Prime Pioneer Square Location
OK Apartments sits on Seattle’s revitalized waterfront, directly across from Pier 50’s ferry terminal serving Bainbridge Island, Bremerton, and West Seattle.
Recession-Proof Employment Base
Located minutes from Harborview Medical Center, Virginia Mason, Swedish, and dozens of medical clinics that anchor recession-resistant employment.
Historic Mixed-Use Asset
Offers 44 affordable residential units across studio and one-bedroom layouts, 22 commercial studios, and two retail spaces with waterfront frontage.
Desirable Urban Submarket
Serves downtown Seattle’s concentrated tech, finance, and medical workforce with immediate access to major employers, dining, and entertainment.
Diversified Commercial Income
Mixed-use configuration generates over $190,000 annually from commercial studios and retail, supplementing residential revenue.
Major Transit Hub
Walking distance to Columbia St. Light Rail Station, King Street Station, and ferry terminals connecting throughout Seattle and Puget Sound.
Supply-Constrained Market
Restrictive waterfront and Pioneer Square development controls limit new supply, stabilizing occupancy and supporting long-term demand.
Property Overview
OK Apartments
- ADDRESS
- CITY, STATE ZIP
- UNITS
- AVG. APARTMENT UNT SIZE
- PRICE
- YEAR BUILT
- Building Size
- T-12 Cap Rate
- Current Income/Market Expense Cap Rate
- Market Proforma Cap Rate
- AFFORDABLE RESTRICTIONS
- PARCEL
- LOT SIZE
- ZONING
- COUNTY
*Residential NRSF only
Unit Mix
Unit Type
Count
Avg Unit SF
Total RSF
Current
Rent
Rent
2025 Max
Net TC Rent
Net TC Rent
Current
UA
UA
Proj 2026 Max
Net TC Rent
Net TC Rent
Monthly
Rent
Rent
Annual
Rent
Rent
Rent/SF
Studio
AMI 30%
AMI 30%
9
446
4,014
$1,155
$825
$0
$860
$7,425
$89,100
$1.85
Studio
AMI 50%
AMI 50%
11
446
4,906
$1,277
$1,375
$0
$1,433
$15,125
$181,500
$3.08
Studio
AMI 60%
AMI 60%
4
446
1,784
$1,297
$1,650
$0
$1,720
$6,600
$79,200
$3.70
1x1
AMI 30%
AMI 30%
9
468
4,212
$938
$883
$0
$921
$7,947
$95,364
$1.89
1x1
AMI 50%
AMI 50%
11
468
5,148
$1,425
$1,473
$0
$1,536
$16,203
$194,436
$3.15
Total / Average
44
456
20,064
$1,222
$1,211
$0
$1,263
$53,300
$639,600
$2.66
Storefront Retail
2
446
892
$900
$1,182
$2,364
$28,366
$2.65
Small Commercial Studio
18
260
4,680
$562
$686
$12,355
$148,262
$2.64
Large Commercial Studio
4
453
1,812
$825
$1,191
$4,766
$57,187
$2.63
Total / Average
24
308
7,384
$634
$812
$19,485
$233,815
$2.64
Total / Average
68
404
27,448
$1,008
$1,065
$72,406
$868,874
$2.64
*The unit mix above was based on the 12/2/2025 rent roll and assumes $0 for utility allowances. The projected 2026 max net allowable rents displayed above are based on a 4.26% estimated increase and will not be finalized until April 2026.
*20% of the units (9) are set aside for persons with disabilities
PHOTO GALLERY
LOCATION
Contact us
Primary Contacts
Chad Blenz
Senior Director
206.491.2008
[email protected]
Brandon Grisham
Senior Managing Director
208.296.2077
[email protected]
INVESTMENT SALES
Mitchell Belcher
Managing Director
425.891.9594
[email protected]
Steven Chattin
Managing Director
425.269.3826
[email protected]
Jay Timpani
Managing Director
206.999.3206
[email protected]
Brandon Lawler
Senior Director
206.484.8114
[email protected]
mortgage banking
Robert Doxsee
Managing Director
425.777.0235
[email protected]
Michael Manolides
Senior Director
253.670.2143
[email protected]
Connor Lemley
Associate Director
206.455.1592
[email protected]
offices in bellevue & seattle
bellevue
411 108th Avenue NE
Suite 1080
Bellevue, WA 98004
206.521.7220
seattle
601 Union Street
Suite 3720
Seattle, WA 98101
206.521.7220
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