The asset delivers a 6.15% current cap rate on day one providing a stabilized, high income-producing return in a submarket where most comparable listings are priced at sub-5.25% current yields. Six of the eight units have been fully renovated with market-quality finishes, the building has a new Durolast roof, and… Read More received a full exterior refresh (paint, lighting, and signage) within the last three years. The building consists of six renovated units including four 2BD/1BTH residences, one 1BD/1BTH, and one 1BD+Den/1BTH and two original 1BD/1BTH units currently occupied by long-term tenants paying below-market rents. The two original units represent significant upside for a new owner to bring these final two units to the same finish level and rent tier as the rest of the building, without touching the renovated units or any stabilized income. In-place renovated rents at Fairseas already reach $1,800 on the one bedroom, validating the finish level and rental capability. The property sits on an 8,400 square foot LR3 RC (M) zoned lot with 12 on-site parking stalls in a walkable North Queen Anne location: short walk to Seattle Pacific University, the RapidRide D Line, and the retail and dining on 15th Avenue West, with direct commuter access to South Lake Union, Downtown Seattle, Ballard, and Fremont. Read Less
Listing courtesy of Paragon Real Estate Advisors
Listing Snapshot
Cumulative Days On Market
131
Days on Website
131
Last Updated
Property Type
Multi Family
Square Ft.
5,895
Lot Size
0.19 Acres
Year Built
1925
Property Tax
$23,139
MLS Number
2531266
Additional Details
Building
Built in 1925, 3 stories, Construction Materials: Brick, Wood
Cooling
None
Expenses
Insurance: $5,262, Other Expense: $19,640
Exterior Features
Brick, Wood Products
Floors
Laminate, Vinyl
Foundation
Block, Poured Concrete
Heating
Forced Air
Home Owner's Association
Association Fee: $0
Income
Gross ScheduledIncome: $218,530, Net Operating Income: $149,139
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Listings last updated on ,
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