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Vivir 1201 S Cloverdale St 20 Unit Apartment Building $3,600,000 ($180,000/Unit) 6.39% Cap Rate Seattle, WA 98108
INVESTMENT HIGHLIGHTS
- Immediate Value-Add Opportunity
- Quality Amenities Drive Tenant Retention
- Major Hub for Air Travel and Employment
- Proven Rent Growth Strategy
- Strong Submarket Fundamentals
- Supply-Constrained Market Supports Stability
EXECUTIVE SUMMARY
Introducing Vivir at 1201 S Cloverdale St, Seattle, WA, a partially renovated asset in a prime location with a proven value-add strategy. With 15 fully renovated units already achieving market-rate rents, this 20-unit property offers a 6.39% market cap rate and clear upside potential. An additional three units are partially renovated, and two units are ready for upgrades, providing straightforward opportunities for new ownership to increase revenue. Featuring a mix of studio, one-bedroom, and two-bedroom units with modern finishes like luxury vinyl plank flooring and hard surface countertops, Vivir's renovations have been well-received by tenants, driving strong retention rates. With a strategic location just 6 miles from downtown Seattle and close proximity to major employers in the technology and healthcare sectors, this investment is primed for success. Don't miss the chance to capitalize on this value-add opportunity in the sought-after Seattle market.
- Vivir offers a compelling repositioning play across 20 units - 15 fully upgraded and generating market rents, three partially completed, and two ready for improvement; the property maintains 100% occupancy while delivering a solid 6.39% market cap rate with clear upside.
- New ownership can immediately enhance returns by streamlining operations to reduce economic loss, while completing the remaining unit upgrades position the property to capture an 8% premium over current in-place rents.
- The property features on-site laundry with an app-based payment system, central courtyard, off-street parking, and renovated units with luxury vinyl plank (LVP) flooring, hard surface countertops, modern fixtures, and new appliances.
- The West Seattle/South Seattle submarket has experienced a 15.8% increase in asking rents since 2021, indicating strong rental growth potential.
- Located just six miles from Seattle-Tacoma International Airport, and less than five miles from King County International Airport, Vivir provides access to 193,629 jobs while generating more than $36 billion in business output combined between the two airports, bolstering the area's economic vitality.
- Vivir Apartments sits within easy reach of Seattle's world-class healthcare institutions, anchored by Swedish Medical Center, Virginia Mason Medical Center, and Harborview Medical Center, employing over 15,000 healthcare professionals.
- Supply-Constrained Market Supports Stability: Zero new units are scheduled for delivery in Q4 2025 in the West Seattle/South Seattle submarket, creating a favorable supply-demand dynamic that protects occupancy and supports continued rent growth.
- Vivir offers a compelling repositioning play across 20 units - 15 fully upgraded and generating market rents, three partially completed, and two ready for improvement; the property maintains 100% occupancy while delivering a solid 6.39% market cap rate with clear upside.
- New ownership can immediately enhance returns by streamlining operations to reduce economic loss, while completing the remaining unit upgrades position the property to capture an 8% premium over current in-place rents.
- The property features on-site laundry with an app-based payment system, central courtyard, off-street parking, and renovated units with luxury vinyl plank (LVP) flooring, hard surface countertops, modern fixtures, and new appliances.
- The West Seattle/South Seattle submarket has experienced a 15.8% increase in asking rents since 2021, indicating strong rental growth potential.
- Located just six miles from Seattle-Tacoma International Airport, and less than five miles from King County International Airport, Vivir provides access to 193,629 jobs while generating more than $36 billion in business output combined between the two airports, bolstering the area's economic vitality.
- Vivir Apartments sits within easy reach of Seattle's world-class healthcare institutions, anchored by Swedish Medical Center, Virginia Mason Medical Center, and Harborview Medical Center, employing over 15,000 healthcare professionals.
- Supply-Constrained Market Supports Stability: Zero new units are scheduled for delivery in Q4 2025 in the West Seattle/South Seattle submarket, creating a favorable supply-demand dynamic that protects occupancy and supports continued rent growth.
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | $3,600,000 | Building Class | C |
| Price Per Unit | $180,000 | Lot Size | 0.28 AC |
| Sale Type | Investment | Building Size | 11,355 SF |
| Cap Rate | 6.39% | Average Occupancy | 100% |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1957 |
| Property Subtype | Apartment | Parking Ratio | 0.88/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RSL (M) | ||
| Price | $3,600,000 |
| Price Per Unit | $180,000 |
| Sale Type | Investment |
| Cap Rate | 6.39% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 11,355 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1957 |
| Parking Ratio | 0.88/1,000 SF |
| Zoning | RSL (M) |
AMENITIES
UNIT AMENITIES
- Dishwasher
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Stainless Steel Appliances
- Breakfast Nook
SITE AMENITIES
- Courtyard
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | 400 |
| 1+1 | 15 | - | 525 |
| 2+2 | 4 | - | 770 |
Walk Score®
Very Walkable (74)
PROPERTY TAXES
| Parcel Number | 788360-7705 | Improvements Assessment | $3,242,000 |
| Land Assessment | $420,000 | Total Assessment | $3,662,000 |
PROPERTY TAXES
Parcel Number
788360-7705
Land Assessment
$420,000
Improvements Assessment
$3,242,000
Total Assessment
$3,662,000
CONTACTS
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Chad Blenz -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Brandon Lawler -
Berkadia
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