NORDIC FLATS
Now 7 months into the project, exterior painting, lighting, paving, landscaping, and signage have all been completed. The curb appeal is nearly complete, now reminding passerbys of a newer construction building. Looking to the interior, 6 out of 15 units have been completely renovated with top to bottom new finishes, appliances, plumbing, and electrical. Tenants that step in these units will have an indistinguishable experience from that of a brand new class A apartments. Evidence to this notion can be seen in the new rents, which are out pacing top end pro-forma rents by 15% This asset utilizes state-of-the-art property management software, with its new tenants being able to pay bills, file work orders, and get community updates right to a central app on their phones.
MARKET | Seattle |
---|---|
APN # | 344800-1425 |
# OF BUILDINGS | 1 |
STORIES | 3 |
NET RENTABLE | 12,110 Sq. Ft. ( Per King County) |
CONSTRUCTION | Wood Frame |
ROOF | Flat Torch Down |
HEAT | Electric Wall Heater |
LAUNDRY | Common |
PARKING | 3 Covered, 12 Open |
UNITS | 15 |
BUILT | 1968 |
PRICE | $3,270,000 |
PRICE PER UNIT | $218,000 |
PRICE PER SQ. FT. | $270 |
CURRENT GRM/CAP | 15.8/4.0% |
MARKET GRM/CAP | 11.9/4.0% |
LOT SIZE | 11,200 Sq.Ft (LR3 Zoning) |