Investment Highlights
- Core Asset with Light Value-Add Upside: Units are well-positioned for a light cosmetic value-add, potentially allowing for rental premiums over current in-place rents.
- Clean, Turn-Key Community: Built in 2013 and featuring modern finishes and energy-efficient systems, The Noble has been institutionally owned and exceptionally well maintained.
- Top Residential Submarket: Located in Seattle's highly sought-after Wallingford neighborhood, ranked A+ by Niche.com. With a Walk Score of 95, residents are steps from the North 45th Street.
- Proximity to Notable Employers: The Noble provides convenient access to major employment hubs including North Lake Union's emerging AI hub, University District, South Lake Union, and the Seattle CBD. Residents benefit from close proximity to Interstate 5 and Highway 99, offering multiple commuting routes throughout the city.
- Favorable Market Dynamics: Diminishing apartment supply is creating upward pressure on market rents. New deliveries in the city of Seattle are down over 56% year-over-year, with projections for another 27% decline in 2026, and a 68% decline relative to 2024.
- High Barrier-to-Entry / Affluent Demographics: Average home prices in Wallingford exceed $1 million, making homeownership nearly 3.5 times more expensive than renting at The Noble. The surrounding area features highly affluent demographics, with an average household income of $171,525 within a one-mile radius of the property.
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