Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SEATTLE, WA-”Queen Anne (apartments), due to the rents beings asked in Belltown, now is a relative bargain, ” says Michael McQuaid, a broker and partner at Paragon Real Estate Advisors Inc. And, the historically-low vacancies aren’t likely to be influenced anytime soon with new product coming on the market.

In nearby Belltown, Seattle’s newest hot spot for urban living, cracker boxes cost $1,500 a month. According a study conducted by McQuaid, apartment rents in the Queen Anne neighborhood run a fairly wide, but relatively low, range in comparison. The spread in Queen Anne rents being the age of the buildings and their amenities.

McQuaid says most of the apartment properties in Queen Anne are pre-1991 construction, typically lacking washer/dryer amenities, resulting in lower rents around $1.30 per sf. Newer properties here with laundry facilities, however, fetch an average of $1.50 per sf.

Citing a Scott + Dupre report, McQuaid says, “the Queen Anne area has averaged a 2% vacancy factor over the past five years.” As of March 2000, McQuaid says the vacancy rate was 2.8%.

As for the likelihood of a flood of new product coming on line and tipping the market, as has been the case in Belltown, McQuaid says, “This year it appears as though 124 new units will be added to the (Queen Anne) market. The difficulty with relying on this statistic is that…most will end up being offered as individual condominiums for sale…due to the very high demand for condos in the area.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.