Harbor View Lofts
A 48-unit loft building on the Seattle waterfront, fully leased and managed by a local operator. Rent is collected monthly and distributed to holders after operating costs and reserves.
Overview
The property
Harbor View Lofts is a six-storey brick conversion with 48 loft apartments, ground-floor retail and 40 parking spaces. The building was fully renovated in 2023.
Income
- Rent roll: $1.12M a year at 96% occupancy.
- Operating costs: covered by a property manager under a five-year agreement.
- Distributions: paid monthly, after a 5% maintenance reserve.
Location
Two blocks from the ferry terminal and the light rail, in one of the tightest rental markets in the country.