Winchester Apartments | 605 E Denny Way
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Winchester Apartments 605 E Denny Way
30 Unit Apartment Building $5,395,000 ($179,833/Unit) 5.13% Cap Rate Seattle, WA 98122
INVESTMENT HIGHLIGHTS
- Excellent Capitol Hill location close to Broadway and Pike/Pine Corridor
- Attractive seller financing: $2.8MM down-payment, 5% Interest-only for 3 years
- Well-maintained and updated building with professional management
- Trophy “classic-brick” property with old-world character and detailing
- 30 units: Mix of large studios, one-bedroom and two-bedroom floorplans
- Updated systems: new central boiler, well-maintained roof, upgraded Square D breaker panels, plumbing partially replaced
EXECUTIVE SUMMARY
Paragon Real Estate Advisors is pleased to exclusively offer for sale the Winchester Apartments; a trophy classic-brick building in a prominent Capitol Hill location. Built in 1927 and designed by architect Louis Svarz, the Winchester Apartments sit proudly at the corner of E Denny Way and Boylston Ave E in a perfect Capitol Hill setting just blocks from Broadway. The magnificent four-story masonry building has been lovingly maintained over the years by current and past owners and showcases the incredible period detail and skilled craftsmanship that cannot be found in newer construction. The Winchester features a total of 30 apartments with a desirable mix of large studios, one-bedroom and two-bedroom floorplans. The apartments have tall ceilings, beautiful original hardwood floors, lots of windows with wonderful natural light, large walk-in closets, charming built-in storage and “breakfast nooks”, and many other characteristics that make early 1900’s construction special. The building features a secure access entry, convenient elevator service, clean and bright common laundry room, large resident storage locker area, secure bike storage room and a shop/ storage room for the building custodian.
The Winchester Apartments offer a singular opportunity to own a true trophy asset with a rich history in one of the finest rental locations in the city of Seattle. The property has been lovingly cared for by past owners and is in great condition with a very stable occupancy history. New ownership will benefit from strong future rent growth and appreciation and has several options to realize immediate income upside and ways of adding value.
Seller financing available for a qualified buyer
The Winchester Apartments offer a singular opportunity to own a true trophy asset with a rich history in one of the finest rental locations in the city of Seattle. The property has been lovingly cared for by past owners and is in great condition with a very stable occupancy history. New ownership will benefit from strong future rent growth and appreciation and has several options to realize immediate income upside and ways of adding value.
Seller financing available for a qualified buyer
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$524,124
|
$34.20
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$15,724
|
$1.03
|
| Effective Gross Income |
$508,400
|
$33.17
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$231,403
|
$15.10
|
| Net Operating Income |
$276,997
|
$18.07
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $524,124 |
| Annual Per SF | $34.20 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $15,724 |
| Annual Per SF | $1.03 |
| Effective Gross Income | |
|---|---|
| Annual | $508,400 |
| Annual Per SF | $33.17 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $231,403 |
| Annual Per SF | $15.10 |
| Net Operating Income | |
|---|---|
| Annual | $276,997 |
| Annual Per SF | $18.07 |
PROPERTY FACTS
| Price | $5,395,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $179,833 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 5.13% | Building Size | 15,325 SF |
| Gross Rent Multiplier | 10.29 | Average Occupancy | 100% |
| No. Units | 30 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1927 |
| Property Subtype | Apartment |
| Price | $5,395,000 |
| Price Per Unit | $179,833 |
| Sale Type | Investment |
| Cap Rate | 5.13% |
| Gross Rent Multiplier | 10.29 |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 15,325 SF |
| Average Occupancy | 100% |
| No. Stories | 5 |
| Year Built | 1927 |
UNIT AMENITIES
- Heating
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Oven
- Range
- Views
SITE AMENITIES
- Laundry Facilities
- Vintage Building
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 24 | $1,196 | 475 |
| 1+1 | 5 | $1,600 | 650 |
| 2+1 | 1 | $1,995 | 850 |
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Walk Score®
Walker's Paradise (98)
Transit Score®
Rider's Paradise (92)
Bike Score®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Number | 684870-0095 | Improvements Assessment | $3,681,600 |
| Land Assessment | $2,078,400 | Total Assessment | $5,760,000 |
PROPERTY TAXES
Parcel Number
684870-0095
Land Assessment
$2,078,400
Improvements Assessment
$3,681,600
Total Assessment
$5,760,000
ZONING
| Zoning Code | MR (M) |
| MR (M) |
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Winchester Apartments | 605 E Denny Way
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