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The Wedgewood Apartments 7320 35th Ave NE 21 Unité Immeuble d’appartements 7 705 830 $ CAD (366 944 $ CAD/Unité) 5,88% Taux de capitalisation Seattle, WA 98115
Certaines informations ont été traduites automatiquement.
Faits saillants de l'investissement
- Attractive Unit Mix with Proven Renovation Premium
- Strong Operations in an Excellent Location
- Commercial Income and Additional Exit Optionality
- Value-Add Opportunity with Rent Growth Potential
- Well-Maintained with Recent Capital Improvements
- Strong Renter Demographics in a Supply-Constrained Market
Résumé de l'annonce
Wedgewood Apartments is a 21-unit mixed-use investment opportunity in Northeast Seattle between Wedgwood and the University District. The property presents the opportunity for investors to acquire a well-located, mostly renovated asset with strong in-place occupancy, proven operational performance, and additional upside through finalizing unit renovations and capitalizing on rent growth.
Built in 1968, the property features a unit mix of 2 urban one-bedroom units, 10 one-bedroom/one-bath units, and 8 two-bedroom/one-bath units, with an average unit size of approximately 579 square feet. The property has benefited from strategic recent improvements, including a new roof, exterior paint, resealed and restriped parking lot, and deck renovations. To date, 13 of the 20 units have been renovated and feature LVP flooring, stainless steel appliances, updated lighting, renovated bathrooms, and in-unit washer/dryers.
Wedgewood Apartment is currently 100% occupied with zero delinquency, indicating strong demand and creating a clear path to complete the renovation program and capture additional upside. Additionally, current rents sit 10% below average market rates. With an additional 12% premium achievable through renovations, there is an estimated 22% growth potential here for investors to capture.
The property is ideally situated in an amenity-rich location, offering residents convenient access to the University of Washington, SR-520, I-5, and Magnuson Park. Walkable neighborhood amenities include Safeway, Starbucks, Orangetheory Fitness, and a variety of dining options.
In addition to the previously mentioned upside, Wedgewood Apartments includes an established long-term commercial tenant that has occupied the space over 15 years, with an additional three years remaining on the current lease. Combined with limited new supply and strong submarket fundamentals, Wedgewood Apartments offers investors an incredible opportunity to acquire a stable asset with both current income and future upside.
Built in 1968, the property features a unit mix of 2 urban one-bedroom units, 10 one-bedroom/one-bath units, and 8 two-bedroom/one-bath units, with an average unit size of approximately 579 square feet. The property has benefited from strategic recent improvements, including a new roof, exterior paint, resealed and restriped parking lot, and deck renovations. To date, 13 of the 20 units have been renovated and feature LVP flooring, stainless steel appliances, updated lighting, renovated bathrooms, and in-unit washer/dryers.
Wedgewood Apartment is currently 100% occupied with zero delinquency, indicating strong demand and creating a clear path to complete the renovation program and capture additional upside. Additionally, current rents sit 10% below average market rates. With an additional 12% premium achievable through renovations, there is an estimated 22% growth potential here for investors to capture.
The property is ideally situated in an amenity-rich location, offering residents convenient access to the University of Washington, SR-520, I-5, and Magnuson Park. Walkable neighborhood amenities include Safeway, Starbucks, Orangetheory Fitness, and a variety of dining options.
In addition to the previously mentioned upside, Wedgewood Apartments includes an established long-term commercial tenant that has occupied the space over 15 years, with an additional three years remaining on the current lease. Combined with limited new supply and strong submarket fundamentals, Wedgewood Apartments offers investors an incredible opportunity to acquire a stable asset with both current income and future upside.
Salle de données Cliquez ici pour accéder à
- Offering Memorandum
- Operating and Financials
Faits sur la propriété
| Prix | 7 705 830 $ CAD | Classe d’immeuble | C |
| Prix par unité | 366 944 $ CAD | Taille du lot | 0,82 AC |
| Type de vente | Investissement | Taille du bâtiment | 11 141 pi² |
| Taux de capitalisation | 5,88% | Occupation moyenne | 100% |
| Nombre d’unités | 21 | Nombre d’étages | 1 |
| Type de propriété | Immeuble residentiel | Année de construction | 1968 |
| Sous-type de propriété | Appartement | Ratio de stationnement | 2,78/1 000 pi² |
| Style d’appartement | Jardin | ||
| Zonage | L2, King | ||
| Prix | 7 705 830 $ CAD |
| Prix par unité | 366 944 $ CAD |
| Type de vente | Investissement |
| Taux de capitalisation | 5,88% |
| Nombre d’unités | 21 |
| Type de propriété | Immeuble residentiel |
| Sous-type de propriété | Appartement |
| Style d’appartement | Jardin |
| Classe d’immeuble | C |
| Taille du lot | 0,82 AC |
| Taille du bâtiment | 11 141 pi² |
| Occupation moyenne | 100% |
| Nombre d’étages | 1 |
| Année de construction | 1968 |
| Ratio de stationnement | 2,78/1 000 pi² |
| Zonage | L2, King |
Commodités
Commodités des unités
- Chauffage
- Cuisine
- Réfrigérateur
- Four
- Bain/Douche
Unité renseignements sur le mélange
| Description | Nombre d’unités | Loyer moyen/mois | pi² |
|---|---|---|---|
| Studios | 2 | - | 550 |
| 1+1 | 10 | - | 450 |
| 2+1 | 8 | - | 700 |
1 1
Moyennement accessible à pied
70/100
Moyennement adapté aux voitures
70/100
Bons transports en commun
60/100
Moyennement accessible en vélo
60/100
Impôts fonciers
| Numéro de lot | 797420-0041 | Évaluation des bâtiments | 1 411 $ CAD |
| Évaluation du terrain | 7 222 552 $ CAD | Évaluation totale | 7 223 963 $ CAD |
Impôts fonciers
Numéro de lot
797420-0041
Évaluation du terrain
7 222 552 $ CAD
Évaluation des bâtiments
1 411 $ CAD
Évaluation totale
7 223 963 $ CAD
Contacts
-
Chad Blenz -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Brandon Lawler -
Berkadia
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Vidéos
Visite extérieure 3D Matterport
Visite 3D Matterport
Photos
Vue depuis la rue
Rue
Carte
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Présenté par
The Wedgewood Apartments | 7320 35th Ave NE
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