The structure is a 4 story multifamily building with 15 units currently. The building is in need of cosmetic upgrades and the opportunity to break up a few larger units into smaller units. We intend to replace the shake siding outside, paint the trim and doors, install new cabinets, countertops, replace carpeting with wood vinyl flooring, replace windows, sliding doors and fixtures as well as install new stainless steel appliances. The decks will be updated and the copper plumbing and electric are in good shape; however, we have budgeted for updates just in case. Nearly all units have great Lake Union views, private deck, sunken living rooms and fireplaces. Three units have washer and dryer and there are two common laundry rooms for added revenue. Another source of revenue is the 12 storage doors with additional lockers inside and the 16 parking stalls.
We anticipate rehabilitation to begin beginning of 2017 and we will phase the unit rehabilitation. Overall project completion to stabilization is estimated end of 2017.
“WHERE PREPARATION MEETS OPPORTUNITY”