Vista Apartments is a 10-unit garden-style apartment community in Seattle’s Northgate neighborhood. 12 minutes from downtown, the property provides easy access to a variety of retail and lifestyle amenities, as well as numerous employment opportunities throughout the Puget Sound. Built in 1996, Vista consists of one four-story building with an ideal unit mix of three one-bedroom units, six two-bedroom units, and one oversized live/work space which currently operates as a yoga studio.
New ownership will benefit from recent renovations that have occurred to six of the units by further pushing market rents. Recent upgrades include new plank flooring, stainless-steel appliances, brand-new all white cabinetry, modern light fixtures, granite countertops and water heater replacements. Neighboring properties have proven rent premiums for modern features and finishes with the aforementioned upgrades, attracting the area’s affluent tenant base.
Turnkey Opportunity: Well-maintained community comprised of an ideal mix of one- and two-bedroom units averaging 862 square feet
Commercial Income: Oversized ground-level retail with commercial tenant generating $35K additional income annually
Additional Upside: 2,040-square-foot existing workspace on ground floor offers opportunity to subdivide and convert to additional units
Amenities: Include in-unit washers and dryers, private balconies in all units, and vinyl plank flooring in select units
Secured Garage Parking: Twelve underground parking spaces provide the property with a significant market advantage and additional income opportunities
Minimal Deferred Maintenance: $150K+ spent on renovations and capital expenditures in last two years including three balcony replacements, upgrades to signage, five-year fire sprinkler recertification, and complete overhaul of common areas
Unparalleled Access: Incredible location down the street from Northgate Mall redevelopment, including NHL Seattle Headquarters, Interstate 5, and Northgate light rail station