Casa del Rey, a mixed-use apartment property in Seattle’s Capitol Hill neighborhood, has changed hands in a recently completed sale. The building, located at 321 Broadway E., totals 30 units and sold for $4.57 million. The transaction involved both multifamily and street-level retail space, reflecting the property’s long-standing role as a neighborhood asset.
The early 20th century building was completed in 1910, making it one of the oldest apartment properties on Capitol Hill. Over more than a century, Casa del Rey has remained in residential use and today includes 27 apartment units above ground-floor retail. Its mix of residential and commercial space positions the asset as a traditional urban main street building within a dense, established neighborhood.
On the retail side, Casa del Rey features three ground-floor commercial spaces. Those spaces are occupied by Buck Horn Barbershop, Spin Cycle Movies, Records, and Games, and a coffee stand. These uses provide services and amenities to both residents of the building and the surrounding community, reinforcing the property’s integration into the Capitol Hill streetscape.
The seller, 321 Broadway Associates, LLC, is a Seattle-based real estate investment company. The firm engaged Kidder Mathews’ Simon | Anderson Multifamily Team to handle the disposition. Matt Johnston, Jerrid Anderson, Matt Laird, and Jack Shephard of Kidder Mathews represented the seller in the transaction. Their assignment focused on marketing the property’s combination of existing income, neighborhood location, and historical character.
The buyer, Sound Asset Partners, acquired Casa del Rey with an eye toward both current performance and future potential. According to information provided in connection with the sale, Sound Asset Partners has experience owning and operating similar assets. The firm identified the property’s strong in-place cash flow as a key attribute, supported by its mix of residential units and occupied retail spaces.
Sound Asset Partners also noted the building’s location in one of Seattle’s premier neighborhoods as a contributor to its investment thesis. The property benefits from proximity to light-rail service, and the buyer cited excellent light-rail connectivity as part of the appeal. In addition, the purchaser sees value-add potential through renovations, suggesting that upgrades to the property could enhance performance over time while building on its existing income stream.
Commenting on the asset, Johnston highlighted Casa del Rey’s long-standing presence in the neighborhood and its connection to the early development of Capitol Hill. He described the property as having a rich history dating back to the period when Capitol Hill was emerging as one of Seattle’s prominent residential districts. That historical context, combined with current occupancy and location advantages, framed the investment narrative for the sale.
The transaction underscores ongoing investor interest in historic, mixed-use properties within established Seattle neighborhoods. With a blend of apartments and street-level retail, Casa del Rey continues to function as a local hub while providing income diversification for its new owner. The sale also illustrates the role of specialized multifamily brokerage teams in marketing older, character assets that still offer operational durability and renovation upside.
