119 W Roy St
Seattle, WA 98119
Chandler Hall · Immeuble residentiel Propriété À vendre · 75 Unités

Chandler Hall, under the same ownership for the past 35 years, is now on the market in Seattle’s prestigious Queen Anne neighborhood, just steps from the Puget Sound and minutes from major tech employers in South Lake Union. The property is strategically positioned two miles from Downtown Seattle, offering proximity to over 336,000 employees and major corporate headquarters, presenting investors with a compelling opportunity to acquire a trophy asset in an A+ location. Built in 1924 with trophy architecture, Chandler Hall has been owner-operated and meticulously maintained, ensuring stability and minimal deferred maintenance.

The property consists of 66 studios and 9 one-bedroom units, all in excellent condition with refinished original hardwood flooring, high ceilings, and abundant natural light. These features offer significant rental upside, with in-place rents achieving and exceeding market rates. Recent major capital expenditures include refinished hardwood floors, elevator mechanical upgrades, boiler system repairs, a new roof, and over $24,000 spent on in-unit electrical panel upgrades. These improvements provide a perfect foundation for new ownership to add modern finishes through a full renovation strategy, capitalizing on Seattle’s growing urban professional population. Current renovated rent premiums align with an 18% increase over in-place rents. After renovations, Chandler Hall will be well-positioned to demand top-of-market rental rates and steady rent growth over the long term.
Investment Highlights
· Highly Coveted, A+ Location: With a Walk Score of 95, this area is considered a Walker’s Paradise, offering quick access to Seattle’s largest tech employers, including Amazon, Expedia, and the Gates Foundation; Chandler Hall is a short distance from popular attractions and landmarks such as the Seattle Center, Climate Pledge Arena, and the iconic Space Needle.
· Historically High Occupancy: Located in one of Seattle’s most sought-after neighborhoods, the property maintains robust long-term occupancy, highlighting strong demand and a prime location in a thriving community; the submarket’s occupancy increased 140 basis points year-over-year through the first quarter.
· Recent Capital Investment: Over $50,000 was invested last year in boiler system upgrades, mechanical elevator repairs, new roofing, hardwood floor refinishes, interior painting, and replacement of all interior unit electrical panels to minimize deferred maintenance and enhance operational efficiency.
· Primed for Repositioning: This beautifully maintained midrise community, built in 1924 with brick masonry, includes 66 studios, 9 one-bedroom units, and surface parking.
· Historic Charm with Rental Upside: This trophy, value-add asset, offers significant rental upside, with some units achieving and exceeding market rates; there is potential to further increase returns through a renovation strategy across all units.
· Desirable Urban Submarket with Strong Demographics: The average household income within a two-mile radius is $147,789; Queen Anne’s average effective rents of $2,687 through Q1 2025 represent the third-highest benchmark in the Seattle Metro.
· Pivot Point for Transit, Employment, and Entertainment: Queen Anne is anchored by Seattle’s most popular attractions, the Metro’s Rapid Transit D Line, and the future Light Rail Station Extension; it is near both the South Lake Union and Downtown Core employment hubs, home to over 70 million square feet of office and retail space, with 1.2 million square feet in development.