Overview

Highlights

• Well situated residential setting with nearby amenities & employment drivers
• Large spacious units including a rare 3 bedroom owner’s unit
• Current below market rents provide significant future rent upside
• Value-add & Reposition opportunity

Description

The Lee & Associates Northwest | Multifamily Team is pleased to present the Cedrus Apartments nestled in the sought-after residential neighborhood of Hawthorne Hills in North East Seattle. Built in 1956, this spacious 8-unit garden style building consists of two 1 Bed/1 Bath and five 2 Bed/1 Bath and one 3 Bed/ 1 Bath owner's unit. Additional amenities include designated off-street parking as well as common laundry.

Steps from the Burke-Gilman hike/bike trail, the Cedrus is a well connected to University Village and University of Washington. Seattle Children’s Hospital as well as the Metropolitan Market and City People Mercantile are within a short walk from the Cedrus. This walkability and proximity to amenities attracts a high-quality, stable tenant base and has lent to virtually no vacancy over the course of current ownership.

These spacious well-located units provide investors with a true value add opportunity, recapturing loss to lease in the near term with additional rental upside realized upon renovation and reposition.

Location

Situated in the upscale neighborhood of Hawthorne Hills, Cedrus Apartments is ideally located with a residential neighborhood offering quiet tree-lined streets, local coffee shops, restaurants and parks while also walking distance to Seattle Children’s Hospital and local amenities such as Metropolitan Market and City People Mercantile. Both the hospital and retail are within a 10-minute walk from Cedrus. UW Medicine and the University of Washington are within a five minute drive or via the Burke Gilman trail adjacent to the property, a 15-minute bike ride.

Adjacent to the building is the Burke Gilman trail, a cyclist and recreational enthusiast’s dream. This 27 mile long paved trail connects the neighborhood of Ballard to the west with Lake Forest Park to the north. It also connect many parks and greenspaces along the way including the Burke-Gilman Park and Magnuson Park both a few minutes ride from the Cedrus.

Seattle Children’s ranked as Forbes’ America’s Best Employer for Washington state in 2020. With approximately 8,500 employees, Seattle Children’s draws both graduate students and residency professionals to the area.

UW was recently ranked third in US Public Institutions by the Times Higher Education World University Rankings. With an enrollment of 46,000 students and 350+ graduate programs that attracts talent nationally and internationally. 

The University Village is a host to retailers including the Amazon Bookstore, H&M, Crate & Barrel, Bartell's, and QFC as well as number of dining options. This stylish and amenity rich outdoor shopping center truly provides a one-stop shopping experience for those in the surrounding neighborhoods.

With multiple economic drivers in close proximity to Cedrus, investors benefit from a diversified and qualified tenant pool who values connectivity but desires a quiet oasis from bustling city life.

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