Overview

Highlights

• Stabilized With Strong Value-Add Potential – Modernizing interiors could yield a stabilized 6.94% cap rate, with an estimated $35,000 per unit in renovations
• Unmatched Connectivity – Conveniently located between Green Lake and Northgate’s amenities which includes the Light Rail station, providing seamless access to Downtown Seattle, South Lake Union, and the University of Washington
• Building Features – Well-maintained building with secure entry, 12 garage parking spaces, two common laundry areas, and private balconies in select units
• Diverse Unit Mix – (4) 2-Bedrooms, (3) 1-Bedrooms, (3) Open 1-Bedrooms, (4) Studios catering to a broad tenant base

Description

The Lee & Associates | Northwest Multifamily Team is proud to present Pine Place Apartments, a value-add investment opportunity in a well-located North Seattle location. Built in 1989, Pine Place benefits from modern building systems, including copper plumbing, updated electrical infrastructure, and a Durolast roofing, ensuring lower maintenance costs and long-term efficiency for investors. First time to hit the market in 34 years, this well-maintained 14-unit apartment is positioned near Northgate and its Light Rail station, Kraken Iceplex, and Green Lake Park, providing tenants with exceptional walkability and transit access.

Pine Place is comprised of an attractive unit mix, including (4) 2-bedroom, (3) 1-bedroom, (3) open 1-bedroom, and (4) studio apartments, appealing to a wide renter demographic. Each unit benefits from secure entry, private balconies, and access to two common laundry areas, and secure garage parking with 12 spaces and ample street parking.

With below-market rents and a projected rental upside of 22.2%, Pine Place presents a clear value-add strategy. The 2-bedroom units offer over 40% income growth potential, creating a distinct opportunity to reposition and enhance cash flow. Investors have the opportunity to reposition this asset for higher income while securing a foothold in one of Seattle’s most promising submarkets.

Location

Pine Place Apartments offers a unique blend of city accessibility and neighborhood charm. Just steps from the newly built Robert Eagle Staff Middle School, Cascadia Elementary School, and the serene Licton Springs Park, residents enjoy a peaceful, community-focused setting with effortless access to I-5 and Highway 99. These prime transportation links provide quick and easy commutes to Downtown Seattle, the University of Washington, and the greater metro area.

Perfectly positioned between Northgate and Green Lake, Pine Place offers residents the best of both worlds. Northgate is a thriving commercial hub with an exciting mix of shopping, dining, and entertainment options. It is home to the Kraken Community Iceplex, Seattle’s professional hockey training facility, and Thornton Place, a vibrant retail and entertainment destination featuring a movie theater, restaurants, and cafes. Just minutes away, Northgate Mall and the Northgate Light Rail Station provide seamless connectivity to key locations across the city.

To the south, Green Lake Park serves as a dynamic hub for outdoor recreation. The picturesque lake is surrounded by a 2.8-mile loop trail, ideal for walking, jogging, or cycling. Residents can also take advantage of kayaking, canoeing, and paddleboarding on the water, or enjoy the park’s sports fields, basketball and tennis courts, and family-friendly playgrounds. With its scenic beauty and diverse recreational opportunities, Green Lake is a beloved destination for both relaxation and activity.

With an exceptional location, unparalleled connectivity, and access to a wealth of amenities, Pine Place Apartments represents a desirable investment opportunity in one of Seattle’s desirable residential neighborhoods.

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