Highland Terrace
Multifamily | 15 Units | $233,333/unit
Marketing description
DO NOT DISTURB TENANTS.
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. There’s also great potential to add in-unit washers and dryers in the large existing closets which almost all back up to the plumbing in the bathrooms.
Investment highlights
• Excellent Value-Add Opportunity
• Low Maintenance Building
• Limited Supply of Apartments in Immediate Area
• Market 6.49% CAP Rate
• Potential to add Washers & Dryers to Most Units
• Large 17,493 Square Foot Lot (Zoned R48)
• Updated Electrical Panels
• Potential to Convert Some One-Bedroom Units into Two-Bedroom Units
• BUILT IN 1963
• LOW MAINTENANCE MARBLE CRETE EXTERIOR
• FIVE COVERED CARPORT PARKING
• THIRTEEN OPEN PARKING SPACES
• INDIVIDUAL HOT WATER TANKS FOR EACH UNIT
• NEWER TPO ROOF
• POTENTIAL TO ADD IN-UNIT WASHER/DRYERS
• CORNER UNITS FEATURE LARGE BAY WINDOWS ON BOTH SIDES
• COMMON COIN OPERATED LAUNDRY FACILITY
• UPPER UNITS FEATURE PRIVATE DECKS
• 810 SQFT. AVERAGE UNIT SIZE
• NEW SECURED TENANT MAILBOX UNIT
• LARGE OWNER STORAGE CLOSET
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