Property Details

Vivir presents a strategic acquisition opportunity in the West Seattle/South Seattle submarket – a most renovated, recently stabilized 20-unit property where significant value-add work has already been completed and validated through current performance. With 15 units fully renovated and achieving market-rate rents, Vivir delivers a 7.25% pro forma cap rate while offering clear upside potential. Three units are partially renovated and positioned for near-term completion, while two units remain ready for upgrades, providing straightforward execution opportunities for new ownership.The property features a diversified mix of studio, one-bedroom, and two-bedroom units averaging 568 square feet. Renovated units include luxury vinyl plank flooring, hard surface countertops, contemporary fixtures, and new stainless appliances – finishes that lease immediately at market rates and drive strong tenant retention, validating both the renovation approach and underlying demand.New ownership can capture incremental revenue through two channels: operational optimization and completion of the renovation program. By reducing economic loss to industry standards and finishing the remaining unit improvements, the property is positioned to unlock 10% premiums over current in-place rents – a target already being achieved by upgraded units today.Vivir offers what sophisticated investors seek: attractive basis deliverable at 25% below previous market peak, current income stability from fully occupancy, near-term value creation through a de-risked renovation program, and long-term upside supported by supply constraints and diverse employment drivers in one of the West Coast’s strongest multifamily markets.