LA PLAYA VISTA APARTMENTS
Multifamily | 5.03% CAP | 10 Units
Marketing description
Cushman & Wakefield is pleased to present La Playa Vista Apartments, a 10-unit boutique multifamily building positioned one block from the Alki Beach waterfront in West Seattle — one of Seattle's most supply-constrained coastal neighborhoods. Offered at a strike price of $3,100,000, the property presents a private investor with a well-defined renovation value-add opportunity, a stable 100% occupied tenancy, and a clear path to a 20.8% blended return on cost through $200,000 in targeted unit renovations and natural lease-cycle repositioning.
The deal is purpose-built for a hands-on private investor or family office seeking a coastal Seattle asset with real upside: below-market in-place rents, immediate renovation candidates, and a 1927-vintage building with irreplaceable character that commands persistent renter premium in the Alki submarket.
Investment highlights
- LOW MINIMUM COMPLEXITY — 10 units, 3-story walk-up, no commercial space, no elevator. Operationally simple from day one.
- 100% OCCUPIED WITH A STABLE TENANT BASE — no immediate stabilization risk. Cash flows from closing while you execute the renovation plan on turnover.
- $200,000 RENOVATION BUDGET at $20,000/unit generates $44,790/year in additional rent — yielding a 22.4% return on cost.
- ALKI WATERFRONT LOCATION IS IMPOSSIBLE TO REPLICATE at any construction cost in today's regulatory and land-constrained environment.
- OLD WORLD CHARM AND TASTEFUL 1920s ARCHITECTURE — hardwood floors, coved ceilings, and private decks create natural renter demand and low turnover
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