Estada
22 Units in North Seattle
Marketing description
Estada sits in North Seattle’s Lake City neighborhood as a fully occupied, well-maintained property currently generating rents nearly 21% below market rates; creating a great opportunity for new ownership.
Several units in Estada have already been upgraded and the renovated units are leasing at premium rents. Completing that scope across the remaining units captures the full benefit of a submarket that is supply-constrained, income-rich, and well-connected.
The fundamentals surrounding Lake City are already outperforming the broader Seattle metro. Average household income within three miles exceeds $135,000 and is projected to climb 53%, driven by the University of Washington, UW Medical Center, and Seattle’s expanding tech scene.
That income growth supports a deep and durable renter base: 43% of local housing units are renter-occupied, and current in-place rents represent just 10.3% of average household income. Tenants here are not rent-burdened, which means there is meaningful, sustainable room to grow rents as units turn.
Estada offers investors a clearly defined value-add strategy with below-market rents, a proven renovation scope, and a tenant base growing in both size and income in a submarket that continues to reward ownership.
Investment highlights
- Below-Market Rent Upside: In-place rents trail submarket asking rents by approximately 21%, giving new ownership a clear and near-term path to capture market-rate returns without relying on speculative assumptions.
- Diverse Unit Mix Broadens Renter Appeal: The 22-unit property includes micro studios, one-bed/one-bath, two-bed/one-bath, and two-bed/two-bath layouts, attracting a wide range of renters and reducing vacancy risk.
- Irreplaceable Lake City Location: Minutes from Northgate, the expanding Light Rail network, and downtown Seattle; the property sits at the heart of North Seattle's most connected and in-demand corridor.
- Move-In Ready & Immediate NOI: New ownership steps into a move-in-ready asset. Recent capital improvements are already complete, including copper plumbing upgrades, and renovated units are actively leasing at premium rents, validating the upside and compressing execution risk.
- Strong Rent Growth Fundamentals: Average market rents in the submarket have risen 22% since 2021 and are projected to grow at a 2.8% annualized rate through 2030, providing favorable tailwinds for long-term hold strategies.
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