Paragon Real Estate Advisors is pleased to exclusively offer for sale the Burien Sky Apartments; a 15-unit, value-add apartment community located in the heart of Burien.
Built in 1967, the Burien Sky Apartments sit on a 19,800 sqft lot surrounded by trees and greenery, offering a peaceful setting just minutes from downtown Burien. The units are large and offer a unique mix with 2 – 2Bd/2Bth units (1,500sqft), 6 – 1Bd flats and 7 – 1Bd “townhouse” style units with two levels of living space. Four of the units have been tastefully updated and feature in-unit washer/dryers. Upper-level units enjoy territorial views to the west. The apartments have functional layouts, abundant storage, complete kitchen appliance packages, and private balconies. The property has been well cared for with little deferred maintenance and managed with a focus on minimal vacancy and turnover. Current rents are well below market, offering immediate upside opportunity of almost 20%.
The Burien Sky Apartments offers an investor the opportunity to acquire a well-located apartment community with immediate income upside and potential to add value. New ownership can immediately push income in several ways and take advantage of a strong, rising rental market and has the option to add further value through a renovation and repositioning plan for an even greater return.