$233K per Unit in "A" Location! | The Phinney Apartments is a 12-unit value-add apartment investment opportunity that will be delivered 75% vacant at closing, providing a rare opportunity for a new investor to sidestep many of Seattle’s stringent landlord-tenant regulations and immediately begin renovations on day one. The… Read More property is located in the heart of highly desirable Phinney Ridge, just steps from popular neighborhood restaurants and establishments including Red Mill Burgers, El Chupacabra, ThaiKu, Ridgewood Bottle & Tap, GH Pasta & Pizza, and convenient Metro bus service. Supported by a comprehensive renovation budget found in the marketing brochure, a new investor has the potential to achieve a 22.21% leveraged IRR upon sale at the end of Year 3. The unit mix consists of nine one-bedroom units averaging 585 square feet, two two-bedroom units averaging 750 square feet, and one three-bedroom, one-bathroom unit with an additional office, totaling approximately 860 square feet. Each apartment features original 1960's finishes with real hardwood floors underneath the carpeted living spaces. Units 12 & 6 feature in-unit fireplaces. Property amenities include an on-site common laundry room, 12 covered carport parking stalls, and 12 individual storage lockers. The property also features a dedicated maintenance room currently being utilized for owner storage, along with an approximately 400-square-foot bonus room. Come tour! Read Less
Listing courtesy of Blake Investment Advisors
Listing Snapshot
Cumulative Days Active
0
Last Updated
Property Type
Multi Family
Square Ft.
7,625
Lot Size
0.15 Acres
Year Built
1961
Property Tax
$38,142
MLS Number
2596693
Additional Details
Building
Built in 1961, Built in 1990 (effective), 3 stories, Construction Materials: Brick
Cooling
None
Expenses
Insurance: $6,313, Other Expense: $46,908
Exterior Features
Brick
Floors
Hardwood
Foundation
Slab
Heating
Baseboard
Home Owner's Association
Association Fee: $0
Income
Gross ScheduledIncome: $359,280, Net Operating Income: $264,660
Lot
0.1527 acres
Parking
12 carport spaces, 12 covered spaces, 12 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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