The Glen Eden apartments in Seattle’s Queen Anne neighborhood sold to Glen Eden LLC, an entity located on Mercer Island, for $11.5 million, in a deal that closed April 26th. The seller was Jan W. Wagner from Seattle.
King County public records show $7,200 was deducted in personal property, resulting in a taxable selling price of $11,492,800.
Westlake Associates Inc. advertised the sale of the apartments, asking $12.6 million or $350,000 per unit for the building at 921 1st Ave. W. The actual selling price was $1.1 million less than the asking price, averaging $319,444 per unit.
The Glen Eden apartments were built in 1929 by Gardner J. Gwinn, who became one of the largest home and apartment developers in the Northwest during the mid 1920s, according to Westlake’s flyer. The apartments offer 36 units in Queen Anne and have a 28-stall secure parking garage.
The building has undergone several renovations to include double pane vinyl windows throughout, updated electrical, copper plumbing, a new roof and tuck-point of the brick exterior. Units have oak hardwood floors, coved ceilings and ceramic tiled kitchens and baths.
The building is a three-story plus basement apartment sitting on a 14,700 square foot site. Currently, the building offers mostly (34 of the 36 units) one-bedroom, one-bathroom units, one studio and one two-bedroom, one-bathroom unit. Units range in size from 473 square feet to 900 square feet with rents anywhere from $1,095 per month to $2,250 per month. On average, the square footage rounds out to about 705 square feet with rent at $1,449 for a total of $2.06 per square foot. The flyer lists market rates for studios, one-bedrooms and two-bedrooms at $1,466, $1,974, $2,475 per month, respectively.
While it may not be great news for current tenants, the flyer boasts that the property could present additional income by bringing the current rental rates to market levels as well as capitalizing on the 28 car parking garage and the 36 storage lockers. The flyer also adds that a large two-bedroom, two-bathroom apartment unit in the daylight basement could be added for additional income. Currently, the basement space is used as the common laundry area for the tenants of the building as well as storage closets used by the current owner.
A local architect, Christopher Day, designed a plan for an additional 880 square foot two-bedroom, one-bathroom basement unit. He estimates that the construction cost to add the unit would be approximately $100,000.
