Property Details

Wedgewood Apartments is a 21-unit mixed-use investment opportunity in Northeast Seattle between Wedgwood and the University District. The property presents the opportunity for investors to acquire a well-located, mostly renovated asset with strong in-place occupancy, proven operational performance, and additional upside through finalizing unit renovations and capitalizing on rent growth.Built in 1968, the property features a unit mix of 2 urban one-bedroom units, 10 one-bedroom/one-bath units, and 8 two-bedroom/one-bath units, with an average unit size of approximately 579 square feet. The property has benefited from strategic recent improvements, including a new roof, exterior paint, resealed and restriped parking lot, and deck renovations. To date, 13 of the 20 units have been renovated and feature LVP flooring, stainless steel appliances, updated lighting, renovated bathrooms, and in-unit washer/dryers.Wedgewood Apartment is currently 100% occupied with zero delinquency, indicating strong demand and creating a clear path to complete the renovation program and capture additional upside. Additionally, current rents sit 10% below average market rates. With an additional 12% premium achievable through renovations, there is an estimated 22% growth potential here for investors to capture.In addition to the previously mentioned upside, Wedgewood Apartments includes an established long-term commercial tenant that has occupied the space over 15 years, with an additional three years remaining on the current lease. Combined with limited new supply and strong submarket fundamentals, Wedgewood Apartments offers investors an incredible opportunity to acquire a stable asset with both current income and future upside.