4731 12th Ave NE
- Prime University District Location: Convenient access to the University of Washington and the U District Light Rail Station.
- Updated & Modern Systems: Features a new roof (2023), refreshed exterior siding, all individual hot water tanks replaced, and life safety equipment overhauled.
- Desirable Resident Amenities: A/C in all units, gated and secure 17-space parking garage, building-wide internet, security camera system, and furnished unit options.
- Proven Value-Add Potential: The asset offers value-add potential by continuing the execution of the current renovation program.
- Assumable Financing: Potential to assume the current financing at attractive below market terms through 2031.
Property Description
The Laureate presents a rare opportunity to acquire a well-maintained 23-unit multifamily asset building in the heart of the Seattle’s University District neighborhood and walking distance to both the University of Washington and the Link Light Rail Station. Originally built in 1961, the property benefits from recent extensive capital improvements and interior renovations, positioning the asset as a compelling combination of stable in-place income and future revenue growth potential. Ownership has invested significantly in the systems over the past five years: including a membrane roof replacement, replacement of all individual hot water tanks, securing and gating the parking for 17 vehicles, as well as overhauling the sprinkler system. These improvements substantially reduce near-term capital expenditure requirements as well as insurance costs and provide investors with a solid base for further improvements. Featuring a unit mix of 20 sizable 650 SF, 1-bedroom units and one 800 SF, 2-bedroom unit, select units have been renovated with modern finishes including luxury vinyl plank flooring, updated kitchens, stainless steel appliances, including dishwashers and in-unit washer and dryer installations. All units feature A/C, and 1st floor units include patio access. The existing renovations provide future ownership with a blueprint to continue remodeling unit interiors and capture additional rental upside. Combining durable building systems, attractive resident amenities, and a proven value-add strategy, The Laureate offers investors the opportunity to acquire a highly functional asset with immediate cash flow, limited deferred maintenance, and potential for continued revenue growth in a sought-after Seattle market. Additionally, there is potential to assume the current debt with term through 2031.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $6,500,000 |
| No. of Units: | 23 |
| Year Built: | 1961 |
| Lot Size: | 0.17 Acres |
| Opportunity Zone: | No |
| Price per unit: | $282,609 |
| Property Website | Click Here |
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