Convenient North Seattle Location: Located minutes from Northgate, the expanding Light Rail network, and downtown Seattle, Gladstone sits at the center of North Seattle’s most connected corridor.

Option for Covered Land Play: The 0.64-acre lot offers genuine redevelopment potential as North Seattle continues to densify, expanding long-term exit options beyond a standard multifamily disposition.

Desirable Unit Mix: The 32-unit property consists of 28 one-bedroom/one-bathroom units and four two-bedroom/one-bathroom units, broadening renter appeal. 

Below Market Rents: In-place rents are currently below current market rates, with current rents representing just a fraction of average household income, leaving substantial room for future growth.

Strong Rent Growth Fundamentals: Average market rents have risen 22% since 2021 and are projected to grow at a 2.8% annualized rate through 2030.

Demographic & Income Tailwinds: Average household income within three miles is projected to climb 53%, from $135,000 today to $207,000 by 2030, driven by the continued expansion of high-wage employment in the University District corridor.

Major Developments on the Horizon: The Lake City Community Center (Spring 2027) and Northgate Station Mixed-Use development (2026) are set to bring significant new investment and foot traffic into the corridor.