LEASABLE SQ FT
12728 33rd Ave Ne, Seattle , WA 98125
Estada Apartments is a well-maintained 19-unit light value-add apartment building located just off Lake City Way, and a block from Fred Meyer in the heart of Downtown Lake City. The property is just a 17-minute drive to Downtown Seattle and an 8-minute drive to the Northgate Station, a world-class, mixed-use development and home to the new Seattle Kraken practice and training facility. Built in 1967, the Estada Apartments sit on a 16,670 square foot site zoned NC3-75(M), with 22 surface parking spaces, 15 of which are secured by a gated entry. The property consists of a balanced unit mix of 6 one-bed/one-bath units, 8 two-bed/one-bath units, 4 two bed/2 bath units, and a large 1,600 square foot four bed/4 bath unit that operates as four micro studios with a shared kitchen a living room. Each unit features in-unit laundry, and 16 of the 19 units have private balconies or patios. The property has undergone significant capital improvements in the last 15 years including a new roof (2011), electrical panels (2010), vinyl windows (2008), and updates to the unit interiors (2008/2009). A new investor can improve unit interiors to today’s market standards, increasing rents by approximately 18% and by increasing utility bill backs and parking charges to market standards increase net operating income by nearly 25%.
Managing Partner (Multi family)View Profile
Casey Zejdlikview profile