2009 S Norman St - Judkins TOD Townhomes 12 Unit Apartment Building Offered For Sale Seattle, WA 98144

Marketing Description:
Judkins TOD Townhomes presents the opportunity to acquire a newly constructed, 12-unit townhome community located just steps from Seattle's Judkins Park Light Rail Station, one of the newest and most transformative additions in the area. With modern design, high-quality construction, attractive in-unit amenities, and direct access to Seattle's expanding regional rail network, the property is well positioned to capture durable renter demand, support strong absorption, and drive long-term value.
Each residence features a private top-floor primary suite with a walk-in closet, dual vanities, and a walk-in shower. Expansive rooftop decks with sweeping city views and natural gas BBQ hookups further elevate the resident experience and strengthen the property's competitive position in the market.
Located in a growing urban infill submarket, Judkins TOD Townhomes offers convenient access to Downtown Seattle, Bellevue, Redmond, and the broader regional transit system. This connectivity significantly broadens commuter appeal and reinforces the property's position as a highly accessible housing option for both Seattle- and Eastside-based renters.
The asset also benefits from individually deeded residences, which may allow for separate unit sales in the future and provide added exit flexibility. Additional income from parking, storage, and EV charging infrastructure creates further revenue upside, while Opportunity Zone eligibility may offer attractive tax deferral and capital gains benefits. Combined with limited new competitive supply and favorable demand fundamentals, Judkins TOD Townhomes represents a rare opportunity to acquire a high-quality, transit-oriented asset with multiple paths for income growth and appreciation.
Phase II is completing initial lease-up, with in-place rents exceeding $4,100 per month across the property. Upon full stabilization, Judkins TOD Townhomes offers near-term upside, with projected Year 1 market NOI of $551,676. Continued transit-oriented development and improving regional connectivity should further support long-term capital appreciation.
Investment Highlights:
Transit-Oriented New Construction Asset: Built in two phases across 2025 and 2026, Judkins TOD Townhomes features 12 newly built townhomes with 11 three-bedroom, two-plus-bathroom floor plans and one two-bedroom, two-bathroom unit, located just 0.3 miles from Judkins Park Light Rail Station.
Enhanced Regional Connectivity: Direct access, via I-90 and I-5, to Downtown Seattle, Bellevue, Redmond, and the broader regional transit network expands commuter appeal and supports rental demand.
Elevated Design and Finishes: Modern interiors, rooftop decks with panoramic skyline views, and premium finishes—including top-floor primary suites, quartz countertops, mini-split air conditioning, and open-concept layouts—differentiate the property within the market.
Additional Income Upside: Income from fully leased parking, rentable storage units, and EV charging provides immediate supplemental revenue with potential for further growth. Additional EV charging stations can readily be installed for remaining units, generating $100 monthly premiums.
Favorable Supply-Demand Fundamentals: Strong annual demand for urban living with transit access and new construction slowdowns provide a favorable lease-up environment.
Long-Term Appreciation Potential: The property is well positioned to benefit from continued neighborhood growth and increasing demand for transit-oriented housing.
Affluent Area Demographics: Median household income is $115,197 within a one-mile radius and is projected to reach $205,905 over the next five years.
Flexible Exit Optionality: Individually deeded residences allow for individual unit sales, a bulk portfolio disposition, or selloffs of Phase One and Two separately.