6
Units
Remodeled
Remodeled
A full value-add remodel of a tired six-unit apartment building in the Juanita Hills neighborhood of Kirkland — new exterior windows throughout, code-compliant stair railings and a rebuilt street fence, and six units gutted and brought back to a clean, rent-ready standard. The result: a safer, more efficient asset with the kind of rent and NOI lift that resets an investor's cap rate.
Our investor client acquired a 1970s-era six-unit multiplex in Juanita Hills — a strong rental pocket of Kirkland minutes from Juanita Beach, Lake Washington, and the Eastside job centers. The bones were good. The presentation was not.
Aging single-pane-era windows, worn interiors, and exterior elements that no longer met code were capping rents and scaring off the quality tenants the location deserves. Every month the building sat half-renovated was a month of lost income and carrying cost. So we scoped the entire property as one coordinated push rather than a unit-at-a-time trickle — a single mobilization, one materials package, and a twelve-week runway from demolition to rent-ready turnover.
For an investor, that speed is the quiet half of the return. Compressed timelines mean less vacancy, less interest paid on capital, and a faster path to stabilized rents — the inputs that actually move a cap-rate-based valuation.
We concentrated the budget where it earns: the building envelope, life-safety, and the interior finishes tenants actually pay for.
Every exterior window across all six units was replaced with modern, energy-efficient units. New windows cut drafts and noise, lower heating costs in the Pacific Northwest's wet months, and immediately read as "updated" to a prospective renter standing on the sidewalk.
Paired with a crisp exterior refresh, the building now presents as a cared-for property — the first signal a quality tenant looks for.
The original exterior stair railings and the deteriorated wood fence along the sidewalk no longer met current code — a liability for any landlord and a red flag at inspection and insurance renewal. We replaced the stair railings to current life-safety standards and rebuilt the front fence so the property line is safe, clean, and compliant.
These are the upgrades that don't show up in a glossy listing photo but absolutely show up in risk, insurability, and peace of mind for the owner.
All six units were taken back and rebuilt to a consistent, modern, durable standard: white shaker cabinetry, quartz-look counters, stainless appliances, and hard-wearing wood-look flooring in the kitchens; new tub-and-surround systems, subway-tile-look walls, updated vanities, and brushed-nickel fixtures in the baths. Fresh paint, lighting, and trim throughout.
Finishes were chosen for the rental market they serve — clean, neutral, and built to turn over again and again without looking dated. Identical packages across all six doors also keep future maintenance simple and predictable for the owner.
By repositioning all six units in a single twelve-week mobilization, the owner replaced a building of below-market, hard-to-fill units with a clean, code-compliant asset that commands stronger rents and attracts higher-quality, longer-staying tenants.
That rent lift flows straight to net operating income — and on a multiplex, NOI is what value is built on. A higher, stabilized NOI applied against the market cap rate is exactly how a $300,000 value-add scope translates into a return that dwarfs the spend. Just as important for the long hold: new windows, compliant railings, and a rebuilt fence cut deferred maintenance, liability, and insurance friction for years to come.
Pelletier Construction partners with real estate investors across Kirkland, Bellevue, Kenmore, Bothell, Redmond, and Woodinville to turn tired multiplexes and single-family flips into stabilized, higher-value assets — on a timeline that protects your return.
Led by Ryan Pelletier · Serving the Seattle Eastside