301 Apartments
301 26th Avenue So. Seattle, WA 98144


Central Area Development Association purchased the 301 Apartments in 1995. The purchase of this 15 unit building introduced CADA to its first real estate acquisition. More importantly, the purchase of the 301 Apartments allowed CADA to start working on its mission of revitalizing the community via affordable housing.

The 301 Apartments was in poor physical condition prior to CADA's purchase. The building suffered from deferred maintenance, high vacancy and an absentee landlord. The maintenance needs affected the buildings curb appeal. This is how CADA first recognized the building. It also happened to be on the market for sale.

CADA pursued the purchased of the 301 Apartments building. After it was acquired, CADA rehabilitated the building with interior and exterior cosmetic and minor structural repairs. Neighborhood and building resident volunteers also assisted with the landscaping improvement efforts by planting grass, rosebushes and rockery.

The 301 Apartment units were rented as affordable housing units. The rents were set to be affordable to households at or below 80% of the median area income. The units served families and individuals.

CADA began managing the day to day to operations of the 301 Apartments. CADA became familiar with property management, first hand. CADA also became more familiar with tenant and neighborhood issues.

CADA sold the 301 Apartments. The sale was completed in 2005. The property was sold to a private party.

 

Residential Units: 15
Housing Type:
Housing for families and individuals at or below 80% of median income
Project Type:
Acquisition, moderate rehabilitation
Owner:
CADA
Project Cost:
$420,000
Financing:
US Bank and LISC


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