Villa Flora Apartments

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Price: $9,900,000

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Site Details

Address

12317 15th Ave NE Seattle, WA

Neighborhood

Northgate

Year Built

2002

Total Residential Units

31 Units

Avg. Unit Size

859 SF

Residential NRSF

26,625 SF

Laundry

In-Unit

Retail Units

5 Units

Retail NRSF

6,873 SF

Land SF

15,618 SF

Opportunity

Villa Flora Apartments is a mixed-use, value-add investment opportunity located in the rapidly evolving Northgate neighborhood of Seattle. This property offers 31 residential units and 5 commercial spaces, situated just 1.7 miles from the Northgate Light Rail Station, providing seamless access to downtown Seattle and beyond.

The property presents a significant upside through potential unit renovations and common area upgrades, with the ability to increase residential income by up to 33%–57%. Current in-place rents are well below market, offering a clear path for income growth through strategic enhancements.

Prime Location

Located 1.7 miles from the Northgate Light Rail Station and directly across from a grocery store, the property offers excellent connectivity to downtown Seattle and the surrounding region.

Value-Add Potential

Current in-place rents are below market rates, providing investors with the opportunity to increase income by 33%–57% through unit upgrades and common area improvements.

Northgate Redevelopment

The property is positioned in a rapidly evolving neighborhood, benefiting from the recent transformation of Northgate, including the addition of new residential, commercial, and entertainment spaces.

Location

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on the market

Villa Flora Apartments

12317 15th Ave NE
Seattle, WA 98125
Units: 31
Price: $9,900,000

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About the Area

Northgate, one of Seattle’s most rapidly transforming neighborhoods, is evolving into a vibrant urban center driven by major redevelopment projects. Historically known for the Northgate Mall, the area has undergone a comprehensive revitalization, including the construction of new residential units, office spaces, retail, and entertainment venues. Key to this transformation is the opening of the Northgate Light Rail Station, which connects the neighborhood seamlessly to downtown Seattle, the University District, and other key areas, making it highly accessible.

The redevelopment of Northgate includes the addition of 940 residential units, 995,000 square feet of office space, and the Seattle Kraken’s NHL practice facility, among other amenities. With continued investment and growth, Northgate is becoming a hub for businesses, residents, and commuters, offering a dynamic mix of living, working, and recreational spaces. Its combination of excellent transit options and ongoing development makes it an attractive location for real estate investment, with strong potential for long-term growth.