Listed by Orion Commercial Partners
Unpriced
705 Lofts
Details
APN 524780-2570
Property Type Multifamily
Sub Type Apartment Building
Square Footage 27,560
Net Rentable (SqFt) 27,560
Units 40
NOI $466,350
Occupancy 95%
Tenancy Multi
Class B
Year Built 2006
Year Renovated 2008
Buildings 1
Stories 6
Lot Size (SqFt) 9,750
Zoning IDM 85/85-170 (International District Mixed)
Parking Spaces 23 spaces
Parking Per SqFt 0.83
Investment Type Value Add
Occupancy Date 02/01/2026
Multifamily | 40 Units
Marketing description
- 705 Lofts is a well-stabilized 40-unit, multifamily property with a single ground-floor commercial tenant, located at 705 South Weller Street in Seattle's International District submarket.
- Built in 2006, six-story elevator-served building w/ structured parking.
- Stabilized in-place cash flow on a well-maintained classic asset.
- Clear and immediately achievable mark-to-market upside.
- Optional light interior renovation upside with attractive yield-on-cost economics.
- Transit-rich infill location two blocks from the new East Link light rail extension & regional transit hub.
- Recent CapEx includes roof overlay and elevator modernization.
Investment highlights
- Stabilized Cash Flow: T-12 NOI of $466,350 (+24% vs. 2023), 95% physical occupancy, and over 8 years of consistent operating performance.
- Mark-to-Market Rent Upside: In-place rents average $1,595/unit/month versus CoStar market rents of $1,793/unit/month, representing approximately $95,000 in annual revenue upside through natural turnover.
- Value-Add Opportunity: Light interior renovations support an estimated $100–$150/month rent premium with projected 17%–22% yield-on-cost returns.
- Strong Historical Rent Growth: Effective rents increased 11.6% over 3 years and 22.2% over 5 years, significantly outperforming comparable properties.
- Transit-Oriented Urban Location: Two blocks from the East Link extension, adjacent to regional transit, and within walking distance of Pioneer Square, the International District, and SoDo.
- Structured Parking: 23 dedicated garage parking stalls complement a transit-oriented resident base.
Listing Contacts
Listed by Orion Commercial Partners
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$466,350.00
$38,862.50/mo
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