Arllis Arms

www.colliers.com

Sam Wayne

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

Value-Add Multifamily Investment Opportunity in Seattle’s Capitol Hill Neighborhood

The Offering

Photos

Location

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Seattle, WAshington | 32 Units

Investment Overview

Arllis Arms is ideally positioned in Seattle’s Capitol Hill neighborhood, one of the city’s most dynamic and supply-constrained multifamily submarkets. Known for its walkability, vibrant retail and dining scene, and strong renter demand, Capitol Hill consistently attracts a diverse and highly educated tenant base. The Property benefits from immediate proximity to major employment centers including Downtown Seattle and South Lake Union, while offering residents seamless connectivity via the Sound Transit Link light rail at the nearby Capitol Hill station. This combination of lifestyle amenities, transit access, and proximity to employment anchors positions the Property to maintain strong occupancy and capture long-term rent growth.

Executive Highlights

Mark-to-Market Rent Upside

The property is currently operating at approximately 87% occupancy with a T-12 NOI of $189,675. Average in-place rents are $1,495 per month. Comparable classic (unrenovated) units in Capitol Hill average $1,737 per month, indicating a 16% mark-to-market opportunity.

Transit Oriented Location

Arllis Arms is located within easy walking distance from Sound Transit’s Capitol Hill 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

Renovated comparable units in the submarket are achieving average rents of approximately $2,147 per month, $608 premium over in-place rents.This provides a clear runway for continued NOI growth through a phased renovation strategy, allowing investors to build on operational improvements and further enhance long-term asset value.

Envisioned Premium Renovation

Quartz countertops Subway tile backsplash Painted cabinets with modern hardware Stainless steel appliances Under-cabinet lighting New plumbing and electrical fixtures Fresh paint Vinyl plank flooring throughout

Unit Renovation Scope

Renovation Cost Per Unit Average Rent Premium Return on Cost Total Renovation Budget Renovation Timing

key renovation metrics

Unlocking Upside Through Renovations

Dylan Luxenberg

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

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(stock photo examples above)

$20,000 $366/month over market rents 21.9% $640,000 Years 1-4 (8 units/year)

Chris Hardman

Senior Vice President chris.hardman@colliers.com +1 206 287 0213

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Property Location