Novell condominiums are a new conversion (on 43rd St.) in the U-District area of Seattle just blocks away from the University of Washington. The building was originally constructed in 1926 and much of the original vintage charm has been retained. Novell condos feature original crown molding, restored hardwoods, cast-iron tubs, original hexagon tile in the bathrooms, and beautifully updated kitchens with stainless and granite. There are 37 units total, either studios or 1 bed/1 bath homes. There is on-site laundry, storage, and leased parking. Prices are ranging from 169,950 (for now) to 259,950. Novell has halogen track lighting, a central water heater, radiator heating, new double pane sash style windows, and some homes feature space saving Murphy bed closets. There is an onsite flex car, and a secured wireless entry system. This conversion is creating somewhat of a buzz among investors. Any parents that are looking to invest in the Seattle market while their child attends UW should be looking into this building. The prices are VERY competitive and the location is extremely close to the university.
The building is also just around the corner from the Portage Bay Cafe, and lies nearly on top of the Burke-Gilman trail for the biking/running enthusiast. Just across the street is Christie Park. Grocery shopping is also very close with Trader Joe's being within walking distance. I originally worried a bit about the building's proximity to I-5 but it is pretty far off from it and noise won't be an issue. I think anyone looking to invest in this market as a first time investment should really consider this one because of low prices and rentability.
See Attached Floor Plans Below: