Crestwood Place Apartments 10500 51st Ave S Immeuble residentiel 26 lots 3 824 955 € (147 114 €/Lot) Seattle, WA 98178

Well located in South Seattle approximately a half mile east of Interstate 5, Crestwood Place is just steps from a stop for King County Metro bus route 107 offering daily service to Beacon Hill, Georgetown, Lakeridge, the Renton Transit Center with its 10+ bus routes, and Rainier Beach Station, where residents can board the Link light rail to Seattle Tacoma International Airport, Downtown Seattle, and Lynnwood. The property is catercorner across the street from a neighborhood grocer/convenience store and is within a mile of several recreational spaces – Duwamish Park, Fletcher Place, Lakeridge Park, Hutchinson Playground, and the Green Line. Kubota Garden, an incredibly beautiful 20-acre Japanese garden, is just blocks away.
Built in 1979, Crestwood Place is a 26-unit apartment community comprised of 3 one-bedroom units and 23 two-bedroom apartments. Each unit features appliance packages that include a dishwasher, and many have been updated with newer flooring, cabinets, kitchens, and baths. The property offers 30 off-street parking spaces, tenant storage lockers, a leasing office, and on-site laundry. The property also boasts updated dual-pane windows and copper supply plumbing.
Affordably priced at $167,000 per unit and $225 per foot, Crestwood Place provides a new operator with the potential to further update and/or add laundry and re-rent the units at pro forma levels and to stabilize expenses to achieve an all-in 7%+ cap rate. Given the likely income produced, a competent management company and site manager could efficiently and effectively operate the property on behalf of the new ownership.
With desirable features including parking and an excellent unit mix of nearly all 2-bed apartments, combined with the property’s value-add potential and great South Seattle location, Crestwood Place is an appealing opportunity.
Available for sale individually, or as a portfolio with 8630 Rainier Ave S and/or 8340 Rainier Ave S. All financials are market figures.