Viewland 9736 Greenwood Ave N 51 Unit Apartment Building $20,000,000 ($392,157/Unit) 5.08% Cap Rate Seattle, WA 98103

EXECUTIVE SUMMARY:
Viewland gives investors the opportunity to acquire a newly built, fully stabilized multifamily asset in Seattle’s Greenwood neighborhood. Located along Greenwood Avenue N, the property offers strong visibility, walkable access to neighborhood retail and dining, and convenient connections to Seattle’s major employment centers. Residents benefit from an urban infill location that combines accessibility with a neighborhood-oriented living experience.
The property includes a total of 51 units, offering a diverse mix of studios, open one-bedrooms, traditional one-bedrooms, live/work units, and two-bedroom units. Modern finishes and thoughtful design give residents a high-quality living experience, attract a broad range of renter profiles, and support long-term leasing resiliency.
Viewland stands out by pairing high-quality construction with affordability and clear upside. Current rents remain affordable relative to local incomes and sit below market rates, giving investors room to grow revenue. A diverse unit mix appeals to a broad renter base and supports long-term leasing stability, while parking, storage, RUBS, and other ancillary income create additional cash flow opportunities. With durable renter demand and strong long-term fundamentals in North Seattle, Viewland offers a compelling opportunity for stable income and future growth.
INVESTMENT HIGHLIGHTS:
• New, High-Quality Construction: Completed in 2024 and now fully stabilized, Viewland offers 51 well-constructed residential units averaging 645 square feet in Seattle’s Greenwood neighborhood. The unit mix includes eight studios, 36 one-bedroom units, three live/work units, and four two-bedroom/two-bath units.
• Amenity-Rich Offering: Community amenities include a rooftop deck and barbecue, private fitness room, and underground parking. In-unit amenities include eco-friendly stainless steel appliances, walk-out balconies, quartz countertops, and custom cabinetry, premium features that offer a competitive advantage on leasing activity in a submarket supported by positive net absorption projected through 2026.
• Attractive Debt Available: Assumable $5 million loan available through Amazon with a 4% fixed interest rate, and full-term IO for 20 years remaining; structured debt options offer up to 82% LTV with a blended interest rate of ~4.6%.
• Tax Exemption Upside: Viewland provides a property tax exemption on improvements through participation in Amazon’s affordable housing agreement, receiving a nearly 90% reduction in property taxes for the useful life of the asset (99 years).
• Rare Parking & Storage Advantage: Included are 24 secure underground parking spaces generating almost $40,000 annually in supplemental income, a rare and valuable amenity in an urban neighborhood with limited off-street parking. Viewland is the only post-2020 asset of this scale with attached parking within a one-mile radius.