Built in 1995, Ridgeline is a two-building and twenty-four-unit apartment community centrally located in the Westmont neighborhood of Everett. With the Boeing Everett Factory and Paine Field to the east, and Sound Transit’s new Light Rail Station coming a few blocks to the west, Ridgeline is perfectly situated to benefit from economic drivers that look poised to strengthen over the long term. Tenants enjoy private balconies, side-by-side laundry machines, and vaulted ceilings in top floor units.

Ridgeline consists of two one-bedroom, one-bathroom units averaging ±907 square feet and twenty-two two-bedroom, one-bathroom units averaging ±950 square feet. At a purchase price of $4,000,000, Ridgeline offers extremely attractive price per pound metrics at $166,667 per unit and $176 per square foot. Twelve of the twenty-four units have been renovated to the specifications shown on the following page, and the bulk of our renovation budget represents spending $18,000 on the remaining twelve units to bring them in line. By increasing rents up to the high-water mark already achieved in two-bedroom units, an incoming investor can stabilize the property at north of a 7% pro forma cap-on-cost, while maintaining an 8% cash yield through the life of the hold.