Local operator acquires 12-unit property in Phinney Ridge neighborhood for $3.1 million
SEATTLE, Wash. – April 23, 2024 – Cushman & Wakefield announced the firm has arranged the sale of the James Bon Apartments, a freestanding three-story multifamily building plus basement located in the popular urban hub of 85th and Greenwood in north central Seattle.
Located at 8541 Phinney Ave N in the Phinney Ridge neighborhood, the property sold for $3.1 million or $258,000 per unit and $375 per net rentable square feet.
The buyer is a local apartment operator and the seller a local family investor which acquired the asset over 10 years ago. Cushman & Wakefield’s Jacob Odegard, Dan Chhan, Tim McKay, Dylan Roeter, and Matt Kemper represented both parties in the sale.
“James Bon Apartments is considered as a “Walker’s Paradise”, situated just behind the famous North Star Diner and boasting a 94 Walk Score—the 85th and Greenwood hub is the area’s main commercial drag, housing many popular restaurants and key retail services,” said Director Jacob Odegard. “The property also boasts an oversized 11,538-square-foot lot providing abundant parking plus the potential to develop additional housing units. The Buyer plans to add at least two units to the underutilized basement space of the building.”
Originally constructed nearly 45 years ago, James Bon has had modern improvements made over the last several years. Several units now feature contemporary finishes and design elements. The property also features an on-site laundry facility and secured access at two entry/exit points.
