Greenlake Arms is a 10-unit apartment community ideally positioned just blocks from Green Lake and its retail and dining core, one of Seattle's most sought-after residential submarkets. The property boasts a "Very Walkable" Walk Score of 89 and is with a 1-minute walk to the Green Lake PCC, and a… Read More 3-minute walk to Green Lake Park. The location also offers excellent connectivity. Quick access to Interstate 5, the Link light rail, downtown Seattle, and the Eastside places tenants within easy reach of the region's largest employment centers, supporting sustained rental demand and tenant retention. Built in 1969 on a 7,000-SF parcel, the property offers a 5.8% cap and 11.3 GRM based on current operations. Roughly half of the units have been renovated with new kitchens and in-unit laundry, giving ownership a track record of successful upgrades and a clear roadmap for completing renovations on the remaining units to capture rent upside. All units feature updated dual-pane windows and nearly all feature updated electrical panels. In addition, supply plumbing is a mix of copper and PEX. This reduces near-term capital needs and supports energy efficiency. Parking is available for 11 vehicles (6 covered spaces and 5 uncovered) - a meaningful amenity in this Green Lake submarket where off-street parking is limited and commands a premium. Read Less
Listing courtesy of Kidder Mathews
Listing Snapshot
Cumulative Days On Market
23
Days on Website
19
Last Updated
Property Type
Multi Family
Square Ft.
6,584
Lot Size
0.16 Acres
Year Built
1969
Property Tax
$25,615
MLS Number
2584164
Additional Details
Building
Built in 1969, Built in 1987 (effective), 4 stories, Construction Materials: Stucco
Cooling
None
Energy Saving
Energy Efficiency: Thermal Windows
Expenses
Insurance: $5,376, Other Expense: $33,069
Exterior Features
Stucco
Heating
Forced Air
Home Owner's Association
Association Fee: $0
Income
Gross ScheduledIncome: $256,729, Net Operating Income: $167,666
Lot
0.1607 acres, Corner Lot, Curbs, Paved, Sidewalk
Parking
6 carport spaces, 6 covered spaces, 11 total parking spaces
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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