Overview

Highlights

• Trophy 28 unit Mixed-Use asset, with over $2.1M in recent upgrades, including a new roof, all new siding, lobby refresh and the addition of six new apartment units
• Outstanding location in the Heart of Fremont
• Diversified unit mix and rent roll caters to a wide tenant base
• Future-proofed asset with strong tenant demand for years to come
• Ability to add 10 additional units for a total of 33 apartment units

Description

A Premier Investment Opportunity in Fremont’s Urban Core

The Lee & Associates Multifamily Team is pleased to present the exclusive listing of the Equinox, situated in the heart of Fremont, one of Seattle’s most sought-after neighborhoods.

The Equinox comprises 23 residential units and 5 commercial spaces, providing a diversified rent roll that appeals to a wide range of tenants in the market. The residential unit mix includes studio, SEDU, 1-bed, and 2-bed apartments. The units feature high-end finishes including LVP flooring, stainless steel appliances, hard-surface countertops, in-unit washer/dryer, and in-unit views of the Fremont Bridge and Lake Union.

Originally built in 2001, Equinox Apartments has undergone significant capital improvements in 2024/2025, to allow low operating costs and long-term asset durability. Notable capital upgrades include a new roof and siding completed in the past year, as well as a refreshed lobby with new carpet, tile, and modern lighting.

Ownership recently converted three former oversized units into nine studio and SEDU units to better serve market demand and maximize revenue potential of the investment. The potential exists to add 10 additional units, converting another unit stack, for an additional six units, as well as converting the two office suites into residential units.

Five of the newly created residential units are master leased, offering an investor market premiums. If desired, this structure could be expanded to additional units. Significant income from the commercial tenants as well as a cell tower lease round out the asset’s diversified revenue stream.

The Equinox represents a rare core investment opportunity in one of Seattle’s most dynamic neighborhoods. With a strong blend of stabilized cash flow, strategic upgrades, and long-term natural and forced appreciation potential, this property is ideal for investors seeking a well-positioned asset in a high-demand, high-barrier-to-entry location.

Location

Nestled in the heart of Fremont, one of Seattle’s most eclectic and thriving urban villages, the Equinox benefits from an unrivaled location that blends historic charm with modern innovation. Recognized for its vibrant arts scene, waterfront access, and thriving tech sector, Fremont is a high-demand rental submarket, attracting professionals, creatives, and entrepreneurs alike.

With an exceptional Walk Score of 97 and Bike Score of 92, the Equinox provides residents with effortless connectivity to top-tier amenities and major employers. A short walk to local landmarks like Gas Works Park, the Burke-Gilman Trail, and the iconic Fremont Sunday Market fosters an unmatched live-work-play lifestyle. For those seeking premier dining and shopping, residents are just steps from Fremont’s bustling retail core, featuring renowned eateries as well as boutique coffee shops and craft breweries.

Beyond lifestyle perks, Fremont is a strategic employment hub, housing major technology firms that drive strong rental demand. Leading employers such as Google, Tableau, Adobe, and Brooks Running all have a significant presence in the neighborhood, attracting a highly skilled workforce. Additionally, Equinox offers seamless access to South Lake Union and Downtown Seattle, home notably to Amazon, Apple, Fred Hutch, Novo Nordisk and the Gates Foundation, making it an ideal residence for those working in Seattle’s established tech & biotech ecosystem.

Public transit and commuter options further enhance Equinox’s appeal. The property is minutes from major bus routes, ensuring quick connections across the city. Easy highway access via SR-99 and I-5 places the University District, Ballard, and Capitol Hill within a short commute.

The dynamic mix of high-income professionals, walkable amenities, and sustained rental demand solidifies the Equinox as a prime investment in one of Seattle’s most resilient and desirable neighborhoods.

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