Chelsye - Investor

Project Details

Existing 6 Unit Apartment Building - Future Redevelopment Opportunity.

1627 15th Ave, Seattle, WA 98122

1960's apartment building purchased by 47 North Development in 2009. Kitchens were updated with new cabinets, quartz counters, stainless steel appliances and tile floors. Bathrooms were updated also with new subway tile showers and cabinetry. Light fixtures, paint, and carpet were replaced throughout. These renovations substantially increased the value of the property allowing 47 North to refinance the property to pay off the seller-financed note.


Project Goals

  • Renovate kitchens, bathrooms, and building surfaces during seller financed period.
  • Stabilize asset prior to refinance for long-term hold.
  • Position property for future 20K SF building.

Key Investment Highlights

  • Limited upfront capital necessary to acquire core Capitol Hill building.
  • Investors currently receiving nearly 10% annual cash-on-cash return on their original investment.

By The Numbers

Acquired - 2009

Built/Renovated - 1963/2010

Lot - 7,144 SF

Zoning - LR3

Building - 5,045 SF

Interesting Project Fact 

This building was purchased off-market when Matt test drove a car and the salesman's wife happened to be trying to sell her building.

Project Team

Developer:  47 North

Features of Chelsye - Investor

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