1818 Harvard Ave, Seattle, WA 98122 For Sale

Tim McKay

PRO

WA 95945

Cushman & Wakefield - Seattle, Washington

WA 107382, WA 107382

103120, WA 0103120

WA 125435, 125435

136523

Listed by Cushman & Wakefield - Seattle, Washington, Cushman & Wakefield - Oakland, California

$3,100,000

50 days on market

Updated 50 days ago

Harvard Court

Details

APN

600300-1290

Property Type

Multifamily

Sub Type

Apartment Building

Square Footage

8,462

Net Rentable (SqFt)

8,462

Units

Tenancy

Multi

Pro-Forma Cap Rate

6.51%

Price per SqFt

$366

Year Built

1959

Buildings

Acreage

0.210

Zoning

MIO-105-NC3-55 (M)

Parking Spaces

6 spaces

Parking per 1,000 SqFt

0.71

Investment Type

Value Add

Multifamily | 12 Units

Marketing description

Cushman & Wakefield Multifamily Capital Markets is pleased to present an exclusive opportunity to acquire Harvard Court, a 12-unit multifamily asset located at 1818 Harvard Ave in Seattle's Capitol Hill neighborhood.

Built in 1959 and situated on an 8,960-square-foot site, Harvard Court offers investors a combination of immediate income, meaningful rent upside against a proven comp set, and long-term covered land optionality in one of Seattle's most irreplaceable urban locations.

Harvard Court abuts the campus at Seattle Central College and sits directly adjacent to the Capitol Hill Link Light Rail Station's west entry. The 4-minute rail connection to Westlake Station and downtown Seattle's major employment centers positions Harvard Court within the tightest transit-access radius available in the Capitol Hill submarket. The site's MIO-105-NC3-55 (M) zoning permits development up to 105 feet in height across a range of uses.

Investment highlights

Steps from the Capitol Hill Station west entry with walkable access to Cal Anderson Park, Seattle Central College, Broadway's retail corridor, and multiple grocery options within the neighborhood.
Harvard Court's in-place rents sit below comparable Capitol Hill vintage properties, with two-bedroom units offering the clearest upside. Recent leasing shows renters will pay above current averages, and natural turnover provides a path to capture this gap.
Located on an 8,960 SF site in the heart of Capitol Hill, the MIO-105-NC3-55 (M) zoning allows significant density and a wide range of uses, with proposed City legislation to reduce MHA fees creating additional long-term redevelopment upside.
Six on-site parking stalls provide a rare amenity in Capitol Hill, supporting tenant retention, leasing velocity, and additional income upside not reflected in current financials.