The Portage Bay Plaza located at 3261 Fuhrman Ave E, presents a rare opportunity to invest in the extremely well-located north end of Portage Bay between the Eastlake and Montlake neighborhoods. The property offers large floor plans with a mix of seven 1-bedroom / 1-bath units and two 2-bedroom /… Read More 1.5-bath units, plus ample off-street parking. Wood-frame construction with a well-maintained brick exterior gives the building genuine mid-century character, while private decks with views of the Bay set it apart from typical residences in the neighbor-hood. Sitting on a large 9,220 SF parcel zoned LR3 (M), the property also carries long-term redevelopment optionality for townhomes or a larger apartment project. Current ownership has well maintained the property with meaningful recent capital improvements, while a new owner has an attractive opportunity to increase income by bringing on professional management and completing interior renovations. The majority of units feature hardwood or LVP flooring, with recent upgrades including updated cabinetry, quartz countertops, stainless-steel appliances, and mod-ern lighting. This leaves a clear and straightforward path to increasing value: finish the renovation program in the units that have not yet been updated, push parking income toward market, and add in-unit laundry to more units, which ownership has already proven out by converting one unit during their hold. Read Less
Listing courtesy of Westlake Associates, Inc.
Listing Snapshot
Cumulative Days On Market
60
Days on Website
60
Last Updated
Property Type
Multi Family
Square Ft.
6,765
Lot Size
0.21 Acres
Year Built
1952
Property Tax
$29,608
MLS Number
2568199
Additional Details
Building
Built in 1952, 2 stories, Construction Materials: Brick, Wood
Cooling
None
Expenses
Insurance: $9,026, Other Expense: $34,725
Exterior Features
Brick, Wood
Floors
Laminate, Vinyl Plank
Heating
Baseboard
Home Owner's Association
Association Fee: $0
Income
Gross ScheduledIncome: $215,111, Net Operating Income: $114,857
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 ,
Confirm your time
Fill in your details and we will contact you to confirm a time.