Turnkey 10-unit Marella Apartments in Seattle’s Lake City neighborhood. All major capital projects are complete: fully re-sided with exterior paint, new roof and new windows (2023), new electrical panels (2025) and a new sewer line (2025-26), with updated common areas. Seven of ten units are renovated, leaving only three to… Read More turn. Professionally managed with zero vacancies and zero delinquencies, and all paperwork is in order: move-in reports, security deposits and last month’s rent on file. Eight 1BD/1BA (approx. 675 sf) and two 2BD/1BA (approx. 850 sf) units, plus 14 off-street parking spaces. Built 1968, effective year built 1992 per tax records, on an 8,480 sf lot. Large walk-in closets next to each hot water tank make adding in-unit washers and dryers easy. Close to Lake City Way shops, services and transit, with Stride bus rapid transit coming in 2028. 5.76% cap rate on in-place rents, 6.85% at market. Read Less
Listing courtesy of Opal Blue Real Estate, LLC
Listing Snapshot
Cumulative Days Active
1
Last Updated
Property Type
Multi Family
Square Ft.
7,100
Lot Size
0.19 Acres
Year Built
1968
Property Tax
$17,226
MLS Number
2596136
Additional Details
Building
Built in 1968, Built in 1992 (effective), 3 stories, Construction Materials: Wood
Cooling
None
Expenses
Electric: $1,506, Insurance: $4,053, Other Expense: $24,585
Exterior Features
Wood Products
Floors
Laminate, Vinyl Plank, Carpet
Foundation
Poured Concrete
Heating
Baseboard
Home Owner's Association
Association Fee: $0
Income
Gross ScheduledIncome: $189,900, Net Operating Income: $123,866
Lot
0.1947 acres, Corner Lot, Paved, Sidewalk
Parking
7 carport spaces, 7 covered spaces, 14 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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