Seattle, founded in 1851, is a city that has become a diverse blend of people and cultures over time. In 2020, the city was ranked 2nd in the “Largest Cities with the Highest Growth” in a WalletHub study. Young professionals are also moving to the Seattle area especially because of the growing number of jobs. According to the official Pods blog, millennials have also moved to Seattle not only to find jobs at major tech companies, but also for attractions such as Seattle’s parks, bars, and community.
In November of 2020, Vancouver’s The Daily Hive reported that “Seattle has ranked fourth in North America for high-tech software job growth.” According to Seattle Geodata, the number of jobs in the area has increased 34% since 2010. Tech jobs have seen an even higher rate of growth. “The Seattle metropolitan area added 88,000 tech-related jobs between 2010 and 2019, an increase of 39%,” CompTIA stated in a 2020 press release. The number of jobs, specifically in the tech industry, is expected to increase as Google and Amazon have said that they plan to continue investing and creating more jobs in the Seattle area.
Downtown Seattle, home of the city’s famous Space Needle, is quickly growing as tech companies such as Google, Facebook, Adobe, and Amazon open new offices or move from San Francisco’s Bay Area to Seattle, creating many new career options in the area’s tech industry. According to GeekWire, Google employs over 6,300 people in Seattle and will continue creating jobs in the U.S. Similarly, GeekWire reported that “Amazon has surpassed 75,000 employees in the Seattle region.” Google is also currently expanding its South Lake Union campus in Seattle from a “330,000-square-foot building” to “900,000 square feet of office space,” according to 425 Business.
The Community and Life in Seattle
Seattle’s diverse community and location are quickly attracting professionals and families. In addition to its growing Millennial population, the U.S. Census states that the city has a large Asian American population at 15.4% of the total population. Seattle is also known for its LGBTQ community and was ranked number 5 on Realtor.com’s “Top Places for LGBTQ Folks to Live.”
Seattle is famous for its many coffee houses and bars, music cultures, art museums, and galleries. The city offers the benefits of urban life with the natural hiking trails of Washington State. Curbed Seattle states that “there is a lifetime of hikes to be done within an hour or so drive of the city.”
Seattle is a walkable city with high scores in many districts on Walk Score, such as a score of 93 for Capitol Hill, and a score of 93 for the University District. Transit services such as Sound Transit are also available to commute to work, school, or Seattle’s downtown area with Pike Pine Retail Core shopping, the Seattle Art Museum, and the Seattle Public Library.
Seattle’s Competitive Real Estate Market
Seattle’s housing market is currently extremely competitive–on Redfin, a home in the Seattle Housing Market spends just 12 Median Days on Market. This demand is even seen in other parts of Western Washington. “A recent listing for a four-bedroom home in Puyallup drew 45 offers,” Heidi Groover of the Seattle Times reported in early March. Houses are also selling at much higher rates. “In King County,” Groover said, “the median home sold for $750,000, 11.1% higher than last February and about 3.4% higher than in January, the biggest month-to-month price jump since June.” According to Zillow, Seattle home values have gone up 8.2% in one year. Redfin also reported in February that Seattle was one of the top five metro areas with the highest bidding-war rate with a 73.8% bidding-war rate.
Our New Seattle Property
Our Seattle property, Seattle D1, is a two-story duplex located in King County. Built in 1924, this duplex is in excellent condition and has gone through many remodels, with the most recent in 2020. The first floor has a kitchen, living room, a half bathroom, and a washer and dryer. The second floor has 3 bedrooms, 1 bathroom, and a study room with remodel potential. Additionally, there is a 1 bedroom and 1 bath unit in the basement, bringing the entire duplex to 4 bedrooms and 2.5 baths total.
This property has high potential to be an Airbnb, a student dorm, or a rental for young professionals. Extra storage space in the basement could also be further remodeled to create a second bedroom in the basement unit.
The neighborhood around Seattle D1 is rated A+ on Niche.com, a site that reviews and analyzes locations for the quality of their neighborhoods, schools and colleges. Seattle D1 is a 5-minute walk to the University District Farmers Market and dozens of surrounding restaurants, coffee shops and tea shops, offering a variety of dining choices.
Seattle D1 is located in the University District and is a 10-minute walk from the University of Washington, about 5.3 miles north of downtown Seattle and a 9.2-mile distance from Bellevue, commutable about 18 minutes by car. At the University of Washington Station 1.6 miles away from the property, the transit provided by Sound Rail’s link light rail travels south from the University District to Angle Lake. Link light rail stops include downtown Seattle and the International Seattle-Tacoma Airport.
Shares for Seattle D1 start at $660 per share with an estimated cash distribution of 4.05%, an estimated rental income of more than 3.33%, and an estimated total return of 12.45%.
Invest in Seattle D1 on Ark7
Use Ark7’s platform to diversify your portfolio by investing in real estate without the hassle of property management. View Seattle D1 on the marketplace today to purchase shares and earn returns in the trending Seattle real estate market.
Sign up and create an account with Ark7 to start investing in a Seattle property today.