The Kensington, is 10-unit, three-story apartment building in Seattle's Lake City neighborhood, offered at approximately $214 per square foot. With a in place monthly income of nearly $19,000/mo. Unusually large units set it apart: (6) 2bd/1ba at approx. 1,100 SF and (4) 1bd/1ba at approx. 950 SF, each with a… Read More private balcony or patio. The property delivers a 6.20% cap rate today and a 7.54% cap rate at market. Recent capital improvements include a new roof (2023), plumbing upgrades, upgraded common areas, and new storage lockers. The building also has double pane vinyl windows throughout. Only one of the ten units has been renovated, so a buyer has a clear path to growing rents as units turn, with already strong in-place rents of $1,625 to $2,050 against market rents of $1,790 and $2,250 (assuming in-unit washer/dryers). Additional upside comes from charging for the 16 parking spaces and renting out all 9 storage lockers. Large units, a strong cap rate, and ample CapEx improvements all in an attractive and growing market make this a smart investment for anybody looking to expand their portfolio. Read Less
Listing courtesy of Opal Blue Real Estate, LLC
Listing Snapshot
Cumulative Days Active
12
Last Updated
Property Type
Multi Family
Square Ft.
10,900
Lot Size
0.29 Acres
Year Built
1973
Property Tax
$22,146
MLS Number
2591168
Additional Details
Building
Built in 1973, 3 stories, Construction Materials: Wood
Cooling
None
Expenses
Electric: $2,158, Insurance: $5,737, Other Expense: $28,805
Exterior Features
Wood Products
Floors
Laminate, Vinyl Plank, Carpet
Foundation
Block
Heating
Baseboard
Home Owner's Association
Association Fee: $0
Income
Gross ScheduledIncome: $225,876, Net Operating Income: $137,914
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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