The property sits in one of North Seattle’s fastest-improving rental corridors. The location is further supported by Sound Transit’s new Shoreline South/148th light rail station and direct bus access to downtown Seattle. The offering represents an operational value-add opportunity. The asset is in good physical condition, bolstered by recent capital… Read More improvements including a new TPO membrane roof (2023), upgraded electrical panels (2024), and replaced window panes (2025). With the option to upgrade units on turnover and capture premium rents as leases roll, and with scheduled rents below market and no utility bill-back currently in place, a new ownership group can grow income through natural lease turnover, selective unit upgrades, and the implementation of a utility recapture program, meaningfully lifting NOI. At market operations, the offering achieves a 7.4% cap rate and a 9.7% cash-on-cash return, giving new ownership strong performance upside as rents are brought up to market. At just $238 per square foot and $175,000 per door, the property presents an exceptional basis for a 1980s-built asset, well below recent comparable sales in the area. Current in-place rents average $1,205 for the eleven one-bedroom units and $1,617 for the three two-bedroom units, while comparable properties in the area are achieving approximately $1,550 and $1,875. Read Less
Listing courtesy of Paragon Real Estate Advisors
Listing Snapshot
Cumulative Days On Market
51
Days on Website
51
Last Updated
Property Type
Multi Family
Square Ft.
10,280
Lot Size
0.23 Acres
Year Built
1983
Property Tax
$30,563
MLS Number
2555010
30 Days Snapshot Of 98133
$715k
-19%
(avg) sold price
43
+19%
homes sold
59
+3%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Building Area Total: 10280, Building Area Units: Square Feet, Calculated Square Footage: 10280, Construction Materials: See Remarks, Elevation Units: Feet, Leasable Area: 10280, Living Area: 0, Number Of Units Total: 14, Stories Total: 3, Structure Type: Multi Family, Units In Building Total: 14, Year Built: 1983
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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