Operational value-add play. NOI grows from $58,979 to $73,386 through lease turnover and a utility recapture program, with no renovation capital required. Current cap rate of 6.0% - Proforma cap rate - 7.4% Utility recapture upside of approximately $944 per month ($11,328 annually) is unrealized today and represents the largest single line of income growth. Priced at $157,143 per unit and $252 per square foot. Located within minutes of the Sound Transit Link light rail and direct bus access to downtown. Neighbors to Dunlap Elementary, Rainier Beach High School, and Rainier Beach Community Center. 1978 wood-framed construction, unit mix of 1 studio, 4 one-bedrooms, and 2 two-bedrooms.