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The Edric 9021 17th Ave SW 32 Unit Apartment Building $12,500,000 ($390,625/Unit) 5.46% Cap Rate Seattle, WA 98106
Investment Highlights
- Well-Balanced Unit Mix
- Strong Submarket Rent Growth
- Nearby Neighborhood Amenities & Fast Access to Major Economic Drivers
- Attractive Revenue Upside
- Rent Affordability
- Strong In-Place Operations
Executive Summary
Situated in one of West Seattle's most community-oriented pockets, Edric Apartments offers the kind of everyday livability and lifestyle that continues to attract and retain quality tenants. Residents are steps from multiple parks minutes from Westwood Village Shopping Center and a short drive to the famous Alki Beach, California Avenue, and the West Seattle Ferry. At the same time, proximity to Sea-Tac Airport and Downtown Seattle, with its concentration of major employers, means Edric Apartments draws from a deep and durable renter pool.
The property, built in 2021, was completed with the highest standards in mind. A total of 32 oversized one- and two-bedroom floorplans, averaging over 800 SF, set the property apart from the broader submarket, while interior finishes - including LVP flooring, stainless steel appliances, and shaker-style cabinetry - deliver a modern, high-end feel. Building amenities like covered parking, full-size in-unit washers and dryers, a courtyard, and bike storage further elevate the resident experience.
The operations supporting Edric Apartments make this offering even more compelling. The property consistently runs ahead of the submarket, supported by a diverse income base that far exceeds base rent. The surrounding market has seen meaningful growth since 2021, and in-place rents are just a fraction of average household income. Parking, storage, and RUBS contribute additional monthly income, creating a clear and credible path to continued upside.
For investors seeking a stabilized, income-producing asset in a market with proven demand, Edric Apartments presents a rare combination of quality, location, and growth potential.
The property, built in 2021, was completed with the highest standards in mind. A total of 32 oversized one- and two-bedroom floorplans, averaging over 800 SF, set the property apart from the broader submarket, while interior finishes - including LVP flooring, stainless steel appliances, and shaker-style cabinetry - deliver a modern, high-end feel. Building amenities like covered parking, full-size in-unit washers and dryers, a courtyard, and bike storage further elevate the resident experience.
The operations supporting Edric Apartments make this offering even more compelling. The property consistently runs ahead of the submarket, supported by a diverse income base that far exceeds base rent. The surrounding market has seen meaningful growth since 2021, and in-place rents are just a fraction of average household income. Parking, storage, and RUBS contribute additional monthly income, creating a clear and credible path to continued upside.
For investors seeking a stabilized, income-producing asset in a market with proven demand, Edric Apartments presents a rare combination of quality, location, and growth potential.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
| Price | $12,500,000 | Building Class | A |
| Price Per Unit | $390,625 | Lot Size | 0.35 AC |
| Sale Type | Investment | Building Size | 25,693 SF |
| Cap Rate | 5.46% | Average Occupancy | 97% |
| No. Units | 32 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2021 |
| Property Subtype | Apartment | Parking Ratio | 1.13/1,000 SF |
| Apartment Style | Mid-Rise | ||
| Zoning | LR3 (M) | ||
| Price | $12,500,000 |
| Price Per Unit | $390,625 |
| Sale Type | Investment |
| Cap Rate | 5.46% |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | A |
| Lot Size | 0.35 AC |
| Building Size | 25,693 SF |
| Average Occupancy | 97% |
| No. Stories | 4 |
| Year Built | 2021 |
| Parking Ratio | 1.13/1,000 SF |
| Zoning | LR3 (M) |
Amenities
Unit Amenities
- Air Conditioning
- Disposal
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
Site Amenities
- 24 Hour Access
- Courtyard
- Package Service
- Bicycle Storage
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | - | 645 - 652 |
| 2+2 | 16 | - | 919 - 973 |
Moderately walkable
60/100
Moderately drivable
70/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $1,228,800 | Total Assessment | $1,228,800 |
Property Taxes
Parcel Numbers
Land Assessment
$1,228,800
Improvements Assessment
$0
Total Assessment
$1,228,800
Contacts
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Chad Blenz -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Brandon Lawler -
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