Pending
$9,750,000
Price
23,968
SqFt
23,968
SqFt

520 Summit Avenue E

Seattle, Washington WA98102

On the market for the first time in 59 years, Dakar Apartments is extremely well located in Seattle’s prime Capitol Hill neighborhood and is within walking distance of an abundance of prominent employers in downtown Seattle and South Lake Union. Further, this investment boasts a number of desirable features including tree-lined residential street, 19 parking spaces, elevator service, patios in select units, likely original copper piping per an engineer's report, on-site laundry, dual-pane windows, and views from select units. Dakar Apartments also offers a new investor the likely potential for income upside by raising rents to market levels or renovating units for even higher returns.

About This Property

Listing ID1918928
Price$9,750,000
StatusPending
SqFt 23,968
Acres 0.248
CountyKing
SubdivisionCapitol Hill
Year Built1963
Property TypeResidential Income
Property Sub TypeMulti-Family
County King
Property Sub Type Multi-Family
Property Type Residential Income
Subdivision Capitol Hill
Year Built 1963
Building Area Units Square Feet
Flooring Vinyl, Vinyl Plank, Carpet
Furnished Unfurnished
Heating Cooling Type Baseboard
Interior Features Wall to Wall Carpet
Living Area Units Square Feet
Stories Total 4
Carport Spaces 2
Elevation Units Feet
Exterior Features Cement Planked, Stucco, Wood
Foundation Details Poured Concrete
Lot Features Alley, Curbs, Paved, Sidewalk
Lot Size Square Feet 10800
Lot Size Units Square Feet
MLS Lot Size Source County Records
Number Of Units Total 34
Open Parking Spaces 17
Parking Total 19
Parking Uncovered Spaces 17
Roof Flat
Sewer Sewer Connected
Structure Type Multi Family
Style Code 56 - 10+ Units
Units Below Grade false
Units In Building Total 34
Utilities Sewer Connected, Electricity Available
Water Sewer Garbage 36639
Water Source Public
Building Area Total 23968
Building Name Dakar Apartments
Country US
Elementary School Lowell
High School Garfield High
High School District Seattle
Middle Or Junior School Meany Mid
MLS Area Major 390 - Central Seattle
View City, Partial
Waterfront no
Amenities Coin Op Laundry,Elevator,Storage,Thermal Windows
Green Energy Efficient Thermal Windows
Mls Status Pending Feasibility
Offers Seller intends to review offers upon receipt
Power Production Type Electric
Preliminary Title Ordered yes
Site Features Fenced-Partially
SOC Comments Exemptions - See Remarks
Cap Rate 3.5
Gross Adjusted Income 579782
Gross Rent Multiplier 16
Gross Scheduled Income 610297
Insurance Expense 7126
Leasable Area 19992
Leasable Area Units Square Feet
Leased Items Washer/Dryer
Net Operating Income 340080
Other Expense 111143
Possession Closing
Sale Type MLS
Seller Disclosure Not Provided
Special Listing Conditions None
Tax Annual Amount 84758
Tax Year 2022
Total Expenses 239666
Total Monthly Income 50858
Vacancy Rate 5

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520 Summit Avenue E Seattle, WA 98102

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The database information herein is provided from the Northwest Multiple Listing Service (NWMLS). NWMLS data may not be reproduced or redistributed and is only for people viewing this site. All information provided is deemed reliable but is not guaranteed and should be independently verified. All properties are subject to prior sale or withdrawal. The information contained in this listing has not been verified by WPI Real Estate Services, Inc. (7101) and should be verified by the buyer. © 2022 NWMLS. All rights reserved. Data last updated: Saturday, May 28th, 2022 08:05:59 AM.
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