The Offering

The Delridge Assemblage is a rare opportunity to acquire three parcels consisting of 12 units, and 19,200 sq feet of NCP55 zoned land along Delridge Way. This offering appeals for investment or redevelopment in the bustling Delridge neighborhood of West Seattle. With 160 linear feet of street frontage and alley access these lots are primed for commercial mixed-use development. Each tax parcel currently contains a fully occupied 4plex with a unit mix of 1 bed/1bath units. This provides an appealing multifamily portfolio that will cash flow while larger redevelopment endeavors are set in motion. The NCP55 zoning invites developers to craft pedestrian oriented spaces that encourage shopping and highlight neighborhood goods and services while also accommodating housing and other compatible uses. Builders can capitalize on the dense FAR of 3.75 and construct up to 5 stories; an enterprise that becomes feasible and convenient with 3 adjacent and assembled tax parcels. This prime location boasts a strong traffic count and also connects residents and workers to key transportation hubs including Sea Tac airport, the Water Taxi, West Seattle bridge (set to re-open 2022), Alaska Junction and the future West Seattle light rail Delridge stop. While the Delridge neighborhood offers various amenities, there is a retail gap in food and beverage stores presenting an auspicious opportunity for a neighborhood grocery store. The local lack of housing inventory (both rental and owned) also entices developers to dream and design spaces that will satisfy both the neighborhood need and the demand for investment returns. Sound Realty Group is proud to present the Delridge Assemblage for your consideration.

Operating Statement

All three townhomes are fully occupied with a history of low vacancy and solid tenants. 5632 features in-unit laundry. 5638 and 5644 have a common laundry room (built in 2010) which tenants pay an additional monthly laundry fee for. All properties have been nicely maintained with recent Capital Improvements consisting of new siding and exterior paint on all 3 buildings. In 2010 all 8 units in 5638 and 5644 were completely remodeled with new bathrooms, kitchens, windows, and refinished hardwood floors. 5638 got a new roof in 2010, and 5644 was replaced in 2016. A new water tank was installed to all units in 5638 and 5644 in 2020. 5632 currently has a professional property management on retainer. Tenants enjoy communal yard and garden space, and ample parking in the alley. There’s room for a value-add strategy to be employed which includes light upgrades in a few units and raising rents to market rate. With multiple owners in the current setup, there is also room to scale and streamline many of the expenses.

Investment 

The Delridge Assemblage appeals to the savvy investor looking for a value-add, cash-flowing multi-family play with a longer-term development vision. The current cap rate is just above 4% with room to attain almost a 5% market rate. The NCP55 zoning begs for a creative investment approach to maximize the lots and eventual IRR. The residential and pedestrian nature of the neighborhood should stand out to investors looking for larger multifamily, mixed-use, and/or townhome options. 

Development Program

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An Ideal Transportation Hub

The Delridge Assemblage lends itself as the ultimate connectivity locale linking West Seattle to downtown Seattle and vice versa. SDOT is currently working on Delridge Way to construct Bus lanes, paving, landscaped medians, crosswalk improvements, protected bike lanes, neighborhood greenway connections, signal upgrades, water and sewer pipe upgrades, spot parking and bike lane removal, as well as public art. In addition to the street and infrastructure improvements already underway The Delridge Assemblage is also located just minutes from the future West Seattle Light Rail project scheduled to arrive in 2031.