Central Element

209 22nd Ave S Seattle, WA 98144

We discovered this deep value add opportunity in the heart of the Central District.  When we analyzed these two buildings, were under performing and were in need of a full interior and exterior renovation. We realized we had a unique opportunity to create significant upside in rents and value.

The Three major criterias we recognized at this property were:
Value Add
Great Location
Solid Structural Foundation

Not only did we increase the value of the property, but our renovation played a part in the ongoing  part of improving the surrounding neighborhood.

The Numbers
Purchase Date August 24, 2012
Sold Date October 2, 2013
Purchase Price $3,665,000
Cap X into Rehab $1,985,858
Total Cost $5,650,858
Net Operating Income at Time of Sale $473,795
Performance Cap at Time of Sale 8.38%
Sale Price $7,775,000
IRR 80.39%