Log In/Sign Up
Your email has been sent.
Klahowya Apartments 855 W Nickerson St 10 Unit Apartment Building $4,297,356 CAD ($429,736 CAD/Unit) 5.04% Cap Rate Seattle, WA 98119
Investment Highlights
- A+ Seattle Location
- Well-Sized Unit Mix
- Untapped Income Streams
- 100% Occupied, Zero Delinquency
- Clear Value-Add Runway
Executive Summary
Klahowya offers a rare opportunity to acquire a fully stabilized, 10-unit multifamily asset positioned at the nexus of Queen Anne, Ballard, and Fremont—three of Seattle’s most consistently high-demand residential neighborhoods—with direct access to the city’s employment hubs in South Lake Union and Downtown Seattle.
Current ownership has already done the heavy lifting: a fully permitted 10th studio unit has been added to the rent roll, the majority of units have been upgraded, and the property operates at 100% occupancy with zero delinquency. There is no distress no deferred maintenance no vacant units requiring urgency. What’s left is a clean, professionally positioned asset with a clearly defined path to incremental value creation, and a submarket that rewards this type of asset.
For the next investor, completing the interior renovation program—already validated by the current ownership’s partial upgrades—delivers proven rent premiums with low execution risk. At the $2M–$4M price point, competing inventory in the Seattle market is virtually nonexistent, providing both acquisition scarcity and durable long-term hold value. For investors seeking a stabilized, income-producing asset with defined upside and submarket defensibility, Klahowya checks each box.
- Situated between Queen Anne, Ballard, and Fremont with direct access to South Lake Union, Downtown Seattle, and a bus stop at the front door.
- Fully stabilized with no delinquency and no immediate CapEx requirements; day-one cash flow with minimal execution risk.
- Nine units averaging 738 SF across a mix of one-bedroom and two-bedroom floor plans, larger than typical urban products. A 10th unit is already on the rent roll, providing more density without entitlement risk or development timeline uncertainty.
- Partial renovations have been completed and are already proving rent premiums; finishing the interior program is a low-risk, high-confidence path to additional NOI.
- Parking is currently bundled into rent, storage income is unformalized, and RUBs collections have room to grow, creating three actionable opportunities to further income.
Current ownership has already done the heavy lifting: a fully permitted 10th studio unit has been added to the rent roll, the majority of units have been upgraded, and the property operates at 100% occupancy with zero delinquency. There is no distress no deferred maintenance no vacant units requiring urgency. What’s left is a clean, professionally positioned asset with a clearly defined path to incremental value creation, and a submarket that rewards this type of asset.
For the next investor, completing the interior renovation program—already validated by the current ownership’s partial upgrades—delivers proven rent premiums with low execution risk. At the $2M–$4M price point, competing inventory in the Seattle market is virtually nonexistent, providing both acquisition scarcity and durable long-term hold value. For investors seeking a stabilized, income-producing asset with defined upside and submarket defensibility, Klahowya checks each box.
- Situated between Queen Anne, Ballard, and Fremont with direct access to South Lake Union, Downtown Seattle, and a bus stop at the front door.
- Fully stabilized with no delinquency and no immediate CapEx requirements; day-one cash flow with minimal execution risk.
- Nine units averaging 738 SF across a mix of one-bedroom and two-bedroom floor plans, larger than typical urban products. A 10th unit is already on the rent roll, providing more density without entitlement risk or development timeline uncertainty.
- Partial renovations have been completed and are already proving rent premiums; finishing the interior program is a low-risk, high-confidence path to additional NOI.
- Parking is currently bundled into rent, storage income is unformalized, and RUBs collections have room to grow, creating three actionable opportunities to further income.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
| Price | $4,297,356 CAD | Building Class | B |
| Price Per Unit | $429,736 CAD | Lot Size | 0.25 AC |
| Sale Type | Investment | Building Size | 7,375 SF |
| Cap Rate | 5.04% | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1963/1980 |
| Property Subtype | Apartment | Parking Ratio | 1.36/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | LR3 RC (M) | ||
| Price | $4,297,356 CAD |
| Price Per Unit | $429,736 CAD |
| Sale Type | Investment |
| Cap Rate | 5.04% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.25 AC |
| Building Size | 7,375 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1963/1980 |
| Parking Ratio | 1.36/1,000 SF |
| Zoning | LR3 RC (M) |
Amenities
Unit Amenities
- Fireplace
- Washer/Dryer
- Views
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | 625 |
| 2+1 | 2 | - | 900 |
| 3+2 | 1 | - | 1,200 |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Good public transit
60/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 744300-1240 | Improvements Assessment | $1,370 CAD |
| Land Assessment | $3,542,510 CAD | Total Assessment | $3,543,880 CAD |
Property Taxes
Parcel Number
744300-1240
Land Assessment
$3,542,510 CAD
Improvements Assessment
$1,370 CAD
Total Assessment
$3,543,880 CAD
Contacts
-
Chad Blenz -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Brandon Lawler -
Berkadia
1 of 13
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
Klahowya Apartments | 855 W Nickerson St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.