Alki 12 Apartments

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Metrics Overview

Address: 3036 & 3040 60th Ave SW Seattle, WA 98116
Units: 12
Date acquired: 10/31/2017
Date sold: Current Holding
Acquisition price: $4,439,000
Selling price: Current Holding
Capital investment (M&M Ventures): $2,052,000
Profit: Current Holding
Internal rate of return (IRR): Current Holding

This 12 unit apartment building was built in 1983 with twelve 2BR units at 850sf each. The prior owner made significant investments in a new roof, exterior upgrades and remodeled all but one of the units. Value add potential was minimal on this property. However Alki Beach area rents have steadily increased since acquiring the property in October 2017. This has resulted in significant added value to this asset from Seattle market rent growth.

Since acquisition we updated one unit and have invested only about $20k in renovation and capital improvements.

PRIME

LOCATION

Alki Beach is one of the most sought-after neighborhoods in Seattle where you can enjoy the beach and privacy of West Seattle, yet still have easy access to the downtown Seattle corridor with nearby bus lines, quick access to Highway 99 and I-5 Freeway. Or just walk on the Water Taxi from Alki Beach to the Downtown waterfront!