Holden Apartments 900 SW Holden St Seattle, WA 98106 TIM MCKAY O: +1 206 223 5586 Tim.McKay@Colliers.com DAN CHHAN O: +1 206 223 1265 Dan.Chhan@Colliers.com SAM WAYNE Associate O: +1 206 515 4498 Sam.Wayne@Colliers.com
THE OFFERING 23 UNIT VALUE-ADD APARTMENT BUILDING IN WEST SEATTLE The 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. PRICING SUMMARY Price $4,125,000 Price/Unit $179,348 Price/NRSF $244 Current Cap Rate 3.4%* Market Cap Rate 5.7% Gross Rent Multiplier 16.2 *Currently one unit is rent free to on-site manager PROPERTY SUMMARY Address 900 SW Holden Street Seattle, WA 98106 Year Built 1967 Zoning LR2 Units 23 Parking 32 Building Net SF 16,914 Building Gross SF 21,385 Land SF 25,094 P. 2 HOLDEN APARTMENTS
INVESTMENT HIGHLIGHTS 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. 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. Queen Anne SOUTH LAKE UNION 16 Belltown Capitol Hill First SEATTLE Hill SEATTLE UNIVERSITY Central District CBD 14 Seattle 18 Bellevue BELLEVUE CBD 25 Beacon Hill West Seattle ALASKA JUNCTION 10 HOLDEN APARTMENTS Delridge Georgetown Rainier Valley COLLIERS INTERNATIONAL, INC P. 3
P. 4 HOLDEN APARTMENTS
TIM MCKAY O: +1 206 223 5586 M: +1 206 369 7599 Tim.McKay@Colliers.com DAN CHHAN O: +1 206 223 1265 M: +1 206 321 2047 Dan.Chhan@Colliers.com SAM WAYNE Associate O: +1 206 515 4498 M: +1 206 351 7656 Sam.wayne@Colliers.com COLLIERS INTERNATIONAL 601 Union Street, Suite 5300 Seattle, Washington 98101 +1 206 223 0866 www.colliers.com 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. COLLIERS INTERNATIONAL, INC P. 5