MARKETING DESCRIPTION: Gladstone Apartments is a 32-unit property in North Seattle's Lake City neighborhood, with rents currently below market, creating a clear near-term value-add opportunity. Of the 32 units, 21 are currently renovated, allowing new ownership the opportunity to complete the current renovation program. Completing that renovation across the remaining units unlocks the full benefit of a submarket that is supply-constrained, income-rich, and infrastructure-supported, the kind of environment where value-focused ownership is consistently rewarded. The submarket demographics around Lake City are already outperforming the broader metro. Average household income within three miles exceeds $135,000 and is projected to climb 53% to $207,000 by 2030, driven by the University of Washington, UW Medical Center, and Seattle's broader tech ecosystem. That income growth supports a deep and stable renter base, with 43% of local housing units renter-occupied and current in-place rents representing just a fraction of average household income. This means that tenants are not rent-burdened, and there is meaningful room to grow rents as units turn. At 0.64 acres, Gladstone is also a credible covered land play and a candidate for future redevelopment as North Seattle continues to grow, and land values appreciate. While this is not the primary thesis, it does expand the range of exit strategies available at disposition. For new ownership, Gladstone offers great value-add potential in an improving submarket, with below-market rents, a proven renovation scope, and a tenant base that is growing in both size and income. INVESTMENT HIGHLIGHTS: Convenient North Seattle Location: Located minutes from Northgate, the expanding Light Rail network, and downtown Seattle, Gladstone sits at the center of North Seattle's most connected corridor. Option for Covered Land Play: The 0.64-acre lot offers genuine redevelopment potential as North Seattle continues to densify, expanding long-term exit options beyond a standard multifamily disposition. Desirable Unit Mix: The 32-unit property consists of 28 one-bedroom/one-bathroom units and four two-bedroom/one-bathroom units, broadening renter appeal. Below Market Rents: In-place rents are currently below current market rates, with current rents representing just a fraction of average household income, leaving substantial room for future growth. Strong Rent Growth Fundamentals: Average market rents have risen 22% since 2021 and are projected to grow at a 2.8% annualized rate through 2030. Demographic & Income Tailwinds: Average household income within three miles is projected to climb 53%, from $135,000 today to $207,000 by 2030, driven by the continued expansion of high-wage employment in the University District corridor. Major Developments on the Horizon: The Lake City Community Center (Spring 2027) and Northgate Station Mixed-Use development (2026) are set to bring significant new investment and foot traffic into the corridor.