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Windchime Apartments 712 N 143rd St 14 Unit Apartment Building $2,450,000 ($175,000/Unit) 4.81% Cap Rate Seattle, WA 98133
Investment Highlights
- Value-add potential through selective unit upgrades on turnover
- Significant rental upside
- New TOP Membrane Roof installed in 2023, upgraded electrical panels in 2024, and window panes replaced in 2025
- Opportunity to implement a utility bill-back (RUBS) program to further lift NOI
- Copper plumbing throughout
Executive Summary
The property sits in one of North Seattle’s fastest improving rental corridors. The location is further supported by Sound Transit’s new Shoreline South/148th light rail station and direct bus access to downtown Seattle.
The offering represents an operational value-add opportunity. The asset is in good physical condition, bolstered by recent capital improvements including a new TPO membrane roof (2023), upgraded electrical panels (2024), and replaced window panes (2025). With the option to upgrade units on turnover and capture premium rents as leases roll, and with scheduled rents below market and no utility bill-back currently in place, a new ownership group can grow income through natural lease turnover, selective unit upgrades, and the implementation of a utility recapture program, meaningfully lifting NOI. At market operations, the offering achieves a 7.4% cap rate and a 9.7% cash-on-cash return, giving new ownership strong performance upside as rents are brought up to market. At just $238 per square foot and $175,000 per door, the property presents an exceptional basis for a 1980s-built asset, well below recent comparable sales in the area.
Current in-place rents average $1,205 for the eleven one-bedroom units and $1,617 for the three two-bedroom units, while comparable properties in the area are achieving approximately $1,550 and $1,875. This gap presents a clear opportunity to capture meaningful rental upside. With Bitter Lake, the Interurban Trail, and Northgate Station nearby, plus quick connections to I-5 and downtown Seattle, the property benefits from strong tenant demand in a well-located North Seattle rental corridor.
The offering represents an operational value-add opportunity. The asset is in good physical condition, bolstered by recent capital improvements including a new TPO membrane roof (2023), upgraded electrical panels (2024), and replaced window panes (2025). With the option to upgrade units on turnover and capture premium rents as leases roll, and with scheduled rents below market and no utility bill-back currently in place, a new ownership group can grow income through natural lease turnover, selective unit upgrades, and the implementation of a utility recapture program, meaningfully lifting NOI. At market operations, the offering achieves a 7.4% cap rate and a 9.7% cash-on-cash return, giving new ownership strong performance upside as rents are brought up to market. At just $238 per square foot and $175,000 per door, the property presents an exceptional basis for a 1980s-built asset, well below recent comparable sales in the area.
Current in-place rents average $1,205 for the eleven one-bedroom units and $1,617 for the three two-bedroom units, while comparable properties in the area are achieving approximately $1,550 and $1,875. This gap presents a clear opportunity to capture meaningful rental upside. With Bitter Lake, the Interurban Trail, and Northgate Station nearby, plus quick connections to I-5 and downtown Seattle, the property benefits from strong tenant demand in a well-located North Seattle rental corridor.
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$217,200
|
$21.13
|
| Other Income |
$1,080
|
$0.11
|
| Vacancy Loss |
$6,548
|
$0.64
|
| Effective Gross Income |
$211,732
|
$20.60
|
| Taxes |
$30,563
|
$2.97
|
| Operating Expenses |
$63,372
|
$6.16
|
| Total Expenses |
$93,935
|
$9.14
|
| Net Operating Income |
$117,797
|
$11.46
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $217,200 |
| Annual Per SF | $21.13 |
| Other Income | |
|---|---|
| Annual | $1,080 |
| Annual Per SF | $0.11 |
| Vacancy Loss | |
|---|---|
| Annual | $6,548 |
| Annual Per SF | $0.64 |
| Effective Gross Income | |
|---|---|
| Annual | $211,732 |
| Annual Per SF | $20.60 |
| Taxes | |
|---|---|
| Annual | $30,563 |
| Annual Per SF | $2.97 |
| Operating Expenses | |
|---|---|
| Annual | $63,372 |
| Annual Per SF | $6.16 |
| Total Expenses | |
|---|---|
| Annual | $93,935 |
| Annual Per SF | $9.14 |
| Net Operating Income | |
|---|---|
| Annual | $117,797 |
| Annual Per SF | $11.46 |
Property Facts
| Price | $2,450,000 | Apartment Style | Low-Rise |
| Price Per Unit | $175,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.23 AC |
| Cap Rate | 4.81% | Building Size | 10,280 SF |
| No. Units | 14 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1983 |
| Property Subtype | Apartment | Parking Ratio | 1.07/1,000 SF |
| Zoning | LR3(M) | ||
| Price | $2,450,000 |
| Price Per Unit | $175,000 |
| Sale Type | Investment |
| Cap Rate | 4.81% |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 10,280 SF |
| No. Stories | 3 |
| Year Built | 1983 |
| Parking Ratio | 1.07/1,000 SF |
| Zoning | LR3(M) |
Amenities
Unit Amenities
- Dishwasher
- Disposal
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 11 | $1,260 | 680 - 730 |
| 2+1 | 3 | $1,625 | 900 |
1 1
Moderately walkable
60/100
Moderately drivable
70/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 192604-9283 | Total Assessment | $2,849,000 (2025) |
| Land Assessment | $896,500 (2025) | Annual Taxes | $30,563 ($2.97/SF) |
| Improvements Assessment | $1,952,500 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
192604-9283
Land Assessment
$896,500 (2025)
Improvements Assessment
$1,952,500 (2025)
Total Assessment
$2,849,000 (2025)
Annual Taxes
$30,563 ($2.97/SF)
Tax Year
2026
Contacts
-
Michael Urquhart -
Rowan Davis -
Brian Platt -
Ben Douglas -
Paragon Real Estate Advisors
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