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The Wedgewood Apartments 7320 35th Ave NE 21 Unit Apartment Building $5,500,000 ($261,905/Unit) 5.88% Cap Rate Seattle, WA 98115
Investment Highlights
- Attractive Unit Mix with Proven Renovation Premium
- Strong Operations in an Excellent Location
- Commercial Income and Additional Exit Optionality
- Value-Add Opportunity with Rent Growth Potential
- Well-Maintained with Recent Capital Improvements
- Strong Renter Demographics in a Supply-Constrained Market
Executive Summary
Wedgewood Apartments is a 21-unit mixed-use investment opportunity in Northeast Seattle between Wedgwood and the University District. The property presents the opportunity for investors to acquire a well-located, mostly renovated asset with strong in-place occupancy, proven operational performance, and additional upside through finalizing unit renovations and capitalizing on rent growth.
Built in 1968, the property features a unit mix of 2 urban one-bedroom units, 10 one-bedroom/one-bath units, and 8 two-bedroom/one-bath units, with an average unit size of approximately 579 square feet. The property has benefited from strategic recent improvements, including a new roof, exterior paint, resealed and restriped parking lot, and deck renovations. To date, 13 of the 20 units have been renovated and feature LVP flooring, stainless steel appliances, updated lighting, renovated bathrooms, and in-unit washer/dryers.
Wedgewood Apartment is currently 100% occupied with zero delinquency, indicating strong demand and creating a clear path to complete the renovation program and capture additional upside. Additionally, current rents sit 10% below average market rates. With an additional 12% premium achievable through renovations, there is an estimated 22% growth potential here for investors to capture.
The property is ideally situated in an amenity-rich location, offering residents convenient access to the University of Washington, SR-520, I-5, and Magnuson Park. Walkable neighborhood amenities include Safeway, Starbucks, Orangetheory Fitness, and a variety of dining options.
In addition to the previously mentioned upside, Wedgewood Apartments includes an established long-term commercial tenant that has occupied the space over 15 years, with an additional three years remaining on the current lease. Combined with limited new supply and strong submarket fundamentals, Wedgewood Apartments offers investors an incredible opportunity to acquire a stable asset with both current income and future upside.
Built in 1968, the property features a unit mix of 2 urban one-bedroom units, 10 one-bedroom/one-bath units, and 8 two-bedroom/one-bath units, with an average unit size of approximately 579 square feet. The property has benefited from strategic recent improvements, including a new roof, exterior paint, resealed and restriped parking lot, and deck renovations. To date, 13 of the 20 units have been renovated and feature LVP flooring, stainless steel appliances, updated lighting, renovated bathrooms, and in-unit washer/dryers.
Wedgewood Apartment is currently 100% occupied with zero delinquency, indicating strong demand and creating a clear path to complete the renovation program and capture additional upside. Additionally, current rents sit 10% below average market rates. With an additional 12% premium achievable through renovations, there is an estimated 22% growth potential here for investors to capture.
The property is ideally situated in an amenity-rich location, offering residents convenient access to the University of Washington, SR-520, I-5, and Magnuson Park. Walkable neighborhood amenities include Safeway, Starbucks, Orangetheory Fitness, and a variety of dining options.
In addition to the previously mentioned upside, Wedgewood Apartments includes an established long-term commercial tenant that has occupied the space over 15 years, with an additional three years remaining on the current lease. Combined with limited new supply and strong submarket fundamentals, Wedgewood Apartments offers investors an incredible opportunity to acquire a stable asset with both current income and future upside.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
| Price | $5,500,000 | Building Class | C |
| Price Per Unit | $261,905 | Lot Size | 0.82 AC |
| Sale Type | Investment | Building Size | 11,141 SF |
| Cap Rate | 5.88% | Average Occupancy | 100% |
| No. Units | 21 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1968 |
| Property Subtype | Apartment | Parking Ratio | 2.78/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | L2, King | ||
| Price | $5,500,000 |
| Price Per Unit | $261,905 |
| Sale Type | Investment |
| Cap Rate | 5.88% |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.82 AC |
| Building Size | 11,141 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1968 |
| Parking Ratio | 2.78/1,000 SF |
| Zoning | L2, King |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | - | 550 |
| 1+1 | 10 | - | 450 |
| 2+1 | 8 | - | 700 |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Good public transit
60/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 797420-0041 | Improvements Assessment | $1,000 |
| Land Assessment | $5,119,400 | Total Assessment | $5,120,400 |
Property Taxes
Parcel Number
797420-0041
Land Assessment
$5,119,400
Improvements Assessment
$1,000
Total Assessment
$5,120,400
Contacts
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Chad Blenz -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Brandon Lawler -
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The Wedgewood Apartments | 7320 35th Ave NE
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