Jennifer Marie Apartments
Eastlake 10 Unit Apartment
Marketing description
The Jennifer Marie is a 10-unit apartment building located in the heart of Seattle’s Eastlake neighborhood. Built in 1969, the property features a mix of 1BD, 2BD, and 3BD units totaling 8,850 rentable square feet on a 6,600 square foot lot zoned LR3 (M). The building is in strong physical condition with major systems in great shape. New roof was installed in May 2025 and comes with a transferable warranty. 8 units received new luxury vinyl plank (LVP) flooring when they were turned over between late 2023 and early 2024. The kitchens and bathrooms across the building remain largely original, creating a clear renovation path in targeted improvements to push rents from the current average of $2,197 to a projected $2,663, a 21% increase. The building has 12 parking stalls (9 open and 3 covered tandem). 2 units are currently nonconforming. The Seller has invested in architectural plans and worked with the City of Seattle to prepare a legalization permit. The permit is teed up for a buyer to go to the city, pay the outstanding fees, and pick it up (buyer to verify).
Investment highlights
- Value add opportunity with a current 5.1% cap rate and a pro forma renovation cap rate of 6.9% on cost
- Brand new roof installed May 2025 with a transferable warranty
- Strong building systems throughout: new roof, GE electrical panels, electric heat, double pane vinyl windows, and individual in unit hot water tanks
- Seven of ten units upgraded with new luxury vinyl plank (LVP) flooring within the last three years; kitchens and bathrooms remain original, providing a clear opportunity to improve rents with cosmetic remodels
- Current rents average $2,197 per unit; renovated rents projected at $2,663 per unit, a 21% increase achievable through targeted kitchen and bathroom updates
- Two nonconforming units with legalization permit teed up at the City of Seattle for the buyer to pick up and complete, adding long term security to the income stream (Buyer to Verify)
- Untapped ancillary income from 12 parking stalls (9 open and 3 covered tandem, currently offered free), utility reimbursement (water, sewer, and garbage currently not being charged for), and pet rent
- Eastlake location between South Lake Union, Capitol Hill, and the University of Washington with strong rental demand and proximity to major employers
- Common coin operated laundry (1 set, owned by building)
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