$1,695,000

Property Description

The Iowan Apartments is a seven-unit apartment building located on the South slope of Queen Anne. The building is priced at a current 5.5% cap rate and has been extensively upgraded including a re-plumb of the building supply lines (2026), a new roof (2025), new central hot water tank (2024), double pane vinyl windows, and square D electrical panels throughout the building. The property includes seven open parking stalls accessed off the alley. The property comprises 4,870 net rentable square feet across seven units, averaging 696 square feet, with a mix of one studio, four one-bedroom units including one one-bedroom plus den, one two-bedroom, and one three-bedroom. Interior improvements completed upon natural turnover support potential monthly income of approximately $17,234, representing a 25.1% increase. The property is zoned LR3 (M) within the Uptown Urban Center, with a 2.3 FAR and a 50 foot height limit on a 5,610-square-foot lot. The existing building utilizes approximately half of the site's maximum permitted floor area, creating meaningful future development optionality. Uptown has no residential parking minimum, providing flexibility for future redevelopment. See the Development Optionality section for additional details. Located two blocks north of Seattle Center, the property offers immediate access to Climate Pledge Arena, the Space Needle, Seattle Center Monorail, and the surrounding Uptown amenity base.

Property Facts & Features

Property Type

Multi Family

Status

Active

Listed

Sep 16, 2026

Price per Sq Ft

$348/sqft

ZIP Code

98109

Heating

Radiator

Construction

Wood Products, Wood Products

Property Tax (2026)

$19,981/yr

Assessed Value

$1,883,000

Last Sold

$861,450 · Jan 6, 2005

Neighborhood

Queen Anne

County

King

School District

Seattle Public Schools

Estimated Value

Automated estimate. Not an appraisal.

Features & Amenities

Location

Lat 47.62688 · Lng -122.34520