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Vivir 1201 S Cloverdale St 20 Unit Apartment Building $4,510,902 CAD ($225,545 CAD/Unit) 6.10% Cap Rate Seattle, WA 98108
Investment Highlights
- Immediate Value-Add Opportunity
- Quality Amenities Drive Tenant Retention
- Major Hub for Air Travel and World-Class Healthcare Provide Recession-Resistant Employment
- Proven Rent Growth Strategy
- Strong Submarket Fundamentals
- Supply-Constrained Market Supports Stability
Executive Summary
Vivir presents a strategic acquisition opportunity in the West Seattle/South Seattle submarket – a most renovated, recently stabilized 20-unit property where significant value-add work has already been completed and validated through current performance. With 15 units fully renovated and achieving market-rate rents, Vivir delivers a 6.45% pro forma cap rate while offering clear upside potential. Three units are partially renovated and positioned for near-term completion, while two units remain ready for upgrades, providing straightforward execution opportunities for new ownership.
The property features a diversified mix of studio, one-bedroom, and two-bedroom units averaging 568 square feet. Renovated units include luxury vinyl plank flooring, hard surface countertops, contemporary fixtures, and new stainless appliances – finishes that lease immediately at market rates and drive strong tenant retention, validating both the renovation approach and underlying demand.
New ownership can capture incremental revenue through two channels: operational optimization and completion of the renovation program. By reducing economic loss to industry standards and finishing the remaining unit improvements, the property is positioned to unlock 10% premiums over current in-place rents – a target already being achieved by upgraded units today.
Vivir offers what sophisticated investors seek: attractive basis deliverable at 25% below previous market peak, current income stability from fully occupancy, near-term value creation through a de-risked renovation program, and long-term upside supported by supply constraints and diverse employment drivers in one of the West Coast’s strongest multifamily markets.
The property features a diversified mix of studio, one-bedroom, and two-bedroom units averaging 568 square feet. Renovated units include luxury vinyl plank flooring, hard surface countertops, contemporary fixtures, and new stainless appliances – finishes that lease immediately at market rates and drive strong tenant retention, validating both the renovation approach and underlying demand.
New ownership can capture incremental revenue through two channels: operational optimization and completion of the renovation program. By reducing economic loss to industry standards and finishing the remaining unit improvements, the property is positioned to unlock 10% premiums over current in-place rents – a target already being achieved by upgraded units today.
Vivir offers what sophisticated investors seek: attractive basis deliverable at 25% below previous market peak, current income stability from fully occupancy, near-term value creation through a de-risked renovation program, and long-term upside supported by supply constraints and diverse employment drivers in one of the West Coast’s strongest multifamily markets.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
| Price | $4,510,902 CAD | Building Class | C |
| Price Per Unit | $225,545 CAD | Lot Size | 0.28 AC |
| Sale Type | Investment | Building Size | 11,355 SF |
| Cap Rate | 6.10% | Average Occupancy | 100% |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1957 |
| Property Subtype | Apartment | Parking Ratio | 0.88/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RSL (M) | ||
| Price | $4,510,902 CAD |
| Price Per Unit | $225,545 CAD |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 11,355 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1957 |
| Parking Ratio | 0.88/1,000 SF |
| Zoning | RSL (M) |
Amenities
Unit Amenities
- Dishwasher
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Stainless Steel Appliances
- Breakfast Nook
Site Amenities
- Courtyard
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 400 |
| 1+1 | 15 | - | 525 |
| 2+2 | 4 | - | 770 |
Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 788360-7705 | Improvements Assessment | $4,431,620 CAD |
| Land Assessment | $574,115 CAD | Total Assessment | $5,005,734 CAD |
Property Taxes
Parcel Number
788360-7705
Land Assessment
$574,115 CAD
Improvements Assessment
$4,431,620 CAD
Total Assessment
$5,005,734 CAD
Contacts
-
Chad Blenz -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Brandon Lawler -
Berkadia
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Vivir | 1201 S Cloverdale St
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