The Crest 1718 Melrose Ave Immeuble residentiel 52 lots 12 210 580 € (234 819 €/Lot) Seattle, WA 98122

The Crest Apartments, now available in Seattle’s vibrant Capitol Hill neighborhood, presents a unique investment opportunity in one of the city’s most desirable areas for residents and businesses. This property has been owner-operated for the last 25 years, ensuring stability and quality. Located on the edge of the Denny Triangle, The Crest offers direct access to Downtown Seattle, the Retail Core, and South Lake Union's technological innovation hub. Residents benefit from exceptional connectivity and convenience, being close to over 336,000 employees and 1,000 workplaces, including major offices like Amazon, Google, Apple, Nordstrom, and Meta.

The Crest Apartments offer 52 professionally managed units, featuring an ideal mix of studios, one-bedroom, and two-bedroom apartments. Each unit includes a private balcony and in-unit washer and dryer, complemented by quality reinforced brick masonry construction. New ownership will benefit from investing in a highly affluent submarket with immediate upside potential. Current rents are set at 22% below market value, presenting opportunities for rent increases and utility recovery through RUBS. The property maintains a competitive edge over new construction projects, which lack minimum parking requirements due to the Capitol Hill urban center overlay. Less than half of the existing comparable inventory within a half-mile radius features secured parking.

With direct access to I-5 and I-90, The Crest offers seamless connectivity to Eastside employment hubs, attracting a highly affluent tenant profile. This strategic repositioning opportunity enables investors to leverage market dynamics through a comprehensive renovation strategy. Demographic highlights include affluent households with a median income projected at $130,205 in 2025, 9.2% above Metro Seattle, and highly educated residents, with 76% holding a bachelor’s degree or higher. Additionally, 70% of housing units are renter-occupied, with 40% of residents in the key renter age group of 18-35. Investing in The Crest provides a stable, lucrative opportunity in Seattle’s thriving Capitol Hill neighborhood.

Investment Highlights:
Highly Coveted, A+ Location: Capitol Hill provides quick access to the Central Business District, Downtown Seattle, and South Lake Union, with a near-perfect Walk Score of 98 and a Transit Score of 98. The Crest connects easily to major employer centers on the Eastside via I-5 and I-90.

Primed for Repositioning: Built in 1988, The Crest has received light cosmetic upgrades in select units. The diverse unit mix of studios, one-bedroom, and two-bedroom floorplans offers a prime opportunity to implement a comprehensive value-add program, increasing rents by an average of $520 per unit post-renovation.

Desirable Urban Submarket with Strong Demographics: Within a one-mile radius, 76% of residents hold a bachelor’s degree or higher, compared to 45% in the Seattle metro. Average household income is projected to exceed $208,000 annually by 2029.

Additional Income Streams: New owners can implement a RUBS utility program to boost operational expense recovery. With 52 secured garage parking spaces in a neighborhood with minimal off-street parking, $150 monthly premiums could generate over $93,000 in additional operating income.

World-Class Healthcare Provides Recession-Proof Employment: Seven hospitals, strategically located within five miles of the property, offer recession-proof employment and support over 50,000 jobs in the region.

Pivot Point for Transit, Employment, and Entertainment: The Crest is well-connected to major employment hubs, including Capitol Hill, South Lake Union, and Downtown Seattle, home to over 9,300 workplaces and notable employers like Amazon, Google, and the University of Washington.

Life of Convenience: Capitol Hill offers easy access to Seattle’s expanding Light Rail, QFC and Trader Joe’s, Seattle Library, and the Pike-Pine Corridor—all within a 15-minute walk.

Limited New Supply Bolsters Occupancy: After a year of unprecedented new deliveries, construction starts are expected to slow by an average of 40% from the 2024 peak over the next four years.