Acquire a vintage asset in prime First Hill at a price well below replacement costs, insulated from supply-side pressures as new construction starts continue to decline.

Downtown’s construction pipeline skews heavily toward luxury high-rise assets, while irreplaceable vintage properties like Clarwood remain scarce and in demand from renters seeking character at a more accessible price point.

Walkable, transit-rich neighborhoods with access to major employment centers historically outperform the broader metro across cycles, thanks to a consistent influx of young professionals, medical staff, and students.

Anchored by one of the Pacific Northwest’s largest employment clusters, with major employers including Swedish Medical Center, Virginia Mason, Harborview Medical Center, Amazon, F5, Deloitte, and KPMG. Over 76% of the local population holds a bachelor’s degree or higher, and median household income exceeds $130,000 within a one-mile radius.

Through a strategic renovation scenario, proforma analysis demonstrates the ability to achieve post-renovation rent growth of 30% for studios and 18% for one-bedroom units. These projections are supported by strong submarket fundamentals and a wide affordability gap versus new construction.

Asking rents have increased 10.70% since 2023, reflecting strong demand for vintage urban products, further enhancing NOI potential.

Multiple light rail and streetcar expansions underway will further cement the area as Seattle’s premier mobility hub, improving connectivity for future tenants.

Streetscape improvements, pedestrian upgrades, and public/private investments are enhancing safety, amenities, and overall urban appeal.