Significant Upside Potential

With 30-year LIHTC restrictions terminating effective January 1, 2025, and in-place leases ending by May, rents can be immediately increased by an average of 21% to market rates without significant changes to operational expenses. 

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Value-Add Opportunity

While the property has undergone light remodeling over the years with upgraded appliances and cabinetry in kitchens and bathrooms in the market rate units, the majority of units remain in classic condition, making it an ideal candidate for a full value-add program while pushing rents to market rate. Post-renovation, monthly rent premiums of $100+ per unit are projected across all unit types. 
 

Further Upside Potential

Implementing a RUBS program across all 56 units would generate nearly $65,000 in additional annual operating income by recovering 85% of utility costs. Existing one-bedroom unit can be converted to two-bedroom with removal of manager’s office at minimal additional expense. 
 

Ample Parking

The property offers 80 surface spaces and 12 carports, creating opportunities for additional income while providing residents with abundant parking options. 
 

Pivot-Point Location

Located in the heart of Renton, Washington, the property connects residents to freeways, airports, seaports, and railways. It offers direct access to Interstates 405 and 5, King County Metro and Sound Transit Express buses, and Sounder Commuter Rail services between Tacoma and Downtown Seattle. 

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Employer Arterial

The property provides easy access to major Eastside employers like Microsoft, Google, T-Mobile, Amazon, and Boeing. Residents enjoy a 35% lower cost of living compared to Seattle while staying close to these employment centers. 

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Minimal Deferred Maintenance

Ownership has undergone several capital expenditure projects in recent years including exterior painting, landscaping upgrades with tree removal and planting, repairs and seal coating to concrete and asphalt, siding and roof repairs, and leasing office remodel.