Property Details

12728 33rd Ave NE

Seattle, WA 98125

$4,390,000

Available

CBA# 712206 courtesy of CBA Listing firm: Berkadia Real Estate Advisors, LLC

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Commercial

Property Type

18,723

Bldg Sq Ft

Units

5.00%

Cap Rate

1967

Year Built

Property Overview

Estada sits in North Seattle’s Lake City neighborhood as a fully occupied, well-maintained property currently generating rents nearly 21% below market rates; creating a great opportunity for new ownership. Several units in Estada have already been upgraded, and the renovated units are leasing at premium rents. Completing that scope across the remaining units captures the full benefit of a submarket that is supply-constrained, income-rich, and well-connected. The fundamentals surrounding Lake City are already outperforming the broader Seattle metro. Average household income within three miles exceeds $135,000 and is projected to climb 53%, driven by the University of Washington, UW Medical Center, and Seattle’s expanding tech scene. That income growth supports a deep and durable renter base: 43% of local housing units are renter-occupied, and current in-place rents represent just 10.3% of average household income. Tenants here are not rent-burdened, which means there is meaningful, sustainable room to grow rents as units turn.Estada offers investors a clearly defined value-add strategy with below-market rents, a proven renovation scope, and a tenant base growing in both size and income in a submarket that continues to reward ownership.