Atlantic 4 - Investor

Project Details

7 Unit Apartment Renovation and 4 Town Homes in the Rear

1512 12th Ave S, Seattle WA 98144

Original 1927 home converted to 7 apartments with 4 new construction townhouses at the rear of the lot. Existing building will be gut renovated with all new plumbing, electrical, and HVAC systems. Townhouses will be able to utilize new 40 foot townhouse height limits.

Features

Project Goals

Renovate and hold existing multi-family building at front of the property
Build and sell 4 fee-simple townhouses at the rear of the lot
Integrate the two buildings with common central courtyard

Key Investment Highlights

Provide both near-term capital return and long term cash flow
Two townhomes are pre-sold to investors in the project

By The Numbers

Acquired - 2019

Built/Renovated - 1927 / 2021

Lot SF - 6,000

Zoning - LR3

Project SF - TBD

Project Breakdown – 7 unit existing building renovation with 4 rear townhouses

Investment Type - Hybrid Build/Hold

Investment Duration - 3yrs / Long Term Hold

Target Investment Return - 107%

Interesting Project Fact - The well-built existing structure currently containing 3 units will be reconfigured to provide 7 new rental units.

Project Team

Developer: 47 North

Architect: SHW

Contractor: 47 North

Structural: Frank Co.

Civil: TBD

Landscape: Root of Design

Geotech: PanGeo