Purchase Price $4,125,000
23 Apartment Units
- Rare Investment Opportunity: Very limited stock of 20+ unit multifamily properties available with significant upside.
- Large Loss-to-Lease: In-place rents are well below market, providing an opportunity to capture significant rent increases before any renovations are completed.
- Prime Value-Add Target: First time on the market in 30 years. Current rents are 30-40% below market. 83% of the leases are month-to-month.
- Potential Unit Addition: Two large space pockets in the bottom floor currently used as storage lockers but could be converted to rentable square footage.
- Highly Desirable Submarket: The Highland Park neighborhood of West Seattle is rapidly improving with new construction townhomes/single-family directly across the street. This close-in Seattle neighborhood provides easy access to jobs located in SODO and the Central Business District, plus many retail and recreational amenities located throughout West Seattle.