6700 Roosevelt

www.colliers.com

Sam Wayne

Senior Vice President sam.wayne@colliers.com +1 206 351 7656

Untapped Value-Add Steps from Roosevelt Light Rail Station

The Offering

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Location

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Seattle, WAshington | 88 Units

Investment Overview

Colliers Capital Markets Group, as exclusive advisor, is pleased to present the opportunity to acquire 6700 Roosevelt (the “Property”), a compelling value-add investment opportunity in the center of the Roosevelt neighborhood. Built in 1988, the wood-framed buildings feature 88-residential unitsover a concrete podium parking structure with 100 spaces. It is situated on a large 0.7-acre corner parcel adjacent to Roosevelt Light Rail Station. 6700 Roosevelt provides a variety of ways to unlock value-add returns, plus a secondary exit strategy in the future as a trophy transit-oriented development site.

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Executive Highlights

This 0.7-acre site boasts favorable NC3P-75 (M) zoning, allowing for 75’ of height and a 6.0 FAR. We anticipate a mid-rise yield of 200–250 units based on the current footprint.

Future Redevelopment Potential

Owner Operated for the Past 27 Years

6700 Roosevelt is a rare opportunity to acquire a well maintained multifamily property with minimal deferred maintenance. Ownership have intentionally kept rents well below market, not raising rents more than 2-3% per year, and often not at all, under their stewardship for the past 27 years. They do not advertise digitally, and until recently did not offer online payment options.

Significant Mark-to-Market Rent Upside

The property is currently 17% vacant with in-place rents trailing market comps by 15-25% in similar unrenovated condition. Providing a compelling opportunity to increase revenue without any additional expense.

Potentially High Value-Add Opportunity

Based on comparable Unrenovated units in the area, there is $300,000—Annual loss-to-lease embedded in current rents. Furthermore, renovated properties units in the area achieve on average $550/month premium over the in-place rents at 6700 Roosevelt.

Transit Oriented Location

6700 Roosevelt is located directly across the street from Sound Transit’sRoosevelt light rail station. The station offers direct rail access to key employment centers at the University of Washington, Downtown Seattle, SeaTac Airport, and now the Eastside.

Programmatic Renovation Unlocks Further Upside

In-place rents average $1,569 per unit ($2.36/SF), compared to $2,218 per unit ($3.34/SF) at renovated comparable properties. This $649 per unit rental premium translates to approximately $685,000 of incremental annual revenue across the 88-unit asset. Assuming a renovation cost of $20,000 per unit, the business plan supports an estimated 39% return on cost.

Envisioned Premium Renovation

Quartz countertops Subway tile backsplash Painted cabinets with modern hardware Stainless steel appliances Under-cabinet lighting USB outlets throughout Ceiling fans New plumbing and electrical fixtures Fresh paint 2-inch faux wood blinds Vinyl plank flooring throughout

Unit Renovation Scope

Program the rooftop patio on floor 3 with seating and landscaping. Re-open the resident lounge whichis currently used as storage Re-open the community gym whichis currently used as storage Upgrade machines in commonlaundry areas to accept credit card payment

Community Upgrade Ideas

$677,000 IN ANNUAL RENT UPSIDE ACROSS 87 CLASSIC UNITS

Dylan Luxenberg

Associate dylan.luxenberg@colliers.com +1 253 973 5094

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