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Davison Apartments 5003 15th Ave NE 22 Unité Immeuble d’appartements 6 168 492 $ CAD (280 386 $ CAD/Unité) 5,98% Taux de capitalisation Seattle, WA 98105
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Faits saillants de l'investissement
- Proven Value-Add Strategy
- Immediate, Scalable Income Growth
- Below Replacement Cost Basis
- Embedded Rent Upside
- Irreplaceable Vintage Asset
Résumé de l'annonce
Cushman & Wakefield Capital Markets is pleased to present an exclusive opportunity to acquire The Davison Apartments, a character-rich, well-maintained vintage asset in the heart of Seattle’s University District - one of the most durable and supply-constrained rental markets in the region.
The Davison offers investors a compelling combination of immediate in-place cash flow and a clear, executable value-add strategy, allowing a buyer to materially grow NOI without taking on development or lease-up risk. The property’s large-format studio and one-bedroom unit mix is currently rented at below-market rates, creating a well-defined path to revenue growth through interior upgrades and operational improvements. A light renovation program is projected to drive meaningful NOI expansion from acquisition through stabilization and beyond.
Critically, this upside is not dependent on market rent growth - it is already embedded in the existing rent roll, allowing investors to effectively buy forward NOI at today’s basis. The strategy is further supported by ancillary income opportunities including RUBS, parking, and laundry, alongside operational efficiencies that create near-term cash flow lift.
The investment is further underpinned by a low basis relative to replacement cost and the inherent scarcity of vintage brick construction, which cannot be replicated in today’s cost environment. While the asset is URM construction, this dynamic is reflected in the pricing and basis. In a submarket where new supply is almost exclusively luxury product, the Davison occupies the critical middle-market segment - affordable, well-located housing with consistent demand across cycles and a tenant profile that has proven resilient in periods of economic uncertainty.
The Davison offers investors a compelling combination of immediate in-place cash flow and a clear, executable value-add strategy, allowing a buyer to materially grow NOI without taking on development or lease-up risk. The property’s large-format studio and one-bedroom unit mix is currently rented at below-market rates, creating a well-defined path to revenue growth through interior upgrades and operational improvements. A light renovation program is projected to drive meaningful NOI expansion from acquisition through stabilization and beyond.
Critically, this upside is not dependent on market rent growth - it is already embedded in the existing rent roll, allowing investors to effectively buy forward NOI at today’s basis. The strategy is further supported by ancillary income opportunities including RUBS, parking, and laundry, alongside operational efficiencies that create near-term cash flow lift.
The investment is further underpinned by a low basis relative to replacement cost and the inherent scarcity of vintage brick construction, which cannot be replicated in today’s cost environment. While the asset is URM construction, this dynamic is reflected in the pricing and basis. In a submarket where new supply is almost exclusively luxury product, the Davison occupies the critical middle-market segment - affordable, well-located housing with consistent demand across cycles and a tenant profile that has proven resilient in periods of economic uncertainty.
Faits sur la propriété
| Prix | 6 168 492 $ CAD | Style d’appartement | De faible hauteur |
| Prix par unité | 280 386 $ CAD | Classe d’immeuble | B |
| Type de vente | Investissement | Taille du lot | 0,19 AC |
| Taux de capitalisation | 5,98% | Taille du bâtiment | 16 848 pi² |
| Nombre d’unités | 22 | Nombre d’étages | 4 |
| Type de propriété | Immeuble residentiel | Année de construction/rénovation | 1926/1994 |
| Sous-type de propriété | Appartement | ||
| Zonage | LR3 - Bâtiment de faible hauteur | ||
| Prix | 6 168 492 $ CAD |
| Prix par unité | 280 386 $ CAD |
| Type de vente | Investissement |
| Taux de capitalisation | 5,98% |
| Nombre d’unités | 22 |
| Type de propriété | Immeuble residentiel |
| Sous-type de propriété | Appartement |
| Style d’appartement | De faible hauteur |
| Classe d’immeuble | B |
| Taille du lot | 0,19 AC |
| Taille du bâtiment | 16 848 pi² |
| Nombre d’étages | 4 |
| Année de construction/rénovation | 1926/1994 |
| Zonage | LR3 - Bâtiment de faible hauteur |
Unité renseignements sur le mélange
| Description | Nombre d’unités | Loyer moyen/mois | pi² |
|---|---|---|---|
| Studios | 10 | - | 450 |
| 1+1 | 12 | - | 824 |
Exceptionnellement accessible à pied
100/100
Relativement adapté aux voitures
50/100
Transports en commun exceptionnels
90/100
Exceptionnellement accessible en vélo
90/100
Impôts fonciers
| Numéro de lot | 881640-0420 | Évaluation des bâtiments | 4 959 580 $ CAD |
| Évaluation du terrain | 3 267 582 $ CAD | Évaluation totale | 8 227 162 $ CAD |
Impôts fonciers
Numéro de lot
881640-0420
Évaluation du terrain
3 267 582 $ CAD
Évaluation des bâtiments
4 959 580 $ CAD
Évaluation totale
8 227 162 $ CAD
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Davison Apartments | 5003 15th Ave NE
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