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Davison Apartments 5003 15th Ave NE 22 Unit Apartment Building $4,400,000 ($200,000/Unit) 5.98% Cap Rate Seattle, WA 98105
Investment Highlights
- Proven Value-Add Strategy
- Immediate, Scalable Income Growth
- Below Replacement Cost Basis
- Embedded Rent Upside
- Irreplaceable Vintage Asset
Executive Summary
Cushman & Wakefield Capital Markets is pleased to present an exclusive opportunity to acquire The Davison Apartments, a character-rich, well-maintained vintage asset in the heart of Seattle’s University District - one of the most durable and supply-constrained rental markets in the region.
The Davison offers investors a compelling combination of immediate in-place cash flow and a clear, executable value-add strategy, allowing a buyer to materially grow NOI without taking on development or lease-up risk. The property’s large-format studio and one-bedroom unit mix is currently rented at below-market rates, creating a well-defined path to revenue growth through interior upgrades and operational improvements. A light renovation program is projected to drive meaningful NOI expansion from acquisition through stabilization and beyond.
Critically, this upside is not dependent on market rent growth - it is already embedded in the existing rent roll, allowing investors to effectively buy forward NOI at today’s basis. The strategy is further supported by ancillary income opportunities including RUBS, parking, and laundry, alongside operational efficiencies that create near-term cash flow lift.
The investment is further underpinned by a low basis relative to replacement cost and the inherent scarcity of vintage brick construction, which cannot be replicated in today’s cost environment. While the asset is URM construction, this dynamic is reflected in the pricing and basis. In a submarket where new supply is almost exclusively luxury product, the Davison occupies the critical middle-market segment - affordable, well-located housing with consistent demand across cycles and a tenant profile that has proven resilient in periods of economic uncertainty.
The Davison offers investors a compelling combination of immediate in-place cash flow and a clear, executable value-add strategy, allowing a buyer to materially grow NOI without taking on development or lease-up risk. The property’s large-format studio and one-bedroom unit mix is currently rented at below-market rates, creating a well-defined path to revenue growth through interior upgrades and operational improvements. A light renovation program is projected to drive meaningful NOI expansion from acquisition through stabilization and beyond.
Critically, this upside is not dependent on market rent growth - it is already embedded in the existing rent roll, allowing investors to effectively buy forward NOI at today’s basis. The strategy is further supported by ancillary income opportunities including RUBS, parking, and laundry, alongside operational efficiencies that create near-term cash flow lift.
The investment is further underpinned by a low basis relative to replacement cost and the inherent scarcity of vintage brick construction, which cannot be replicated in today’s cost environment. While the asset is URM construction, this dynamic is reflected in the pricing and basis. In a submarket where new supply is almost exclusively luxury product, the Davison occupies the critical middle-market segment - affordable, well-located housing with consistent demand across cycles and a tenant profile that has proven resilient in periods of economic uncertainty.
Property Facts
| Price | $4,400,000 | Apartment Style | Low-Rise |
| Price Per Unit | $200,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 5.98% | Building Size | 16,848 SF |
| No. Units | 22 | No. Stories | 4 |
| Property Type | Multifamily | Year Built/Renovated | 1926/1994 |
| Property Subtype | Apartment | ||
| Zoning | LR3 - Lowrise | ||
| Price | $4,400,000 |
| Price Per Unit | $200,000 |
| Sale Type | Investment |
| Cap Rate | 5.98% |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.19 AC |
| Building Size | 16,848 SF |
| No. Stories | 4 |
| Year Built/Renovated | 1926/1994 |
| Zoning | LR3 - Lowrise |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 10 | - | 450 |
| 1+1 | 12 | - | 824 |
Exceptionally walkable
100/100
Fairly drivable
50/100
Exceptional public transit
90/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Number | 881640-0420 | Improvements Assessment | $3,493,400 |
| Land Assessment | $2,301,600 | Total Assessment | $5,795,000 |
Property Taxes
Parcel Number
881640-0420
Land Assessment
$2,301,600
Improvements Assessment
$3,493,400
Total Assessment
$5,795,000
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