Casa del Rey, a 30-unit mixed-use apartment building at 321 Broadway E. in Seattle’s Capitol Hill neighborhood, has sold for $4,575,000. Kidder Mathews brokers Matt Johnston, Jerrid Anderson, Matt Laird, and Jack Shephard represented the seller, 321 Broadway Associates, LLC, and the buyer was Sound Asset Partners.
For mason contractors, the key detail is the building’s structure. Built in 1910, Casa del Rey is among the oldest apartment buildings on Capitol Hill, and it is unreinforced masonry (URM) construction. The article notes that URM properties bring added hurdles for buyers, including potential seismic retrofitting costs, building system upgrades, and higher insurance premiums. Those factors can shape everything from deal timing to renovation budgets.
Sound Asset Partners had experience owning and operating similar properties, and it pursued the purchase based on in-place cash flow, location, light rail access, and renovation potential, according to the brokerage team. The building includes 27 residential units plus three ground-floor retail spaces occupied by Buck Horn Barbershop, Spin Cycle Movies, Records, and Games, and a coffee stand.
If your company gets pulled into URM work tied to acquisitions or value-add renovations, this sale is a reminder to get the big questions answered early. What seismic retrofit scope is expected, what building system upgrades are planned, and what insurance-driven requirements are influencing the schedule all connect directly to access, sequencing, and the owner’s appetite for disruption in occupied buildings with retail tenants.
Read the full, original article from Yield PRO here.