Strategic Location: With a Walk Score of 87, the property provides residents with a prime location near several grocery stores, restaurants, and coffee shops; just steps away from public transit, offering service to the University of Washington and Downtown Seattle, and easy access to leading regional employers like Amazon, Apple, Google, and Meta. 

Value-Add Offering: This well-maintained building has undergone partial renovations with cosmetic updates, creating an opportunity for new owners to implement a comprehensive value-add program and increase rents by an average of $627 per unit after renovations.

Immediate Upside Potential: Current rents fall significantly below market rates, presenting new ownership with the opportunity to enhance net operating income by aligning all units with market rates; this is supported by strong effective rent growth projections in the submarket, where gains are expected to exceed 3.8% by Q4 2025 within a one-mile radius of the property.

Well-Maintained: This owner-operated property has recently received deferred maintenance repairs to electrical and fire safety systems; several units now feature upgrades including vinyl plank flooring, undermount sinks, and granite countertops.

Additional Income Streams: New owners can implement a RUBS utility program to recover operational expenses; with 16 dedicated spaces in a neighborhood with minimal off-street parking, plus on-site laundry facilities, operating income can be increased by $11,000 annually.

Ideal Unit Mix & Layouts: Elskan primarily consists of spacious two-bedroom units, averaging over 800 square feet; most units include western-facing private balconies overlooking the Olympic Mountains.

Strong Submarket Fundamentals: The area boasts a strong rental market, with 49% of housing units renter-occupied within a one-mile radius; average effective rents reached $2,278 through Q2 2025, with average annual rent increases of 3% or greater projected through 2030.