Edric Apartments
Multifamily | 32 Units | $390,625/unit
Marketing description
Situated in one of West Seattle's most community-oriented pockets, Edric Apartments offers the kind of everyday livability and lifestyle that continues to attract and retain quality tenants. Residents are steps from multiple parks minutes from Westwood Village Shopping Center and a short drive to the famous Alki Beach, California Avenue, and the West Seattle Ferry. At the same time, proximity to SeaTac Airport and Downtown Seattle, with its concentration of major employers, means Edric Apartments draws from a deep and durable renter pool.
The property, built in 2021, was completed with the highest standards in mind. A total of 32 oversized one- and two-bedroom floorplans, averaging over 800 SF, set the property apart from the broader submarket, while interior finishes—including LVP flooring, stainless steel appliances, and shaker-style cabinetry—deliver a modern, high-end feel. Building amenities like covered parking, full-size in-unit washers and dryers, a courtyard, and bike storage further elevate the resident experience.
The operations supporting Edric Apartments make this offering even more compelling. The property consistently runs ahead of the submarket, supported by a diverse income base that far exceeds base rent. The surrounding market has seen meaningful growth since 2021, and in-place rents are just a fraction of average household income. Parking, storage, and RUBS contribute additional monthly income, creating a clear and credible path to continued upside.
For investors seeking a stabilized, income-producing asset in a market with proven demand, Edric Apartments presents a rare combination of quality, location, and growth potential.
Investment highlights
- Well-Balanced Unit Mix: Edric Apartments features 32 units, evenly split between 16 one-bedroom/one-bath units and 16 two-bedroom/two-bath units, with an average unit size of approximately 803 SF, placing it competitively within the submarket and appealing to a broad renter base.
- Attractive Revenue Upside: The property generates over $120,000 in additional annual income through RUBS, parking, storage, and other ancillary revenue streams, supporting strong in-place cash flow and future income growth.
- Strong Submarket Rent Growth: Asking rents in the surrounding submarket have grown approximately 14.6% since 2021, reflecting sustained demand and favorable market fundamentals.
- Rent Affordability: In-place rents represent just 16% of average household income, underscoring strong affordability and a meaningful runway for future rent growth.
- Nearby Neighborhood Amenities: Edric Apartments is minutes from Westwood Village—home to Target, QFC, Marshalls, Ulta Beauty, and more. The property sits within close proximity to several parks and recreation centers and is just a short 15-minute drive to Alki Beach, the West Seattle Ferry, and the shops and restaurants along California Avenue.
- Strong In-Place Operations: Edric Apartments is currently 97% occupied, outperforming the submarket average of 94.7% and demonstrating strong tenant demand and leasing momentum.
- Fast Access to Major Economic Drivers: The property is only a 15-minute drive from Sea-Tac Airport and about 20 minutes from Downtown Seattle, offering direct access to major employers like Amazon, Google, Nordstrom, and more.
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