On the market for the first time in 25 years, Trailwood Apartments is conveniently located in Seattle’s desirable Ravenna neighborhood steps to the University of Washington and University Village. The community boasts 17 spacious one-bedroom homes.
With a Very Walkable walk score of 89, Trailwood Apartments is well positioned near a variety of community amenities. University Village, with its ±125 retailers and restaurants, is within walking distance, while the Burke Gilman Trail is immediately outside the side door. Three bus routes have stops within a 10-minute walk and take riders to Bothell, Kenmore, Lake Forest Park, and a variety of Seattle neighborhoods including Green Lake, Lake City, Roosevelt, the University District, and Wedgwood. U-District Station, just 1.2 miles away, offers residents access to an abundance of other bus routes as well as the Link light rail 1 line with current service to Downtown, the Seattle Tacoma International Airport, and Green Lake, all the way up to Lynnwood, approximately 7.5 miles north of Seattle’s city limits. In addition to its desirable location surrounded by shops, restaurants, transit, and recreation, residents of Trailwood Apartments enjoy a quiet, residential home environment at the end of a tree-lined cul-de-sac.
Constructed in 1987, Trailwood Apartments is comprised of 17 one-bedroom/one-bathroom homes, each boasting a spacious floor plan, a deck or patio, a dishwasher and garbage disposal, multiple closets, and sufficient space for new ownership to install in-unit laundry (buyer to verify). Residents benefit from a total of 18 off-street parking spaces, of which 8 are covered, an on-site laundry facility, storage lockers, and large tenant and/or owner storage with bathroom. The property features stucco siding, a pitched composition roof, and attractive, low-maintenance landscaping.
Trailwood Apartments is well maintained and profitable in its current operations. However, there does remain value-add potential for a new operator. Simply by charging for parking and storage, and by performing basic cosmetic updates, a new owner can potentially achieve upside in the ±25% range.
With its excellent Ravenna location, well-maintained units, and potential for upside, Trailwood Apartments is an incredibly appealing investment opportunity.