Investment Overview

The Pacific Northwest Investment Sales Team of IPA has been retained as the Exclusive Listing Broker for the sale of East Howe Steps, a premier multifamily community located just steps from the shoreline of Lake Union in Seattle’s highly desirable Eastlake neighborhood. Positioned adjacent to Terry Pettus Park and the waterfront promenade, East Howe Steps offers a rare opportunity to acquire a modern apartment asset in one of the city’s most iconic and supply-constrained lakeside neighborhoods.

Eastlake is known for its classic Seattle character, vibrant local business district, and direct connection to the water. The neighborhood features a unique mix of waterfront restaurants, neighborhood bars, marinas, and the historic houseboats that line the shores of Lake Union, creating a distinct sense of place that is highly sought after by residents. East Howe Steps benefits from exceptional walkability to neighborhood amenities while maintaining convenient access to Seattle’s largest employment centers.

Residents are within walking distance of the South Lake Union technology and life sciences hub, home to major employers including Amazon, Google, Fred Hutchinson Cancer Center, and more. Ongoing improvements along the Eastlake Avenue corridor will further enhance connectivity to additional employment centers throughout the city, including dedicated bike lanes and bus rapid transit service anticipated to be completed by 2027.

Rare Eastlake Asset Steps from Lake Union

Located just steps from the shoreline of Lake Union and adjacent to Terry Pettus Park, East Howe Steps offers a rare opportunity to acquire a premier asset with innovate design and luxury apartment living in one of Seattle’s most coveted waterfront neighborhoods.

Iconic Location; Distinct Neighborhood Charm

Situated in the heart of Eastlake, known for its classic Seattle charm and strong sense of community. The neighborhood features a vibrant mix of local restaurants, neighborhood bars, and waterfront recreation, along with the iconic houseboats and marinas that line the shores of Lake Union. Residents enjoy a rare blend of urban convenience and relaxed lakeside living.

Strong Operational Performance with Upside

Family-owned and operated since construction, East Howe Steps consistently maintains low vacancy, minimal bad debt, and some of the market’s lowest concessions. This strong track record, combined with potential efficiency improvements, presents an attractive opportunity for an incoming investor.

High Barrier-to-Entry Submarket

Eastlake’s constrained geography between Lake Union and Interstate 5 creates one of Seattle’s most supply-constrained multifamily neighborhoods, supporting long-term rent growth and strong occupancy.

Walkable to South Lake Union's Major Employers

Residents enjoy easy access to the technology and life sciences hub of South Lake Union, home to major employers including Amazon, Google, and Fred Hutchinson Cancer Center. Eastlake Avenue corridor improvements will bring dedicated bike lanes and bus rapid transit ride outside of East Howe Step’s door by 2027, making access into the city even easier.

Popular Ground Floor Retail - 100% Leased

Well-performing ground-floor tenants bring energy and convenience to the building. Moriyama Sushi, Yoksod Noodles, Sapien Skin & Beauty, and Co-May provide popular dining and services that enhance the resident experience.