Classic Seattle Charm
Eight units with room to expand.
This was bought with a long-term hold strategy in mind with plans to maximize the investment through subdivision and sale of the rear lot. The house that already consisted of eight units was bought in 2016. The building was in excellent shape, and only needed cosmetic upgrades and tenant stabilization. Between 2016 and the end of 2017, rents were increased that were previously well below market rates. Additional security was provided for tenants, along with landscaping, new appliances where needed and repairs.
This area of Seattle has a walk score of 98, which is excellent. It is just a couple of blocks away from the new Capital Hill Light Railway Station. Much of the work to the property involved subdividing the lot and the permit process, so the rear portion of the lot can now have new multi-family housing. A solid buyer is already in place.
- Project start date: June 2016
- Purchase price: $1,745,000
- Sales price in 2018 (sale pending): $3,850,00*
*The pending sale is for the back lot only. The eight units are currently on the market.