Investment Overview

The Pacific Northwest Investment Sales Team of IPA has been retained as the Exclusive Listing Broker for the sale of 999 Hiawatha, a transit-oriented multifamily community located in Seattle’s Judkins Park neighborhood, offering convenient access to Washington State’s two largest employment hubs – downtown Seattle and Bellevue.

The Judkins Park Link Light Rail Station, located within a five-minute walk of 999 Hiawatha, is scheduled to open in May 2026, positioning the property as a true transit-oriented development. Upon opening, the station will offer residents seamless transit connectivity to downtown Seattle, Seattle-Tacoma International Airport, and the Eastside, including downtown Bellevue, Microsoft’s world headquarters, and downtown Redmond.

COMMUNITY AND APARTMENT HOME AMENITIES

Built in 2014 and meticulously maintained and operated by current ownership, 999 Hiawatha represents a turnkey asset in core Seattle, priced well below replacement cost. The community features 99 apartment homes comprised of studio, one-, and two-bedroom units, in addition to two large live/work units with private street-level access adjacent to Judkins Park. Community amenities include an on-site leasing office with resident retreat, a central courtyard with outdoor seating areas and lawn games, two large rooftop decks offering sweeping views of Mount Rainier and downtown Seattle, BBQ stations, a fitness center with premium equipment, bike storage, storage lockers available for lease, and a secured underground parking garage featuring six newly installed EVPassport electric vehicle charging stations. Additional on-site amenities designed for resident convenience include an AI-powered vending machine and a Parcel Pending package management system.

Transit-Oriented Community in Central Seattle

• Situated in the heart of Seattle’s Judkins Park neighborhood with easy access to downtown Seattle and the Eastside via Interstate 5 and Interstate 90

• Future Judkins Park Link Light Rail Station anticipated to open May 2026; within a 5-minute walk of 999 Hiawatha

• Current Walk Score of 83, Bike Score of 90, and Transit Score of 71, anticipated to improve significantly with station opening

Meticulously Maintained Community

• Constructed in 2014 featuring modern finishes, energy saving stainless steel appliances, and light-filled windows

• The community has been thoughtfully maintained with attention to detail, offering a turnkey, stabilized asset

• Priced well below replacement cost

Light Value-Add Opportunity

• Ability to capitalize on rental upside through light cosmetic upgrades to remaining units

• Previously renovated homes have been upgraded with quartz countertops and undermount sinks, LED lighting packages, and LVP flooring throughout

• 20 classic units remain on site, along with 11 partially renovated units

Favorable Market Fundamentals

• Average HH income of $126,588 within one mile

• Supply pipeline in within one mile is extremely minimal with only 37 units under construction

Attractive Rent Affordability & Quality of Life

• Return-to-office momentum is revitalizing the urban neighborhoods, with in-city foot traffic nearing 80% of pre-pandemic levels

• Urban rentals have stabilized and are showing signs of growth as the city reactivates

• 999 Hiawatha is approximately one-third of the cost of homeownership