The acquisition of the 19-unit apartment building at 1310 E. Thomas St, represented an attractive value-add opportunity with significant upside in the highly desirable Capitol Hill submarket.
Highlights of this investment include:
- Adding a new 1,530 square foot unit by converting garage parking to habitable space
- Adding additional 540 square feet to an existing unit by converting the former laundry area
- As a result of adding this square footage (12%), renovating/upgrading the unit finishes in all units and better management of the property, we DOUBLED the revenue
All the residents now benefit from new baths and kitchens, flooring, appliance packages that include dishwashers and in-unit washer/dryers, large bedrooms, and spacious decks that have been recently resurfaced or rebuilt. The property now features all copper electrical wiring, copper drain lines, updated PEX water supply piping, new hot water tanks, and a roof that was replaced in 2022.
We’ve included current and at acquisition photos of the exterior and interior upgrades so you can see the transformation and the missing middle housing created. Through this project, we increased the supply of housing in Seattle that is neither dependent on rent of property tax subsidies nor is priced at the high end of the market where new construction needs to be to be viable.
Current Exterior Photos
Improvements include:
- Resurfacing/rebuilding spacious decks
- Repainting the exterior
- Recently replaced roof
Entrance to the newly created 1530sf unit, converting former parking to livable space.
Photos at Acquisition
(Before renovation)
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