sold

Casa Nita

50+ year hold with significant deferred maintenance

  • Fast closing with strong pricing
  • $227,000 per unit with significant deferred maintenance on Capitol Hill

Case Study

Challenge

Casa Nita had been held by the Seller’s family for over 50 years. The property had significant outstanding deferred maintenance and ownership had no property financials (current or historical), making the property very difficult to underwrite for marketing and finance.

What we did

We broadly marketed Casa Nita as part of a portfolio with two other apartment buildings on Capitol Hill, focusing our marketing strategy on the property’s upside and prime location.

Result

After hosting tours and an open house, we sourced seven offers. We worked with the Seller to select a Buyer who was in search of a similar type property and who offered 100% non-refundable with a 30-day all cash close.  Casa Nita sold separately from the rest of the portfolio.

Site Details

Address
430 12th Ave E, Seattle, WA
Units
26
Sale Price
$5,900,000
Price per Unit
$227,000
Price per Square foot
$330