Introducing Evergreen Apartments - a prime value-add opportunity located at 20901 76th Ave W, Edmonds, WA 98026. This well-maintained property, built in 1962, consists of 11 units with a proven track record of 100% occupancy and zero delinquencies. Evergreen Apartments presents investors with the potential to increase rental income by over 15% and achieve a renovated pro forma cap rate of 6.43%. The property boasts a mix of one- and two-bedroom units, on-site amenities such as a community laundry facility, outdoor space, and surface parking, offering residents a comfortable living experience. Strategically located in Edmonds, residents enjoy easy access to major job centers like downtown Seattle, Bellevue, and Everett via I-5 and I-405. Expected enhancements through the new Lynnwood Link Extension further improve connectivity to Seattle and SeaTac. Don't miss the opportunity to invest in a strong, stabilized asset with significant value-add potential in a thriving submarket!
Value-Add Opportunity: Built in 1962 and well maintained, this property offers significant rental upside by completing renovations; additional premiums can be achieved through RUBS collections and other operational changes.
Strong & Stabilized Asset: The property boasts 100% occupancy with zero delinquency.
Renovation Upside: Renovations are projected to increase rentals by over 15% and achieve a renovated pro forma cap rate of 6.43%.
Ideal Unit Mix
Renovated Kitchen
Renovated Bathroom
Bedroom
Renovated Kitchen 2
Classic Kitchen
Updated Flooring - Living Room
On Site Laundry
Semi-Private Outdoor Space
Aerial
Property Photo
Plat Map
