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Pladhus Apartments

844 NE 69th St. Seattle, WA 98115

METER recognized this opportunity in the summer of 2011.  The building was created due to our extensive knowledge of land use codes turning this parking lot we owned into a 30 unit micro apartment complex.

 

Pladhus with a unique design, flexible living space quickly leased up averaging rents of 4.87 per foot.  Our building quickly became a classic for design, finishes and innovative space planning.

 

The Numbers
Purchase Date August 5, 2011
Sale Date of Building March 26, 2015

Purchase Price $2,100,000
Cap X Into Rehab $976,066
Cap X into Build Micros $1,931,498
Total Cost $5,007,704

Sale Price $9,200,000
Total Gross Profit $4,192,296

Total Net Operating Income $479,260
Performance Cap Rate at Sale 9.57%