Nacelle
21-Unit Fully Renovated Asset in Strong Seattle Submarket
Marketing description
Nacelle Apartments delivers an outstanding turnkey multifamily investment opportunity featuring 21 units with a strategic mix of one-, two-, and three-bedroom floor plans—including a newly configured one-bedroom, one-bath unit added in 2024. Current ownership has implemented robust capital improvements, including significant in-unit electrical panel upgrades to 2019 standards, comprehensive deck and raised walkway repairs (including updated railings), and full exterior painting. Proactive maintenance includes plumbing repairs, hot water heater replacements, washer/dryer hookup installations, and flooring replacements in multiple units. Residents enjoy both garage and surface parking—each currently generating additional income—a professionally landscaped courtyard, and prime access to major transit routes and neighborhood amenities.
Current ownership has renovated 90% of the units over the last several years with contemporary finishes that command premium rents, including stainless steel appliances, flat-surface stovetops, vinyl plank flooring throughout, and upgraded windows. Ownership has implemented strategic rent increases across the majority of units upon lease renewals, increased RUBs utility recovery, and applied monthly parking premiums—delivering immediate returns on investment while creating opportunities for new ownership to continue pushing rents to market rate.
Nacelle Apartments operates with in-place rents below market rates based on current leasing trends achieved at the property. Renton's robust multifamily fundamentals—marked by high renter occupied housing ratios, steady job growth driven by major employers such as Boeing and PACCAR, rising household incomes, and strategic infrastructure investment—drive long-term operational growth and capital appreciation. With established renovations, a strategic location, and broad appeal to area renters, Nacelle Apartments offers investors an exceptional blend of stability and future value in one of King County's strongest rental markets.
Investment highlights
- Turnkey Asset: Built in 1968 and renovated across 2020-2025, including the addition of a one-bedroom unit in 2024; ownership has transformed all units with stainless steel appliances, flat surface countertops, vinyl plank flooring throughout, and double-paned windows.
- Powerful Employment Center: Strategically positioned just outside of Renton's downtown core and less than two miles from the area's largest employers including Boeing, PACCAR, and Providence Health.
- Strong Submarket Fundamentals: Renton's 35% discount to the cost of living in Seattle coupled with access to major employment drivers has delivered a 3.4% effective annual rent increase; average household income in the city will reach a projected $134,871 by year end.
- Ample Parking: Boasting a 1.14:1 parking ratio, the property features 18 dedicated surface spaces and six tuck-under garages that generate over $12,000 annually in additional revenue.
- Minimal Deferred Maintenance: Ownership has completed recent capital improvements including full exterior repainting, $30,000 in upgrades to decking, railings, and walkways, hot water heater replacements, washer/dryer hookup installations, courtyard landscaping, and electrical feeder panel replacements.
- Substantial Wage Growth: Through Q1 2026, Seattle's metro has experienced substantial wage growth of 4.2% year-over-year, outpacing the 2.7% rate of inflation over the same period.
- Positive Absorption Bolsters Occupancy: Relative affordability continues to attract residents priced out of more expensive Seattle region markets, driving positive annual net apartment absorption in eight out of the last 10 years.
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