THE OFFERING

The Gladstone is a fully-renovated, seven unit apartment building in the heart of Eastlake, Seattle. Purchased in 2015 after 70 years of ownership by the same family, the seller has renovated the property extensively including; upgrades to electrical panels and water lines, refinishing the original hardwoods, new kitchens and bathrooms, stainless steel appliances, adding in-unit stacked laundry machines, and tasteful fixtures and finishes to match the 1920s charm. Bedrooms were added to most units and a studio apartment was built out in the basement. The four units on the top two floors have views of Lake Union. There are also six alley parking spaces, providing a highly desirable amenity in a parking-starved neighborhood.

Eastlake is one of Seattle’s most popular neighborhoods, with quiet, lakeside living, popular restaurants, cafés and bars, manicured parks, and Lake Union access. The Walk Score is 83, where most errands can be accomplished on foot, and the Bike Score is 78, with bike lanes running the length of Eastlake Avenue East. Eastlake is the main corridor connecting the University of Washington, 1 ½ miles to the north, and South Lake Union, one mile to the south. Metro route #70 runs from the University of Washington, through South Lake Union, and into Downtown Seattle, an easy commute to the north or south.

Rarely do true pride-of-ownership investments like The Gladstone come available. Combining the irreplaceable Eastlake location, upscale units with turn-of-the-century charm, and Lake Union views, makes The Gladstone a truly “can’t miss” opportunity.

 
 

THE MARKET

Almost 60% of the residences in Eastlake were built after 1980, most of them five-story apartment buildings with retail space on the ground level. The neighborhood has a very eclectic assortment of architecture, with floating homes, urban condos, turn-of-the-century homes, modern townhomes, and old brick apartment buildings. This makes the area very fun and lively, both for residents and those who want to visit.

  • Based on the median household income of $93,099, the typical resident can afford up to $2,586 in monthly rent. Software engineers earn on average $120,196, yielding up to $3,339 in monthly rent.
     

  • The high demand for renting comes from the difficulty to own. The average home value in the area is $883,693. This results in a mortgage payment of $4,626 (with a 20% down payment).

 
 

MARKETING MATERIALS

CONTACT OUR TEAM

Colliers International WA LLC is the exclusive Listing Brokerage for this Offering.
Tim McKay, Dan Chhan, and Sam Wayne exclusively represent the Seller in the sale of The Gladstone apartments in Seattle, WA.

TIM MCKAY
Senior Vice President
+1 206 223 5586
Tim.McKay@colliers.com

DAN CHHAN
Senior Vice President
+1 206 223 1265
Dan.Chhan@colliers.com

SAM WAYNE
Vice President
+1 206 515 4498
Sam.Wayne@colliers.com

COLLIERS INTERNATIONAL
601 Union St., Ste. 5300
Seattle, WA 98101
www.colliers.com

 

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