Investment Overview

The Pacific Northwest Investment Sales Team of IPA has been retained at the Exclusive Listing Broker for the sale of The Noble, a mixed-use asset in Seattle’s vibrant Wallingford neighborhood. Prominently situated on Stone Way North, The Noble boasts a Walk Score of 95 and is within minutes of popular dining, shopping, and entertainment destinations.

Built in 2013, The Noble is an exceptionally well-maintained community comprised of 93 apartment homes and ±5,525 square feet of street-level retail along Stone Way North. The surrounding Wallingford neighborhood is one of the most desirable places to live in Seattle, known for its historic character, walkable streets, vibrant local dining scene, and close proximity to recreation along Lake Union and at Gas Works Park.

Residents of The Noble benefit from convenient access to Interstate 5 and State Route 99, providing multiple routes to some of the regions most notable employers. Significant job concentrations are located nearby in South Lake Union, a nationally recognized technology and life sciences hub anchored by major employers including Amazon, Google, and Meta. Additional prominent employers located within 5 to 10 minutes include Brooks, Adobe, and the University of Washington, along with UW Medicine.

Core Asset with Light Value-Add Upside

Units are well-positioned for a light cosmetic value-add, potentially allowing for rental premiums over current in-place rents. Newly built assets in the area are leasing north of $4.00/SF while The Noble’s in-place rents are $3.60/SF. Additional enhancements to common areas may provide additional upside and increase value.

Clean, Turn-Key Community

Built in 2013 and featuring modern finishes and energy-efficient systems, The Noble has been institutionally owned and exceptionally well maintained, offering an incoming investor a stabilized, turn-key asset in Seattle’s urban core.

Top Residential Submarket

Located in Seattle’s highly sought-after Wallingford neighborhood, ranked A+ by Niche.com. With a Walk Score of 95, residents are steps from the North 45th Street corridor’s dining, retail, and daily amenities, as well as nearby outdoor attractions including Gas Works Park, Lake Union, and the Woodland Park Zoo.

Proximity to Notable Employers

The Noble provides convenient access to major employment hubs including North Lake Union’s emerging AI hub, University District, South Lake Union, and the Seattle CBD. Residents benefit from close proximity to Interstate 5 and Highway 99, offering multiple commuting routes throughout the city.

Favorable Market Dynamics

Diminishing apartment supply is creating upward pressure on market rents. New deliveries in the city of Seattle are down over 56% year-over-year, with projections for another 27% decline in 2026, and a 68% decline relative to 2024.

High Barrier-to-Entry / Affluent Demographics

Average home prices in Wallingford exceed $1 million, making homeownership nearly 3.5 times more expensive than renting at The Noble. The surrounding area features highly affluent demographics, with an average household income of $171,525 within a one-mile radius of the property.