The Davison
Multifamily | 5.24% CAP | 23 Units
Marketing description
Cushman & Wakefield Capital Markets is pleased to present an exclusive opportunity to acquire The Davison Apartments, a character-rich, well-maintained vintage asset in the heart of Seattle's University District - one of the most durable and supply-constrained rental markets in the region.
The Davison offers investors a compelling combination of immediate in-place cash flow and a clear, executable value-add strategy, allowing a buyer to materially grow NOI without taking on development or lease-up risk. The property's large-format studio and one-bedroom unit mix is currently rented at below-market rates, creating a well-defined path to revenue growth through interior upgrades and operational improvements. A light renovation program is projected to drive meaningful NOI expansion from acquisition through stabilization and beyond.
Critically, this upside is not dependent on market rent growth - it is already embedded in the existing rent roll, allowing investors to effectively buy forward NOI at today's basis. The strategy is further supported by ancillary income opportunities including RUBS, parking, and laundry, alongside operational efficiencies that create near-term cash flow lift.
The investment is further underpinned by a low basis relative to replacement cost and the inherent scarcity of vintage brick construction, which cannot be replicated in today's cost environment. While the asset is URM construction, this dynamic is reflected in the pricing and basis. In a submarket where new supply is almost exclusively luxury product, the Davison occupies the critical middle-market segment - affordable, well-located housing with consistent demand across cycles and a tenant profile that has proven resilient in periods of economic uncertainty.
Investment highlights
- Light interior upgrades have consistently driven rent growth without altering unit layouts. Generous ~670 SF average unit sizes outperform newer micro-unit competition.
- In-place rents sit well below renovated and market levels, supporting a clear path to ~$140K–$210K+ in incremental NOI through renovations and operational improvements.
- Offers larger, character-rich units at rents below luxury product, capturing strong demand from students, young professionals, and medical users.
- Near-term upside from RUBS, parking, and laundry enhancements—especially effective within a student-adjacent renter base.
- 1926 brick construction with hardwood floors, crown molding, and classic detailing. High replacement costs and zoning constraints limit new competing supply.
- Acquisition at a meaningful discount to new construction provides downside protection and resilience in slower rent growth or higher rate environments.
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