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Estada Apartments 12728 33rd Ave NE 22 Unit Apartment Building $6,219,577 CAD ($282,708 CAD/Unit) 5.35% Cap Rate Seattle, WA 98125
Investment Highlights
- Below-Market Rent Upside
- Irreplaceable Lake City Location
- Strong Rent Growth Fundamentals
- Diverse Unit Mix Broadens Renter Appeal
- Move-In Ready & Immediate NOI
Executive Summary
Estada sits in North Seattle’s Lake City neighborhood as a fully occupied, well-maintained property currently generating rents nearly 21% below market rates; creating a great opportunity for new ownership.
Several units in Estada have already been upgraded and the renovated units are leasing at premium rents. Completing that scope across the remaining units captures the full benefit of a submarket that is supply-constrained, income-rich, and well-connected.
The fundamentals surrounding Lake City are already outperforming the broader Seattle metro. Average household income within three miles exceeds $135,000 and is projected to climb 53%, driven by the University of Washington, UW Medical Center, and Seattle’s expanding tech scene.
That income growth supports a deep and durable renter base: 43% of local housing units are renter-occupied, and current in-place rents represent just 10.3% of average household income. Tenants here are not rent-burdened, which means there is meaningful, sustainable room to grow rents as units turn.
Estada offers investors a clearly defined value-add strategy with below-market rents, a proven renovation scope, and a tenant base growing in both size and income in a submarket that continues to reward ownership.
Several units in Estada have already been upgraded and the renovated units are leasing at premium rents. Completing that scope across the remaining units captures the full benefit of a submarket that is supply-constrained, income-rich, and well-connected.
The fundamentals surrounding Lake City are already outperforming the broader Seattle metro. Average household income within three miles exceeds $135,000 and is projected to climb 53%, driven by the University of Washington, UW Medical Center, and Seattle’s expanding tech scene.
That income growth supports a deep and durable renter base: 43% of local housing units are renter-occupied, and current in-place rents represent just 10.3% of average household income. Tenants here are not rent-burdened, which means there is meaningful, sustainable room to grow rents as units turn.
Estada offers investors a clearly defined value-add strategy with below-market rents, a proven renovation scope, and a tenant base growing in both size and income in a submarket that continues to reward ownership.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
| Price | $6,219,577 CAD | Building Class | C |
| Price Per Unit | $282,708 CAD | Lot Size | 0.38 AC |
| Sale Type | Investment | Building Size | 15,770 SF |
| Cap Rate | 5.35% | Average Occupancy | 96% |
| No. Units | 22 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1967 |
| Property Subtype | Apartment | Parking Ratio | 1.14/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | NC3-75 - Commercial | ||
| Price | $6,219,577 CAD |
| Price Per Unit | $282,708 CAD |
| Sale Type | Investment |
| Cap Rate | 5.35% |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.38 AC |
| Building Size | 15,770 SF |
| Average Occupancy | 96% |
| No. Stories | 3 |
| Year Built | 1967 |
| Parking Ratio | 1.14/1,000 SF |
| Zoning | NC3-75 - Commercial |
Amenities
Unit Amenities
- Balcony
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Patio
Site Amenities
- Controlled Access
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | 700 |
| 2+1 | 8 | - | 835 |
| 2+2 | 4 | - | 950 - 1,020 |
| Studios | 4 | - | 273 |
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Moderately walkable
70/100
Moderately drivable
70/100
Good public transit
60/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 145360-0883 | Improvements Assessment | $1,635,800 CAD |
| Land Assessment | $3,306,206 CAD | Total Assessment | $4,942,006 CAD |
Property Taxes
Parcel Number
145360-0883
Land Assessment
$3,306,206 CAD
Improvements Assessment
$1,635,800 CAD
Total Assessment
$4,942,006 CAD
Contacts
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Chad Blenz -
Brandon Lawler -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Berkadia
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Estada Apartments | 12728 33rd Ave NE
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