The Columbia Place 814 Columbia St

Blake Investment Advisors’ is pleased to announce the exclusive offering of Columbia Place, a 23-unit apartment building positioned on First Hill, one of Seattle’s most charming and convenient neighborhoods for residents who work downtown. The opportunity exists for a new investor to acquire a turn-key asset that has undergone extensive interior and exterior rehabilitation in recent years. Current operations yield an average rent of $1,202 per unit, but market rent comparables suggest that rents can be raised to an average of $1,352 per unit upon lease expiration. Market rents can be captured without capital expenditure as the current ownership purchased the property vacant and thoroughly updated the property throughout. The current cycle of inflation and high interest rates has made new development cost-prohibitive, and it is widely prognosticated in the Seattle investment community that new supply will be absorbed in mid-2025. An investment thesis has formed supporting a new pronounced rent growth cycle buoyed by Seattle’s world-class tech job creation. This opportunity allows a new investor to ride the wave of upcoming rent growth with a competitive renovated product in a location that attracts residents who can walk to work that has endured tiresome commutes on congested freeways. Additionally, with existing large-scale high-rise institutional development contiguous to the subject property, a probable exit strategy exists whereby the new owner will be courted by a developer during their holding period to purchase and redevelop the property to unlock the underlying multifamily high rose zoning.