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Queen Anne Multifamily Likely to Stay Strong

SEATTLE, WA-With the neighborhood's high demand for condominiums, Michael McQuaid of Paragon says new apartment construction in Queen Anne will likely be converted from rental to sales units -- keeping rents and occupancies healthy.

By Janet Parker | Updated on October 26, 2001

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.

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