Stephensberg Apartments offers a rare opportunity to acquire a well-positioned, boutique-scale multifamily asset in Capitol Hill. Built in 1923, the property features a wood frame, classic brick façade, preserved architectural details, original hardwood floors, crown molding, and large-pane windows.

The property includes six efficiency units, 18 studios, and eight one-bedroom/one-bathroom units, with an average unit size of 444 square feet.

Acquire a vintage Capitol Hill asset at pricing well below current replacement cost, providing insulation from supply-side risk as new construction starts decline.

Walkable, transit-served neighborhoods near major employment centers have historically outperformed the broader metro through market cycles. Demand is supported by young professionals, healthcare workers, and students.

Targeted interior and common-area upgrades support projected rent growth of approximately 17%. The strategy is supported by strong submarket demand and a meaningful affordability gap versus newer Class A properties.

The property sits near one of the Pacific Northwest’s largest employment centers, including Swedish Medical Center, Virginia Mason, Harborview Medical Center, Amazon, and more. Over 76% of nearby residents hold a bachelor’s degree or higher, and median household income exceeds $130,000 within one mile.

Asking rents have increased 10.7% since 2023, reflecting continued demand for well-located vintage apartments and supporting future NOI growth.

Planned light rail and streetcar expansions will strengthen the area’s connectivity and reinforce its appeal to renters.

Streetscape upgrades, pedestrian improvements, and public-private investment continue to enhance safety, amenities, and overall neighborhood appeal.