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840 NW 62nd Street
Seattle, Washington WA 98107
Sold For: $2,775,000
Listing ID 1876596
Status Closed
Sold Date 2/28/2022
SqFt 5,528
Acres 0.172
Subdivision Ballard
Year Built 1987

Property Description:

The buildings have been built and managed by the same family for the past 34 years. The offering includes two adjacent fourplexes with eight large 1BD/1BTH - 691 Sq. Ft. units all with their own patio or balcony, six units with wood-burning fireplaces, and eight tuck-under parking stalls. The buildings have been meticulously maintained over the years including the most recent capital expenditures of new roofs in 2015 and new exterior paint in 2016. The buildings have been built on two separate tax parcels. The offering presents an add-value opportunity for prospective buyers to make interior unit improvements and capitalize on the rental upside available.

Primary Features

County: King
Property Sub Type: Multi-Family
Property Type: Residential Income
Subdivision: Ballard
Year Built: 1987

Interior

Building Area Units: Square Feet
Furnished: Unfurnished
Heating Cooling Type: Forced Air
Interior Features: Forced Air
Living Area Units: Square Feet
Stories Total: 2

External

Carport Spaces: 8
Elevation Units: Feet
Exterior Features: Wood
Lot Size Square Feet: 7500
Lot Size Units: Square Feet
MLS Lot Size Source: King County
Number Of Units Total: 8
Parking Total: 8
Roof: Composition
Sewer: Sewer Connected
Structure Type: Multi Family
Style Code: 55 - 5-9 Units
Units Below Grade: false
Utilities: Sewer Connected, Electricity Available
Water Sewer Garbage: 7866

Location

Building Area Total: 5528
Country: US
High School District: Seattle
MLS Area Major: 705 - Ballard/Greenlak
Waterfront: no

Additional

Mls Status: Sold
Offers: Seller intends to review offers upon receipt
Power Production Type: Electric
Preliminary Title Ordered: yes

Financial

Buyer Financing: Not Disclosed
Cap Rate: 4
Gross Adjusted Income: 152053
Gross Rent Multiplier: 17
Gross Scheduled Income: 156756
Insurance Expense: 2800
Leasable Area: 5528
Leasable Area Units: Square Feet
Leased Items: None
Net Operating Income: 107591
Other Expense: 8000
Possession: Closing
Sale Type: MLS
Seller Disclosure: Not Provided
Special Listing Conditions: None
Tax Annual Amount: 25796
Tax Year: 2022
Total Expenses: 44462
Total Monthly Income: 13063
Vacancy Rate: 3

Zoning Info


Area Info


Based on information submitted to the MLS GRID as of Thursday, March 28th, 2024 06:50:39 PM. 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.

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