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Description
Conveniently located just North of Seattle City limits, the Highland Terrace Apartments offers a new investor a great value add opportunity with the flexibility of raising below market rents without the hassles and constraints of Seattle Landlord/Tenant laws. This is the first time the property has hit the market in over 15 years. The value add here is to renovate all units with modern finishes, raise rents to market and implement a RUBS program to start billing back tenants for utilities. In current condition, a new investor can raise the units with below market rents, which would get this property to a 5.88% CAP Rate. If a new investor decided to renovate all units, they could get this building to a 6.22% CAP Rate.
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Listing Agent: David W. Petersen Courtesy of: Paragon Real Estate Advisors The database information herein is provided from the Northwest Multiple Listing Service (NWMLS). NWMLS data may not be reproduced or redistributed and is only for people viewing this site. All information provided is deemed reliable but is not guaranteed and should be independently verified. All properties are subject to prior sale or withdrawal. © 2022 NWMLS. Updated: 4th February, 2023 11:12 AM (UTC)