Urban North

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3032 NE 140th St, Seattle , WA 98125
Urban North
Urban North is a 26-unit, recently renovated apartment community with permits in hand to add an additional 5 units. Over the last five years, the current owners have invested nearly $1 million dollars into the property, including all new high-end unit interiors and improvements to the common area and exterior. Located in Seattle’s Lake City neighborhood, the property is approximately 10 miles north of the city’s downtown and just east of Northgate where the Seattle Kraken’s new practice facility is located.

Built in 1969, the property is a four-story wood-frame building, with new exterior paint, energy-efficient windows, updated landscaping, and new entryways. Urban North encompasses a sought-after unit mix including 19 one-bedroom units averaging 629 square feet, and 7 two-bedroom units averaging 860 square feet, with an average unit size of 691 square feet. The Interior unit features new cabinets & countertops, Luxury Vinyl Tile (LVT) flooring, and stainless steel appliances; select units have private balconies or patios.

The building offers 33 surface and 10 garage parking stalls. There is on-site laundry as well as washers and dryers in 3 units.

Additional opportunities exist with the renovation of one 2-bedroom apartment, which would increase the rent upwards of $500 a month and will be captured once renovations have been completed. A new owner may also add in-home washers and dryers, making Urban North stand out above its competitors and further increasing rents.

The property is near major arterials including Interstate-5 and State Route 522. Other forms of transportation include bus lines 64 and 65 to Northgate, downtown Seattle, and University District, as well as the new Northgate Link Light Rail station.

Urban North provides a new owner with a turn-key asset and the opportunity to add their own touch to the building, all while capturing a steady cash flow at a stabilized 6.0% Cap Rate.
Casey Zejdlik
Managing Partner (Multi family)
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Jason Kono
Managing Partner (Multi family)
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Matt Johnston
Broker (Multi Family)
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