Mercer Eight Apartments

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1601 E Mercer St, Seattle , WA 98112
Mercer Eight Apartments
Capitol Hill Value-Add Opportunity The Mercer Eight Apartments presents the opportunity to acquire an 8-unit community with significant upside, and strategically located in the dynamic Capitol Hill neighborhood of Seattle. The asset is poised for significant revenue growth via a value-add strategy to be implemented on unit turnover. Investors can increase revenue and value by adding in a utility bill-back system and renovating units to generate as much as $700+ per month in market rent premiums. The property was built in 1956 and consists of consists of studio, 1-bedroom, and 2-bedroom units with an average unit size of 662 square feet. The wood-framed construction with stone/masonry veneer provides a vintage aesthetic that is desirable in these walk-up types of assets. The property has updated vinyl windows, some plumbing updates, a flat PVC membrane roof, and is heated by an updated boiler system. With a walk score of 90 (Walker’s Paradise), a bike score of 95 (Biker’s Paradise), and a transit score of 68 (Good Transit), residents can explore various neighborhood restaurants, coffee shops, and nightlife. Outdoor enthusiasts and health-conscious residents can play sports at Miller Playfield or enjoy a stroll through Volunteer Park, both less than 6 blocks away from the property. The Mercer Eight Apartments is well-positioned as a value-add asset that will benefit from Seattle’s continued growth.
Matt Johnston
Broker (Multi Family)
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