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Multifamily

The Acadia

3262 California Ave SW, Seattle, WA 98116

Listing Price: $3,000,000

Cap Rate
4.67%
Number of Units
10
Occupancy
100.0%
Price/Unit
$300,000
Price/Gross SF
$409.72
Gross SF
7,322

Investment Overview

The Acadia Apartments is located in the very desirable neighborhood of West Seattle. The property bodes an impressive WalkScore of 89 (Very Walkable), being centrally located on the main thoroughfare of California Ave SW, in the middle of the Alaska Junction to the south, and Admiral Junction to the north. California Ave SW is The Street in West Seattle, hosting an abundance of retail shops, restaurants, office buildings, and anything that a tenant would need for day-to-day living. Acadia offers an investor the opportunity to acquire a well-maintained complex that has both current and future upside potential. The current ownership has fully renovated 2 of the 10 units, along with partially renovating another 4 units. Furthermore, at closing the buyer will benefit from a $40,000 credit, from the seller at closing, to complete the renovations of unit 102 that T-Mobile recently vacated. This leaves the buyer with the chance to perform a complete renovation to a total of 4 units, one of which is already paid for, as well as finish the renovations on the 4 partials. Along with the renovations, a buyer will profit from the opportunity to add washer/dryers to all the units, which can be installed in the hallway closets that share a wall with the bathroom. Once these renovations are completed, a buyer will benefit from the chance to raise rents an average of $217 over the current in place rents to match estimated market rents today. Not taking into account any significant increase from the reopening of the West Seattle Bridge in mid-2022. Along with the current upside in finishing the renovations at Acadia, there is an opportunity to add additional unit(s) at the property. With a current zoning of NC2-55 (M), the site should allow an investor to add a ground unit where the tuck under parking is currently located, which is approximately 800 square feet total, as well where the current common laundry and storage units are located (buyer to verify).

Investment Highlights

  • Excellent California Ave SW Location
  • Partially renovated property with significant upside and potential to add additional unit(s).
  • Current Rent Average of $217 Below Market

Exclusively Listed By

  • Kellan Moll

    First Vice President Investments

    Email Kellan

    License(s): WA: 111361

    Seattle

  • Scott Morasch

    Senior Vice President Investments

    (206) 826-5724

    Email Scott

    License(s): WA: 4731

    Seattle

Listing Price: $3,000,000

Cap Rate
4.67%
Number of Units
10
Occupancy
100.0%
Price/Unit
$300,000
Price/Gross SF
$409.72
Gross SF
7,322

Investment Highlights

  • Excellent California Ave SW Location
  • Partially renovated property with significant upside and potential to add additional unit(s).
  • Current Rent Average of $217 Below Market

Investment Overview

The Acadia Apartments is located in the very desirable neighborhood of West Seattle. The property bodes an impressive WalkScore of 89 (Very Walkable), being centrally located on the main thoroughfare of California Ave SW, in the middle of the Alaska Junction to the south, and Admiral Junction to the north. California Ave SW is The Street in West Seattle, hosting an abundance of retail shops, restaurants, office buildings, and anything that a tenant would need for day-to-day living. Acadia offers an investor the opportunity to acquire a well-maintained complex that has both current and future upside potential. The current ownership has fully renovated 2 of the 10 units, along with partially renovating another 4 units. Furthermore, at closing the buyer will benefit from a $40,000 credit, from the seller at closing, to complete the renovations of unit 102 that T-Mobile recently vacated. This leaves the buyer with the chance to perform a complete renovation to a total of 4 units, one of which is already paid for, as well as finish the renovations on the 4 partials. Along with the renovations, a buyer will profit from the opportunity to add washer/dryers to all the units, which can be installed in the hallway closets that share a wall with the bathroom. Once these renovations are completed, a buyer will benefit from the chance to raise rents an average of $217 over the current in place rents to match estimated market rents today. Not taking into account any significant increase from the reopening of the West Seattle Bridge in mid-2022. Along with the current upside in finishing the renovations at Acadia, there is an opportunity to add additional unit(s) at the property. With a current zoning of NC2-55 (M), the site should allow an investor to add a ground unit where the tuck under parking is currently located, which is approximately 800 square feet total, as well where the current common laundry and storage units are located (buyer to verify).

Exclusively Listed By

  • Kellan Moll

    First Vice President Investments

    Email Kellan

    License(s): WA: 111361

    Seattle

  • Scott Morasch

    Senior Vice President Investments

    (206) 826-5724

    Email Scott

    License(s): WA: 4731

    Seattle

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