12037 1st Ave S Seattle, WA 98168

• Purchase Price: $4,850,000
• Capital Improvements: $903,000
• Sale Price: $11,150,000
• Equity Multiple: 3.88x
• IRR: 26.7%

Acquired through an off-market transaction in 2015, this underperforming South Seattle asset was repositioned through an extensive renovation that unlocked its value-add potential. The strategy delivered rapid rent growth, increasing average rents from $800 to $1,200 per month—a 33% increase achieved in less than 12 months.