LEASABLE SQ FT
711 21st Ave, Seattle , WA 98122
Langston Hughes Courtyard
Langston Hughes Courtyard is a 6-unit apartment building ideally positioned in Seattle, WA. Located in the Central District between Seattle University, Capitol Hill, I-90, and Lake Washington, the property offers proximity to the area’s best attractions and employers. Langston Hughes provides an attractive unit mix and plenty of value-add opportunities with much of the heavy lifting already taken care of. The property was originally constructed in 1900 and has been significantly updated – most recently in 2018. Updates include modern plumbing and electrical systems, dual pane windows, roof, paint, siding, new laundry machines, select unit interiors, and other various improvements. The building has a desirable mix of (1) 2-bedroom and (5) 3-bedroom units with an averaging 973 square feet. With rents lower than competing properties, there’s tremendous upside in raising rents to market. New ownership can capture an additional $4,000/mo in rental income with cosmetic updates. In addition, returns will be further improved by implementing utility bill-backs and parking charges, quickly taking this property north of a 6% market cap rate. The neighborhood provides a suburban feel while still being in the heart of the city. The Central District submarket is a perfect location for investors seeking future growth. Investors have a tremendous opportunity to increase revenue and returns by repositioning the property and improving operations.
Broker (Multi Family)View Profile
Matt Millerview profile