PREMIER OFFERING IN THE HEART OF CROWN HILL

Imperial Crown Manor is a 44-unit, 1978 built complex consisting of 1 and 2-bedroom apartments averaging 670 SF in Crown Hill near employers, local amenities, and public transportation, and priced under $216K per unit.

The property has been updated with a newer roof, dual-pane windows, elevator system upgrades, and approximately half of the units boast updated kitchens and bathrooms. Imperial Crown Manor offers a new owner positive cash flow as well as rent and other income upside potential as well as the likely opportunity to redevelop the nearly 32,000-SF lot into a 140+ unit community.*

Positioned in Seattle’s desirable Crown Hill neighborhood, residents of Imperial Crown Manor enjoy a walkable community with easy access to Ballard and the employment centers of Downtown Seattle and South Lake Union. The location offers a “Very Walkable” walk score of 79 and is within a half-mile radius of grocers (Safeway, Grocery Outlet, and a brand new Metropolitan Market), recreation (Crown Hill Park and Skatepark, just steps away, and Carkeek and Golden Gardens Parks), and 15+ food and drink establishments. The property is also a 4-minute walk from the RapidRide D line connecting to Ballard, Uptown, and Downtown Seattle, a 2-minute walk from bus route 40 connecting to Northgate and light rail, and within a 10-minute walk of the 28 and 45 bus routes.

Originally constructed in 1978, the Imperial Crown Manor has undergone a variety of updates. Approximately half of the 44 units have upgraded kitchens and bathrooms, and the building features updated dual-pane vinyl windows. Additionally, the property boasts a newer roof, a recently repainted exterior, and a recent upgrade to the elevator system. Residents of Imperial Crown Manor enjoy dishwashers in every home, large decks for each unit on the upper three floors, and 47 surface parking spaces in a lot which has recently been resurfaced and striped.

Imperial Crown Manor is profitable in its current operations and offers an investor a 4.4% cap rate based on current expenses and income. Further, the property’s 44-unit size allows for competent and reasonably priced professional management. For higher returns, a new operator can add value by renovating, or by simply raising below-market rents upon turnover or renewal, increasing parking charges, and standardizing charges for other typical billables. Additionally, part of the large parking lot may allow for additional development, or the entire 31,983-SF, NC2P-55-zoned lot can potentially be redeveloped into a 140 to 200-unit apartment community.*

With its excellent walkable location, strategic size, well maintained systems and structure, and strong value-add potential both for the existing income stream and redevelopment, Imperial Crown Manor is an exceptional and desirable acquisition opportunity.

*Buyer to verify all development/redevelopment potential.

Investment Highlights

DESIRABLE CROWN HILL LOCATION

Offers residents a walkable community feel with easy access to Ballard and the major employment hubs of Downtown Seattle and South Lake Union

44 UNITS BUILT IN 1978

Priced at less than $216K per unit and comprised of one and two-bedroom apartments; allows for competitively priced and competent professional management

LAND BANK

31,983-SF corner lot zoned NC2P-55 with a 3.75 FAR sited in an urban village likely allows for the construction of 140 to 200 units potentially without a parking requirement*

AMPLE PARKING

47 surface parking spaces; part of the parking lot may allow for additional development*

SIGNIFICANT UPSIDE OPPORTUNITY

Potentially achieve a ±10% increase to income / ±6.0% cap rate by raising rents, making basic improvements upon turnover, and standardizing billing for parking, utilities, and other typical billables

VERY WALKABLE

Walk score of 79 – Steps from Crown Hill Park and Skatepark, and within a half-mile radius of Soundview Playfield & Wading Pool, Safeway, Grocery Outlet, Metropolitan Market, Petco, Walgreens, and 15+ food and drink establishments

WELL MAINTAINED BUILDING

Upgrades to baths and kitchens in half the units, updated dual-pane vinyl windows, building exterior recently painted, newer roof

ELEVATOR-SERVED BUILDING

Recent upgrade to elevator system

DESIRABLE FEATURES

Large decks for every 2nd, 3rd, and 4th-floor unit, and dishwashers in every home

EXCELLENT PUBLIC TRANSPORTATION

A 4-minute walk to the RapidRide D line linking to Ballard, Uptown, and Downtown Seattle, and a 2-minute walk to route 40

*Buyer to verify all development/redevelopment potential.

First Floor

2nd, 3rd & 4th Floor

CROWN HILL IS A PEACEFUL NEIGHBORHOOD IN A LIVELY CITY

The Imperial Crown Manor community is situated in the heart of the Crown Hill neighborhood approximately six miles north of Downtown Seattle.

This area appeals to residents who value a central-living situation that offers convenience to outdoor recreation, employment opportunities, and all sorts of walkable retail options. Further, Downtown Seattle and South Lake Union, along with their entertainment, dining, and employment options, are easily accessed via Interstate 5 or via Aurora Avenue North (Highway 99) or 15th Ave NW, as is the Eastside via State Routes 520 and 522.