1223 Canal Apartments

This 11 unit brick veneer apartment building was built in 1926 with ten 600sf 1BR units and one 1,000sf commercial space at street level. The 1223 Canal was acquired at a favorable price point of $160,000 per unit or $250 per RSF with current rents well below market. The property also has significant potential to add value with renovations to the dated units, including new flooring, kitchen cabinets, quartz countertops, all new SS appliances, new bath fixtures, all new window & door trim and light fixtures, new window coverings and installation of in-unit washer/dryers to replace community laundry. Common area foyers and hallways will be updated and extensive exterior brick tuck-pointing will be completed. M&M Ventures will temporarily occupy the commercial space as a Seattle office at $2,500/mo, then we will list this commercial space with the intention of leasing to a coffee shop, cafe, etc. that will be complementary to the residential tenants. Unico is developing West Canal Yards right across the street which will help attract a more upscale commercial tenant.