Investment Overview

The Harbor Town Apartments are located in a quiet, residential pocket of Seattle’s most desirable neighborhood, Capitol Hill. Originally constructed in 1966, Harbor Town has been carefully maintained and updated to ensure that it is a desirable community for tenants and a low-maintenance asset for ownership. Boasting a walk score of 93, the property is situated just 0.1 miles from Safeway, 0.25 miles from Trader Joe’s, and 0.2 miles from the Rapid Ride Bus Stop with access to Downtown Seattle and the Pike-Pine Corridor. Comprised of nine 650SF one-bedrooms, 7 850SF two-bedrooms, and a large, non-conforming 400SF “Studio+” unit with a separate bedroom and full kitchen, the property offers a range of living spaces that have strong historical occupancy. Capitol Hill is one of the most coveted neighborhoods in Seattle offering unmatched access to 620,000+ jobs at companies such as Amazon, Google, Expedia, Meta, Microsoft as well as some of the largest hospitals on the West Coast including Swedish Hospital, UW Medical Center, Harborview Medical Center, and more. Additionally, Capitol Hill is home to Seattle’s most exciting dining and entertainment scene. Harbor Town has undergone significant improvements including update PECS plumbing to about 60% of the units, recent exterior painting, and new electrical panels in all units. The interior of the units offer spacious layouts, private decks with views of the cascades and Lake Washington, and a value-add opportunity for investors through a light renovation package. Additionally, 10% rent increase notices have been issued to ten of the units, bringing all units to market rent and a 5.83% CAP rate in year one.