike/Pine retail, supports desired urban lifestyles
Significant Upside – Realize 20% upside on Loss-to-Lease in current rents and additional lift through value-add renovations
Top Performing Core Neighborhood - Provides future investors an opportunity to own a true centrally located asset with strong tenant demand for years to come
PROPERTY FACTS
| Price | $3,195,000 |
| Price Per Unit | $290,455 |
| Sale Type | Investment |
| Cap Rate | 6.38% |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 9,480 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1910/1965 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 10 | - | 825 |
| 2+1 | 1 | - | 1,100 |
1 of 1
Walk Score®
Walker's Paradise (97)
Transit Score®
Excellent Transit (88)
Bike Score®
Very Bikeable (78)
PROPERTY TAXES
| Parcel Number | 684820-0606 | Improvements Assessment | $1,238,000 |
| Land Assessment | $1,920,000 | Total Assessment | $3,158,000 |
ZONING
| Zoning Code | MR |
CONTACTS
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Daniel Lim -
Candice Chevaillier, CCIM -
Dea Sumantri -
Sara Bago -
Lee & Associates Commercial Real Estate Services
