ON THE MARKET // 11521 26th Ave NE, Seattle, WA 98125

Capri Apartments

On the Market

Price:

$3,500,000

The Capri Apartments is a fifteen unit community located in the Lake City neighborhood of Seattle. Originally constructed in 1962, the Capri has been carefully maintained and updated to ensure that it’s a desirable community for tenants and a low-maintenance asset for ownership. Boasting a walk score of 73, the property is situated within a one-mile walk of all your everyday essentials. Comprised of six ±613 square foot one bedroom units and nine ±798 two bedroom units, the property offers a range of living spaces that are desirable to tenants looking to take advantage of that Seattle has to offer.

Lake City is a diverse and evolving neighborhood known for its blend of suburban tranquility and urban convenience. Historically developed in the mid-20th century, it features a variety of housing options, from mid-century single-family homes to modern apartments, catering to different income levels. The area is enriched by its multicultural population and offers numerous amenities, including parks, community centers, libraries, and a mix of local businesses and dining options along Lake City Way. It is well-connected by public transportation and major highways, making it accessible for commuters.

Capri has been extensively maintained and has copper plumbing, a new roof (2023), updated electrical panels in all units (2016), all water heaters are current and new exterior stairwells (2024). The interior of the units have been well maintained and updated as well, featuring LVP flooring throughout, stone countertops and dishwashers in select units. On site, there’s a central courtyard for all tenants, on site community laundry and ample parking of 16 off-street spaces. These improvements not only enhance the property’s curb appeal but also contribute to the long-term durability, reducing maintenance costs for the foreseeable future.

Property Overview

 

ADDRESS

11521 26th Ave NE,

Seattle, WA 98125

 

RESIDENTIAL NRSF

± 10,877

NEIGHBORHOOD

Lake City

 

PARKING

16 Surface Spots

YEAR BUILT

1962

 

ZONING

LR3 (M)

UNITS

15 Units

 

SITE AREA

± 19,600 SF (0.45 ACRES)

Executive Highlights

  • Excellent Lake City Location (73 Walk Score)

    2 miles to Northgate Light Rail Station

    1 mile to Safeway

    0.6 miles from Lake City restaurants and entertainment

  • Well Maintained Property

    Copper plumbing throughout

    New roof (2023)

    Updated electrical panels (2016)

    New exterior stairwell (2024)

  • Opportunity to Assume Existing Loan

    Loan balance of $1,800,000 at 3.64% until April 2027

  • Opportunity To Capture Upside Through Operations

    In place cap rate: 5.44%

    January 2025 cap rate: 5.78%

    Proforma cap rate: 6.34%

  • Strong Unit Mix

    One- and Two-Bedroom units averaging 725 square feet.

  • Excellent Proximity To The Region’s Major Employers

    12 minutes to Amazon, Google, Apple, Meta, Central Business District

    16 minutes to UW, Swedish, Harborview, Virginia Mason hospitals

    18 minutes Microsoft, T-Mobile, Downtown Bellevue

Gallery