This photo may have been taken from the top of the water tower in Volunteer Park, north of Capitol Hill. Otto took many photos of Seattle parks.
There is also an Image 251 (251 - On the Pay Streak A.Y.P.E.) from the 1909 Alaska Yukon Pacific Exposition. Perhaps Otto reused the image number because no one would be interested in an A.Y.P.E. card after the exposition ended.