"The work PlusOne Construction did
has more than paid for itself –
and they made it easy!"
– Steve Lazoff, Seattle, WA
North Seattle Apt Project
PHOTO
FLOOR PLAN
TOTAL UNITS
Before
51
after
53
total beds
before
94
after
104
MONTHLY RENT
INCREASE
+19%
NET OPERATING
INCOME
+19%
roi
+41%
cash on cash
return
+8% EST
The Challenge
The North Seattle building was starting to show signs of its age. A crumbling façade, rotted decks, and a dilapidated common area were just some of the many problems this 50-unit apartment building faced.
While ugly and outdated on the outside, there were a lot of elements that made it a diamond in the rough. It was situated on prime real estate, and many of the existing units had terrific views of the surrounding water.
We were tasked with interior and exterior improvements as well as taking an existing unused storage space at ground level and figuring how to turn it into an income-generating apartment.
The Solution
We had our work cut out for us as we drew up plans to take the unused storage area and turn it into two separate apartment units. After running the numbers, we settled on a 1-bedroom, one-bath, plus den and a separate, smaller studio apartment.
As one of our crews began the demo work on the storage space, our other crew went to work on improving the building's repair issues and aesthetics, such as adding rebuilding on all the existing waterproof decks & railings, replacing the massive roof, repairing a host of exterior rotted trim, exterior paint, repairing and refinishing all the parking lot areas and garages, rebuilding all the exterior walkways and corridors, and a whole host of other repairs.
Once the job was completed, the new apartment units and the exterior upgrades helped improve the overall aesthetics so that the building would match the million-dollar view.
