A multifamily property located at 228 11th Avenue East in Capitol Hill has been sold to a private developer for $3,300,000 ($430 per land square foot). The seller, Tobin Properties, was represented in the transaction by Dylan Simon, Jerrid Anderson, and Matt Laird of The Simon and Anderson Team, a multifamily investment sales team at Kidder Mathews.
The property is in Seattle’s Capitol Hill neighborhood, three blocks from the light rail station. It is a 7,680 square foot parcel with an existing nine-unit apartment building on site. While the property is currently fully occupied and cash-flowing well, the buyer purchased the property with the intent to redevelop it and has plans and permits in progress for an 86-unit apartment building.
“This opportunity provides the buyer with the ability to offset their carry costs with a well-maintained and cash-flowing apartment building while they work through their permitting process,” said Anderson.
About the Dylan Simon and Jerrid Anderson apartment brokerage team
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents investors in the sale, purchase, and financing of apartment buildings and development land across the greater Seattle and Puget Sound region. The team of eight brokerage professionals specializes in sale and financing of apartment buildings and development land from $1 million to in excess of $100 million. For more information, visit dylansimon.com.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9.6 billion in transactions, manages over 70 million square feet of space, and conducts over 1,800 appraisals annually. For more information, visit kidder.com.