on the market

Listings/Beacon View

Beacon View

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On the Market

Price: $26,000,000

Call For Offer: Friday, September 16th.

To access the full Offering Memorandum and all deal-related documents, follow the document library link below.

Tour Dates

Thursday, 9/8: 1 – 3 PM
Private Tours Available Upon Request

 

4.0% In-Place Cap Rate

4.5% Cash-On-Cash

3.463% Interest Only Loan 7 Years Remain

Property Details

ADDRESS
1701 12th Ave S, Seattle
NEIGHBORHOOD
Beacon Hill
YEAR BUILT
1968
NO. UNITS
95
NRSF
61,844
AVG. UNIT SIZE
651

Opportunity

Beacon View is at the entrance of Beacon Hill and Beacon Hill is bustling.

This diverse Seattle neighborhood is booming with new development and features an ideal mix of popular retail, hot spots, and quiet residential streets.

Beacon View is a true 60’s Seattle value add deal.

  • Interior Renovations: A new owner can update unit interiors to achieve new market rents.
  • Exterior Renovations: With the unimpeded forever views of the stadiums and downtown Seattle, exterior renovations would make Beacon View one of the nicest apartment products in this Seattle suburb.
  • Heavy Duty Value-Add: In order to achieve the highest possible rent in Beacon Hill, there is opportunity to do a more heavy-duty renovation at Beacon View.

Rent Upside

With Beacon View, and the entire Beacon Hill market coming roaring out of COVID, rents in this Seattle suburb have continued to strongly increase as seen with market comparables. This provides upside with current market rents and potential renovated rents.

Attractive Loan Assumption

3.463% interest only loan with 7 years remaining, due October 2029

Superior Return Metrics

Going in cap rate of 4.0% and going in cash-on- cash of 4.5%, stabilizing to 4.9% and 5.7% respectively after achieving current markets rents

Rent Upside

Opportunity to increase annual rent by $200,000 and an additional $250,000 with renovations

Value-Add Opportunity

Three tiers of value-add: upgrading units to market, renovating exteriors, executing a heavy duty value-add

Location

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Beacon View

1701 12th Ave S
Seattle, WA 98144
Units: 95
Price: $26,000,000

Exceptional Beacon Hill Location

At the center of the region’s forever neighborhoods.

This diverse Seattle neighborhood is booming with new development and features an ideal mix of popular retail, hot spots, and quiet residential streets.

Excellent Connectivity

On top of the light rail with excellent connectivity to the region

Eat + Drink

Surrounded by renowned bars & dining options

Access to Amenities

Countless amenities nearby with a grocery store across the street

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Exclusive Listing Brokers

Direct: 206.414.8575