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Multifamily

Skye

Seattle, WA

371 Units

Built in 1949

Core

Investment Highlights

  • Renovated Community: Current ownership has invested nearly $13 million in building upgrades and renovations in recent years. All units have been updated since 2016.
  • Light Value-Add Opportunity: All units primed for light cosmetic upgrades in order to maximize rents. Additional enhancements can be done to common areas and hallways to further add value.
  • Prime Location & Ideal Walkability: Located within walking distance of Seattle's largest employers with a Walk Score of 97 and Transit Score of 99.
  • Attractive Demographics: Located in one of the strongest submarkets of Seattle. Residents at Skye have an average household income of $132,070 and work for high-profile area employers including Amazon, Apple, Microsoft, Meta, The Gates Foundation, and more.
  • Discount to Replacement Costs: Priced well below replacement cost. High barrier-to-entry submarket due to lack of available land, City of Seattle development process, and rising construction costs.
  • Assumable Financing: Existing Freddie Mac loan can be assumed by an incoming buyer. Full-term interest-only loan at 2.51% maturing August 31, 2027.

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