54 UNIT VALUE-ADD OPPORTUNITY IN SOUTH PARK, WA
Riverview West is a 54-unit value-add investment opportunity in Southwest, Seattle. The current cap rate is 5.7% based on actual expenses and there are myriad ways to unlock significant upside. Since purchasing the building 4 years ago, current ownership has made significant capital improvements to the building and grounds, including; updated common areas, installation of fire sprinkler alarm system, new exterior paint, and landscaping. Additionally, 14 of the 54 units have been renovated at an average cost of $5,200 per unit with updated kitchens, bathrooms, flooring, appliances, lighting and fixtures resulting in rent increases of $100-200 per month. We estimate that a $210,000 investment to complete the renovations of the remaining 40 units would increase NOI by $60,000, with a correlated increase in valuation of approximately $1,100,000.
Riverview West is located just eight miles South of Downtown Seattle, and in very close proximity to major employers in the Southend including Boeing, Boeing Field, and Seattle-Tacoma International Airport. As rents in downtown Seattle continue to rise, and units get smaller and smaller, Riverview West provides an affordable option with large, open-floorplans, on-site parking and storage and convenient access to employers via major freeways. This pathway of progress location also provides tenants quick access to grocery stores, schools, retail and recreational amenities.
A true 5.7% in-place cap rate in Seattle with upside is exceedingly rare thus making Riverview West one of the best value-add opportunities currently available on the market.
A true 5.7% current cap and
7.2% market cap.
$1.1M in value can be unlocked by remodeling remaining 40 units.
Just eight miles from Downtown Seattle, serviced frequently by bus.
VASTLY IMPROVED COMMUNITY
14 units fully rehabbed, new fire sprinkler system, new exterior paint.
A SMALL NEIGHBORHOOD WITH A BIG VOICE
Nearly 4,000 people live, work, study, play, farm, and raise families in South Park, a river-hugging community wedged at the heart of the Duwamish Valley industrial corridor. Students, parents, business owners, artists, machinists, environmentalists, and civic leaders all call South Park home.
Seattle’s only riverfront neighborhood is also home to the city’s only working farm: Marra Farm, which generates tons of fresh, organic produce each year. The popular South Park Community Center offers numerous activities that are open to the public, including recreation and sports, after school and senior activities, and community events and meetings.
Within a one mile radius
CONTACT OUR TEAM
Colliers International WA LLC is the exclusive Listing Brokerage for this Offering.
Tim McKay, Dan Chhan, and Sam Wayne exclusively represent the Seller in the sale of the Riverview West Apartments in South Park, WA.
Senior Vice President
+1 206 223 5586
Senior Vice President
+1 206 223 1265
+1 206 515 4498
601 Union St., Ste. 5300
Seattle, WA 98101