holden apartments · sam wayne associate vice president o: +1 206 515 4498 m: +1 206 351 7656...
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900 SW Holden St · Seattle, WA 98106
TIM MCKAY Vice PresidentO: +1 206 223 5586 [email protected]
DAN CHHAN Vice PresidentO: +1 206 223 1265 [email protected]
SAM WAYNE Associate Vice PresidentO: +1 206 515 4498 [email protected]
Holden Apartments
P. 2 | HOLDEN APARTMENTS
a p a r t m e n t sHOLDEN
23 UNIT VALUE-ADD APARTMENT BUILDING IN WEST SEATTLEThe Seattle Apartment Team of Colliers International, as exclusive listing brokers, presents the Holden Apartments in the Highland Park neighborhood of West Seattle. This is the first time on the market in nearly 30 years. The current rents are 30-40% below market, averaging just $1.28 psf, whereas the market average is $1.80 psf. Consisting of 19-one bedroom units and 4-two bedroom units, each with a private balcony or patio, plus abundant surface parking at a ratio of 1.3:1. Additionally, there are several space pockets in the basement currently used as storage that could be converted to rentable square footage. The 23 unit Holden Apartments in West Seattle represents a true value-add multifamily investment in a rapidly improving neighborhood.
THE OFFERING
PROPERTY SUMMARYAddress 900 SW Holden Street | Seattle, WA 98106Year Built 1967Zoning LR2Units 23Parking 32Building Net SF 16,914Building Gross SF 21,385Land SF 25,094
PRICING SUMMARYPrice $4,125,000Price/Unit $179,348Price/NRSF $244Current Cap Rate 3.4%*Market Cap Rate 5.7%Gross Rent Multiplier 16.2*Currently one unit is rent free to on-site manager
COLLIERS INTERNATIONAL, INC | P. 3
a p a r t m e n t sHOLDEN
Seattle
Bellevue
Magnolia
Georgetown
West Seattle
Delridge
First Hill
Rainier Valley
Queen Anne
Belltown
Wallingford
Fremont
Capitol Hill
Madison Park
University District
Beacon Hill
Ballard
Maple LeafGreenwood
Central District
4 mi
HUGE UPSIDE IN RENTS AND OPERATIONS• Rare Investment Opportunity: Very limited stock of 20+ unit
multifamily properties available with significant upside.
• Large Loss-to-Lease: In-place rents are well below market, providing an opportunity to capture significant rent increases before any renovations are completed.
• Prime Value-Add Target: First time on the market in 30 years. Current rents are 30-40% below market. 83% of the leases are month-to-month.
INVESTMENT HIGHLIGHTS
SEATTLE UNIVERSITY
18 MINS
BELLEVUECBD
25 MINS
SOUTH LAKE UNION
16 MINS
SEATTLECBD
14 MINS
ALASKA JUNCTION
10 MINS
HOLDEN APARTMENTS
H• Potential Unit Addition: Two large space pockets in the bottom floor
currently used as storage lockers but could be converted to rentable square footage.
• Mostly Cosmetic Upgrades: The roof was torn off and rebuilt in 2008, including all new decking. The elevator hydraulics were completely replaced in October 2017.
• Ideal Mix & Floorplans: 19-one bedroom, and 4-two bedroom units are open and functional with tons of natural light.
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a p a r t m e n t sHOLDEN
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COLLIERS INTERNATIONAL, INC | P. 5
This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, express or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this documents and excludes all liability for loss and damages arising there from. This publication is the
copyrighted property of Colliers International and/or its licensor(s). ©2017. All rights reserved.
TIM MCKAY Vice PresidentO: +1 206 223 5586 M: +1 206 369 7599 [email protected]
DAN CHHAN Vice PresidentO: +1 206 223 1265 M: +1 206 321 2047 [email protected]
SAM WAYNE Associate Vice PresidentO: +1 206 515 4498 M: +1 206 351 7656 [email protected]
COLLIERS INTERNATIONAL601 Union Street, Suite 5300 Seattle, Washington 98101 +1 206 223 0866 www.colliers.com