Emerald Place Apartments

Emerald Place is a solid mid-century 45-unit building located in one of the most stable rental submarkets, North Seattle’s Bitter Lake neighborhood. The subject property consists of spacious units with high quality renovations that offer many options to increase current rents. The current rents are well below market and offer immediate higher income potential on turnover. Additionally, all the units have large utility closets with separate hot water tanks perfect for adding laundry as another substantial long-term value addition. The large floor plans also offer the potential to add an additional bedroom or den which caters to the large need for work-from-home space. Several of the units have already been converted to add a bedroom/den. There is significant opportunity to streamline and reduce current management and operational costs to boost net income potential. Emerald Place offers an immediate opportunity to take over a solid modernized building with stabilized income and achieve significant long-term upside.