Elskan Apartments 8500 16th Ave NW Immeuble residentiel 18 lots 4 326 500 € (240 361 €/Lot) Seattle, WA 98117

Elskan represents a stable and desirable investment opportunity, having been held by a single owner for over 30 years. Recent unit improvements have strengthened its market positioning, with the latest leases reflecting a 15% increase in rental rates, underscoring its revenue potential. The property is situated in a robust economic area, with a median household income of $128,455 within a 2-mile radius and 13,124 households earning over $200,000, supporting high occupancy rates and premium rental pricing.
Elskan's strategic location within the Crown Hill urban village zoning overlay offers a competitive advantage, featuring a nearly 1:1 parking ratio and no minimum parking requirements for future developments. Additional income is generated through on-site laundry facilities, and there is potential for further revenue through the conversion of an underutilized storage closet into bicycle storage or secure package lockers.
Recent deferred maintenance improvements completed in late 2024 include upgrades to electrical and fire protection systems, enhancing safety and reliability with a five-zone fire alarm control and a new main electrical feeder panel. With no new construction starts over the past eight quarters and median home sale prices reaching $907,500 as of April 2025, Elskan is well-positioned for rental stability and potential upside.
INVESTMENT HIGHLIGHTS:
Strategic Location: With a Walk Score of 87, the property provides residents with a prime location near several grocery stores, restaurants, and coffee shops; just steps away from public transit, offering service to the University of Washington and Downtown Seattle, and easy access to leading regional employers like Amazon, Apple, Google, and Meta.
Value-Add Offering: This well-maintained building has undergone partial renovations with cosmetic updates, creating an opportunity for new owners to implement a comprehensive value-add program and increase rents by an average of $600 per unit after renovations.
Immediate Upside Potential: Current rents fall significantly below market rates, presenting new ownership with the opportunity to enhance net operating income by aligning all units with market rates; this is supported by strong effective gains growth projections in the submarket, where rents are expected to exceed 3.8% by Q4 2025 within a one-mile radius of the property.
Well Maintained: This owner-operated property has recently received deferred maintenance repairs to electrical and fire safety systems; several units now feature upgrades including vinyl plank flooring, undermount sinks, and granite countertops.
Additional Income Streams: New owners can implement a RUBS utility program to recover operational expenses; with 16 dedicated spaces in a neighborhood with minimal off-street parking, plus on-site laundry facilities, operating income can be increased by $11,000 annually.
Ideal Unit Mix & Layouts: Elskan primarily consists of spacious two-bedroom units, averaging over 800 square feet each; most units include western-facing private balconies overlooking the Olympic Mountains.
Strong Submarket Fundamentals: The area boasts a strong rental market, with 49% of housing units renter-occupied within a one-mile radius; average effective rents reached $2,009 through Q1 2025, with average annual rent increases of 3% or greater projected through 2030.