Listing courtesy of Lee & Associates Commercial RE
$6,500,000
The Laureate presents a rare opportunity to acquire a well-maintained 23-unit multifamily asset building in the heart of the Seattle’s University District neighborhood and walking distance to both the University of Washington and the Link Light Rail Station. Originally built in 1961, the property benefits from recent extensive capital… Read More improvements and interior renovations, positioning the asset as a compelling combination of stable in-place income and future revenue growth potential. Ownership has invested significantly in the systems over the past 5 years: including a membrane roof replacement, replacement of all individual hot water tanks, securing and gating the parking for 17 vehicles, as well as overhauling the sprinkler system. Featuring a unit mix of 20 sizable 650 SF, 1-bedroom units and one 800 SF, 2-bedroom unit, select units have been renovated with modern finishes including luxury vinyl plank flooring, updated kitchens, stainless steel appliances, including dishwashers and in-unit W/D installations. All units feature A/C, and 1st floor units include patio access. The existing renovations provide future ownership with a blueprint to continue remodeling unit interiors and capture additional rental upside. Additionally, there is potential to assume the current debt with term through 2031. Read Less
Listing courtesy of Lee & Associates Commercial RE
Listing Snapshot
Cumulative Days On Market
1
Days on Website
1
Last Updated
Property Type
Multi Family
Square Ft.
25,500
Lot Size
0.17 Acres
Year Built
1961
Property Tax
$47,556
MLS Number
2543808
30 Days Snapshot Of 98105
$1.73M
+4%
(avg) sold price
26
-27%
homes sold
78
+77%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Building Area Total: 25500, Building Area Units: Square Feet, Calculated Square Footage: 25500, Elevation Units: Feet, Leasable Area: 15100, Living Area: 0, Number Of Units Total: 23, Stories Total: 3, Structure Type: "Multi Family", Units In Building Total: 23, Year Built: 1961, Year Built Effective: 2000
Property Condition: "Very Good", Site Features: High Speed Internet, Patio, Sprinkler System, Zoning Description: Multi-Family
Roof
Roof: "Torch Down"
Sewer
Sewer: "Sewer Connected", Sewer Company: Seattle Public Utilities
Utilities
Electric Expense: 0, Fuel Expense: 0, Power Company: Seattle City Light, Power Production Type: "Electric", Water Company: Seattle Public Utilities, Water Source: "Public"
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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