Clarwood Apartments
Acquire 45 Units in Seattle's A+ First Hill Location
Marketing description
Clarwood Apartments is a 45-unit multifamily building that epitomizes vintage charm in Seattle’s desirable First Hill neighborhood. Built in 1920, the property appeals to renters seeking historic detail and walkable urban living. Located minutes from Downtown, Capitol Hill, and major employers including three primary hospitals, Clarwood offers stable occupancy, long-term value, and significant future upside in a high-demand location.
Dynamic Urban Fundamentals and Workforce Strength
First Hill anchors one of the Pacific Northwest’s largest employment clusters, with over 336,900 jobs in immediate proximity. Major employers include Swedish Medical Center, Virginia Mason, Harborview Medical Center, Amazon, F5, Deloitte, and KPMG. Over 76% of the local population holds a bachelor’s degree or higher, creating a robust, recession-resistant renter pool of medical professionals, students, tech workers, and office workers who value proximity, walkability, and access to best-in-class urban amenities.
Clear Value-Add Upside: Market & Renovation Scenarios
Clarwood Apartments offers investors multiple paths to value creation:
Renovation Potential: The property is primed for strategic interior renovations across all units while preserving its historic charm. Lightly remodeled over the years, preservation efforts have kept original finishes intact, including hardwood flooring, crown molding, and large windows. Open floor plans and oversized walk-in closets allow for reconfigured layouts to expand kitchens during renovations.
Pro Forma Analysis: Comparing current in-place rents to renovated market scenarios, Clarwood demonstrates the ability to achieve post-renovation rent growth of 18–30% above current levels. A phased renovation plan could drive NOI growth while maintaining lease-up velocity due to strong submarket fundamentals and a wide affordability gap versus new construction.
Hold Period Returns: Under a three to seven-year hold, buyers can capitalize on further rent growth, reduced renewal concessions, and historically strong occupancy within the context of decreasing new supply and an expanding high-income renter base.
Clarwood Apartments delivers a compelling blend of tangible value-add upside, in-place stability, and powerful location fundamentals. With diminishing new supply pressures, historically strong rent and occupancy trends, deep employment anchors, and significant renovation-driven return potential, the property stands out as a strategic investment for buyers seeking above-market appreciation and income growth in the heart of Seattle’s urban core.
Investment highlights
Strategic Acquisition Below Replacement Cost: Acquire a vintage asset in prime First Hill at a price well below replacement costs, insulated from supply-side pressures as new construction starts continue to decline.
Limited Supply of Vintage Product: Downtown’s construction pipeline skews heavily toward luxury high-rise assets, while irreplaceable vintage properties like Clarwood remain scarce and in demand from renters seeking character at a more accessible price point.
Historic Resilience: Walkable, transit-rich neighborhoods with access to major employment centers historically outperform the broader metro across cycles, thanks to a consistent influx of young professionals, medical staff, and students.
Dynamic Urban Fundamentals and Workforce Strength: Anchored by one of the Pacific Northwest's largest employment clusters, with major employers including Swedish Medical Center, Virginia Mason, Harborview Medical Center, Amazon, F5, Deloitte, and KPMG. Over 76% of the local population holds a bachelor's degree or higher, and median household income exceeds $130,000 within a one-mile radius.
Clear Value-Add Upside: Through a strategic renovation scenario, proforma analysis demonstrates the ability to achieve post-renovation rent growth of 30% for studios and 18% for one-bedroom units. These projections are supported by strong submarket fundamentals and a wide affordability gap versus new construction.
Significant Rent Appreciation: Asking rents have increased 10.70% since 2023, reflecting strong demand for vintage urban products, further enhancing NOI potential.
Transit Infrastructure Growth: Multiple light rail and streetcar expansions underway will further cement the area as Seattle’s premier mobility hub, improving connectivity for future tenants.
Neighborhood Revitalization: Streetscape improvements, pedestrian upgrades, and public/private investments are enhancing safety, amenities, and overall urban appeal.
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