Built in 1995, Ridgeline is a two-building and twenty-four-unit apartment community centrally located in the Westmont neighborhood of Everett. With the Boeing Everett Factory and Paine Field to the east, and Sound Transit’s new Light Rail Station coming a few blocks to the west, Ridgeline is perfectly situated to benefit from economic drivers that look poised to strengthen over the long term. Tenants enjoy private balconies, side-by-side laundry machines, and vaulted ceilings in top floor units.

Ridgeline consists of two one-bedroom, one-bathroom units averaging ±907 square feet and twenty-two two-bedroom, one-bathroom units averaging ±950 square feet. At a purchase price of $4,250,000, Ridgeline offers extremely attractive price per pound metrics at $177,083 per unit and $187 per square foot. Eleven of the twenty-four units have been renovated to the specifications shown on the following page, and the bulk of our renovation budget represents spending $20,000 on the remaining thirteen units to bring them in line. By increasing rents up to the high-water mark already achieved in two-bedroom units, an incoming investor can stabilize the property north of a 7% pro forma cap rate, while averaging a 7% cash yield through the life of the hold.

Lynnwood, Washington, located in Snohomish County about 16 miles north of Seattle, is conveniently positioned along Interstate-5 and Highway 405. This makes commuting south to Seattle, east to Redmond and Bellevue, or north to Everett straightforward, particularly with the Tanglewood’s excellent access to Light Rail.