Investment Overview

The Pacific Northwest Investment Sales Team of IPA has been retained as the Exclusive Listing Broker for the sale of 708 Uptown, a 118-unit multifamily community in Seattle’s Lower Queen Anne neighborhood. Ideally situated at the doorstep of South Lake Union, the Property offers residents exceptional access to Seattle’s premier employment centers, world-class entertainment, dining, and recreation. With a Walk Score of 92, residents are within walking distance of Amazon’s world headquarters, Anthropic’s new Seattle office, Google, Meta, and numerous other major employers, while Lake Union, Seattle Center, Climate Pledge Arena, and the Space Needle are all located within approximately half a mile.

708 Uptown benefits from its proximity to South Lake Union, a nationally recognized technology and life sciences hub anchored by major employers including Amazon, Google, Meta, and the Allen Institute. The Lake Union submarket has emerged as a leading life sciences destination, with more than 2 million square feet of purpose-built laboratory space delivered and major institutions including the Allen Institute for Artificial Intelligence, Seattle Children’s Research Institute, and the University of Washington contributing to the area’s expanding employment base. The Property’s Lower Queen Anne location provides residents with an urban lifestyle defined by convenience and connectivity.

Prime Location & Ideal Walkability

Situated within walking distance of Seattle’s largest employers, including Amazon’s world headquarters, Anthropic, Google, Meta, and others. With a Walk Score of 92, residents are within half a mile of Lake Union, Seattle Center, Climate Pledge Arena, and the Space Needle.

Light Value-Add Opportunity

All units are well-positioned for light cosmetic upgrades to further enhance rental income. Potential improvements include installing quartz countertops with tile backsplashes, upgraded plumbing and lighting fixtures, technology packages, and installation of roller shades.

Strong Economic Fundamentals

Located at the doorstep of Amazon, Meta, Google, and Allen Institute, within South Lake Union’s rapidly expanding life science and technology hub. Greater Seattle ranks among North America’s top five AI markets, with approximately 1.8 million square feet leased to AI companies since 2019. Anthropic's recent lease, located two blocks from the property, further underscores SLU’s continued appeal to leading technology companies.

Attractive Unit Mix

Offering a collection of open one-bedroom, traditional one-bedroom, and two-bedroom homes averaging ±618 square feet. Five live / work lofts are located at street level with private entrances. Well-appointed homes feature fully equipped kitchens with built-in microwaves and under-cabinet lighting, air conditioning, and oversized windows to maximize natural light.

Discount to Replacement Cost

Offered at a significant 40% discount to replacement cost, the property provides an attractive basis in a high barrier-to-entry submarket. South Lake Union remains constrained by elevated construction, financing, and entitlement costs, creating a meaningful advantage for an existing, stabilized asset.