Olympus Apartments 9037 16th Ave SW 20 Unit Apartment Building $3,150,000 ($157,500/Unit) 5.91% Cap Rate Seattle, WA 98106

Paragon Real Estate Advisors is pleased to present the Olympus Apartments, a 20-unit multifamily investment located at 9041 16th Ave SW in the heart of Seattle’s vibrant White Center neighborhood. Offered for the first time in over 25 years, this well-located property provides immediate income with a 5.91% in-place cap rate, while also offering a clear value-add opportunity through continued unit renovations and rental upside.
Built in 1957, Olympus Apartments consists of 18 one-bedroom units and 2 studios. Ownership has upgraded electrical panels for all units, replaced portions of the plumbing system with PEX, and installed new flooring throughout the majority of the building. A handful of units remain in more original condition, giving new ownership the ability to come in and finish renovations, capturing additional rental upside by bringing all units up to market standard.
The property is just a short walk to downtown White Center, a rapidly transforming area known for its diverse mix of restaurants, bars, cafés, and neighborhood services. Additionally, residents enjoy easy access to nearby Westwood Village and major transit routes including the RapidRide C Line, offering direct access to Downtown Seattle. A large parking lot behind the building provides convenience and offers potential for future development.
Priced at $3,150,000 or $157,500 per unit, Olympus Apartments presents a compelling opportunity to acquire a well-maintained building with meaningful value-add potential in a high-demand rental market. With continued investment in White Center and rising tenant demand, this asset is well-positioned for both near-term gains and long-term appreciation.