Inn at Lake Washington 4710 Lake Washington Blvd NE

The Inn at Lake Washington is strategically positioned within a thriving and affluent market. The three-mile radius target market area (TMA) surrounding the property boasts a significantly higher average household income (HHI) compared to the Seattle metro, with a projected 31.2% increase to $286,342 by 2029. Additionally, 66% of households in this radius earn $100,000 or more annually, indicating a strong economic base. The workforce is highly educated and predominantly white-collar, with 61% of residents holding a bachelor's degree or higher and 77% employed in white-collar positions. New ownership will have multiple options for repositioning the property through either an apartment conversion to SEDUs or through a redevelopment of the 2.03-acre parcel, which has potential for rezoning to accommodate 300 new units.
The Renton apartment submarket demonstrates robust rental demand and favorable market conditions. As of Q2 2024, the submarket comprises 11,287 units with an average effective rent of $2,101 per month, reflecting a 24.6% increase over the past five years. The occupancy rate stands at a healthy 94.2%, with projections indicating a slight increase to 94.4% by year-end 2024. The submarket's high barrier to entry, evidenced by the median home price of approximately $955,000, further underscores the attractiveness of rental properties. Major employers in the vicinity, such as the Boeing Renton Factory and Amazon Fulfillment Center, along with significant developments like the Sounders FC Center at Longacres and the Sound Transit 3 project, enhance the area's appeal, making the Inn at Lake Washington a prime investment opportunity in a dynamic and growing market.