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4719 15th Ave NE
Seattle, WA 98105
Yugo Seattle Rivendell · Multifamily Property For Sale
·
37 Units
INVESTMENT HIGHLIGHTS
- Prime University District Location
- Rare Two-Story Garage With 45 Stalls
- Proximity To Light Rail And Major Bus Lines
- Vaulted Ceilings On The Top Floor
EXECUTIVE SUMMARY
CBRE is pleased to present Rivendell Apartments, a 24-unit building located in the heart of Seattle’s University District at 47th and 15th Ave NE—just a six-minute walk to the University of Washington campus. Built in 1999, the property features spacious units, ten of which were renovated in 2023, each with private patios or decks. The top floor boasts lofted ceilings, and residents benefit from a secure two-story garage with 45 parking stalls. Currently operated as student housing with units leased by the bedroom, Rivendell is part of a broader portfolio that includes two adjacent properties. By separating Rivendell from the larger operation and aligning expenses with market norms for a 24-unit building, investors can unlock significant value with minimal operational lift. This strategy will enhance the property’s NOI margin and
offer investors an opportunity to realize income yields well in excess of market cap rates, making Rivendell a compelling value-add opportunity in one of Seattle’s most resilient rental submarkets.
offer investors an opportunity to realize income yields well in excess of market cap rates, making Rivendell a compelling value-add opportunity in one of Seattle’s most resilient rental submarkets.
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 0.30 AC |
| No. Units | 37 | Building Size | 20,200 SF |
| Property Type | Multifamily | Average Occupancy | 86% |
| Property Subtype | Apartment | No. Stories | 4 |
| Apartment Style | Mid-Rise | Year Built | 1999 |
| Building Class | C | Parking Ratio | 2.3/1,000 SF |
| Zoning | L3 - Residential | ||
| Sale Type | Investment |
| No. Units | 37 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 20,200 SF |
| Average Occupancy | 86% |
| No. Stories | 4 |
| Year Built | 1999 |
| Parking Ratio | 2.3/1,000 SF |
| Zoning | L3 - Residential |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Fireplace
- Microwave
- Storage Space
- Washer/Dryer
- Vaulted Ceiling
- Views
- Walk-In Closets
- Wi-Fi
- Patio
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- Laundry Facilities
- Property Manager on Site
- Energy Star Labeled
- Storage Space
- Bicycle Storage
- Community-Wide WiFi
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 9 | - | 612 - 844 |
| 1+1.5 | 7 | - | 1,153 - 1,209 |
| 2+1 | 16 | - | 790 - 1,062 |
| 2+2 | 5 | - | 900 |
PROPERTY TAXES
| Parcel Number | 881640-0270 | Improvements Assessment | $4,869,000 |
| Land Assessment | $3,640,000 | Total Assessment | $8,509,000 |
PROPERTY TAXES
Parcel Number
881640-0270
Land Assessment
$3,640,000
Improvements Assessment
$4,869,000
Total Assessment
$8,509,000
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