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Multifamily

Shelli Apartments

32nd Ave S, Seattle, WA 98125

Listing Price: $4,750,000

Cap Rate
4.14%
Number of Units
20
Price/Unit
$237,500

Investment Overview

Located at 13711 32nd Ave NE in Lake City, Shelli is a 20-unit apartment community tucked away against a quiet stream with easy access to anywhere in the greater Seattle area via SR-522 or I-5. Built in 1968, Shelli is positioned as a perfect value add play for investors looking to generate outsized returns through a renovation program. With a desirable unit mix of 12 one-bedroom and 8 two-bedroom homes averaging 820 square feet, an incoming investor should be able to achieve rents $200+ above current levels by implementing a cosmetic renovation program. Several comparable properties in the immediate area have done renovations similar to the scope proposed for Shelli and are achieving significant premiums to their classic style counterparts. Lake City is one of Seattle’s most interesting and diverse neighborhoods. Known for its eclectic restaurant scene which boasts some of the best food in Seattle, Lake City is structured around several major transit routes and offers an easy commute for those that work in downtown Seattle, any of the northern suburbs along I-5, or Kenmore and Bothell on SR-522. With a new light rail station at 145th Street beginning service in 2024, Lake City is poised for future growth and development.

Investment Highlights

  • Value-Add opportunity with ability to capture significant rental upside through renovations
  • 30 open parking spaces along with 4 private garages provides ample parking and storage
  • Attractive going in cap rate of 4.14% with ability to stabilize at 5.40% after renovations
  • Going in basis below $250k per unit very rare for Seattle address
  • 3.5 miles to Northgate Light Rail Station
  • 1.4 miles to incoming 145th Street light rail station with service beginning 2024
  • Proximity to Lake City's restaurant row, home to the most diverse food scene in Seattle
  • 20-minute drive to Downtown Seattle

Exclusively Listed By

Multifamily

Shelli Apartments

Listing Price: $4,750,000

Cap Rate
4.14%
Number of Units
20
Price/Unit
$237,500

Investment Highlights

  • Value-Add opportunity with ability to capture significant rental upside through renovations
  • 30 open parking spaces along with 4 private garages provides ample parking and storage
  • Attractive going in cap rate of 4.14% with ability to stabilize at 5.40% after renovations
  • Going in basis below $250k per unit very rare for Seattle address
  • 3.5 miles to Northgate Light Rail Station
  • 1.4 miles to incoming 145th Street light rail station with service beginning 2024
  • Proximity to Lake City's restaurant row, home to the most diverse food scene in Seattle
  • 20-minute drive to Downtown Seattle

Investment Overview

Located at 13711 32nd Ave NE in Lake City, Shelli is a 20-unit apartment community tucked away against a quiet stream with easy access to anywhere in the greater Seattle area via SR-522 or I-5. Built in 1968, Shelli is positioned as a perfect value add play for investors looking to generate outsized returns through a renovation program. With a desirable unit mix of 12 one-bedroom and 8 two-bedroom homes averaging 820 square feet, an incoming investor should be able to achieve rents $200+ above current levels by implementing a cosmetic renovation program. Several comparable properties in the immediate area have done renovations similar to the scope proposed for Shelli and are achieving significant premiums to their classic style counterparts. Lake City is one of Seattle’s most interesting and diverse neighborhoods. Known for its eclectic restaurant scene which boasts some of the best food in Seattle, Lake City is structured around several major transit routes and offers an easy commute for those that work in downtown Seattle, any of the northern suburbs along I-5, or Kenmore and Bothell on SR-522. With a new light rail station at 145th Street beginning service in 2024, Lake City is poised for future growth and development.

Exclusively Listed By

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