For those with an eye toward the future, Wallingford X is can’t-miss property. This 25-unit multifamily asset in one of Seattle’s most desirable neighborhoods—Wallingford—offers stable cash flow, built-in value-add potential, and long-term development opportunities, making it a prime investment for seasoned investors and developers alike.
Prime Location & Strong Fundamentals
The fully furnished units (18 studios and 7 1-bedroom/1-bathroom units) feature lake, city, and territorial views that charm tenants and keeps the property at high occupancy. Located in the heart of one of Seattle’s most walkable and high-demand rental markets, the property has a 90 Walk Score with proximity to top dining, retail, and transit options.
The property offers a 5.6% cap rate with consistent operational efficiency, stable income with built-in growth, and guaranteed 4% rate increases annually for the next four years. The seller has renovated the units with new flooring, new hardware, fixtures, and trim, as well as new kitchens and kitchenettes. and secured long-term tenants, providing immediate stability. Professionally managed by the seller, this opportunity ensures smooth operations and minimal management risk.
Value-Add Potential & Development Upside
Below-market rents present an immediate opportunity to increase NOI through rental adjustments.
Future development potential exists with two attractive options:
Option A: Preserve 15 existing units and develop an additional 32 units on the southern portion of the lot—totaling 47 units.
Option B: Redevelop the site into 66 Small Efficiency Dwelling Units (SEDUs) to maximize density and cash flow.
This is a rare opportunity to acquire a stabilized asset with strong cash flow today and significant upside for the future. If you’re looking for a high-performing multifamily investment with development potential, this property checks all the boxes.
Let’s discuss how this opportunity fits into your investment portfolio. Reach out today for financials.
4450 Green Lake Way N | Seattle, WA
25 Bedroom | 25 Bathroom | 10,105 Square Feet
