July 6, 2016

80 Main is up for sale

Photos courtesy of Colliers International, Seattle Multifamily Team [enlarge]

Clark Design Group was the architect and Venture General Contracting the general contractor.

[enlarge]

The building has a mix of studios, and one-and two-bedroom units, and three live work units. The average rent is $2,273.

Seattle-based Goodman Real Estate in May completed its 80 Main apartment building near the waterfront in Pioneer Square, and has already put it up for sale.

The 45-unit building at 80 S. Main St. is one of the few opportunities to invest in apartments in Pioneer Square, said Colliers International vice president Dylan Simon, who is listing the property with Colliers associate Jerrid Anderson.

Simon said Pioneer Square has a below-4 percent year-over-year apartment vacancy, little new construction and the smallest apartment development pipeline of all Seattle neighborhoods.

He said the response to the 80 Main offering has been amazing.

“The investment community is starting to realize the unique opportunity on the waterfront,” he said. “They get the story. A lot of people want to develop in Pioneer Square. A lot of people want to own. There is just no property available, especially for multifamily.”

Clark Design Group was the architect and Venture General Contracting the general contractor on 80 Main.

Simon said the building is in a walkable neighborhood, near transit, downtown, the stadiums and restaurants.

The seven-story 80 Main has views of the water and stadiums from the rooftop deck, which also has fire pit and garden. The property also has concierge services and three parking stalls.

The mix is studios, and one-and two-bedroom apartments, and three live work units. The average unit is 646 square feet and the average rent is $2,273, or $3.52 per square foot. Some of the apartments have water views.

Unit interiors include stainless steel Whirlpool appliances, Whirlpool washer and dryers, walk-in closets, tall ceilings, high-end finishes, floor to ceiling windows and balconies. Air conditioning and a wine fridge are optional.

A number of developers have bought property near and along Seattle's waterfront in anticipation of the Alaskan Way Viaduct coming down, but that has been stalled due to problems with the machine boring a tunnel to replace the viaduct through downtown.

Goodman has developed a number of apartment projects in Seattle neighborhoods in recent years.

Among them is The Post. That 16-story, 208-unit apartment building opened in late 2012 at 888 Western Ave. near Pioneer Square, and filled up quickly.

Goodman is developing Icon Apartments at 400 S. Jackson St. in Seattle's Chinatown-International District. Its website says that seven story, 120-unit project will be delivered this summer. It has the same architect and contractor as 80 Main.

In March, an entity related to Goodman sold Tivalli, a 383-unit complex at 15631 Ash Way in Lynnwood to Kennedy Wilson for $94.3 million.