Overview

Highlights

• Desirably situated near the University of Washington, U-Village retail and Ravenna Park appeals a diverse tenant profile.
• Attractive unit mix of six 2 bedroom and one 1 bedroom units.
• First time to market in over three decades for this well cared for asset.
• Significant upside from loss-to-lease recapture with additional lift available via unit updates.

Description

The Lee & Associates NW Multifamily Team is pleased to present the exclusive listing of the Ravenna Terrace, a seven-unit building located in the highly desirable Ravenna neighborhood.

Ideally situated near work, school & play, the Ravenna Terrace features an attractive mix of six 2-bed and one 1-bed units. These mid-century floorplans average in size of 686 sf and have received updates to cabinetry, counters and appliances on turns. Ownership has replaced all the windows with double pane units and the roof has received a recoat within the last two years.

With nearby economic drivers including Seattle Children's Hospital, University Village and UW Hospital as well as the University of Washington. Investors will benefit from a diverse tenant pool. A well cared for asset, Ravenna Terrace presents an attractive opportunity to realize upside from current below market rents as well as additional lift through unit upgrades.

Location

Situated near the southern end of Ravenna Park, Ravenna Terrace is ideally located near the vibrant and amenity rich University Village Shopping Center and University of Washington campus. Boasting a Walkscore of 88, both shopping and the University are within walking distance. In addition to Ravenna Park, the Ravenna neighborhood is known for its quiet tree lined boulevard, local coffee shops, restaurants, and nature trails that provide a quiet oasis from bustling campus life.

University Village is host to numerous retailers including the Apple, H&M, Crate & Barrel, Bartell's, and QFC as well as number of dining options. This stylish and amenity rich outdoor shopping center truly provides a one stop shopping experience for those in the surrounding neighborhoods.

Nearby, UW Medicine, is one of the top ranked schools and clinics in the nation. Along with Seattle Children's Hospital, these two medical centers attract both graduate students and residency professionals to the area.

The University of Washington was recently ranked third in US Public Institutions by the Times Higher Education World University Rankings. With an enrollment of 46,000 students and 350+ graduate programs that draw talent nationally and internationally, investors can tap into a captive rental base. 

Within an amenity rich, charming, residential neighborhood with greenspace at its doorstep and multiple economic drivers in close proximity, Ravenna Terrace appeals to a diversified and qualified tenant pool.

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