Sold For

315 Summit Avenue E

Seattle, Washington WA98102

Built in 1930, Summit Crest offers classic brick construction including old-world charm, gleaming hardwood floors and 8 garage spaces. The unit mix of 5 studio units and 9 one-bedroom units meets the desired unit type for the for the typical Capitol Hill population. In recent years six units have been renovated, achieving market rents. Summit Crest offers an investor the likely potential for income upside by increasing rents to market levels or renovating the remaining units to today’s standards for even higher returns. This investment is a great opportunity for a prospective buyer to own a classic brick building in an A+ location.

About This Property

Listing ID1938451
Sold For$3,147,000
Sold Date6/10/2022
SqFt 8,540
Acres 0.165
SubdivisionCapitol Hill
Year Built1930
Property TypeResidential Income
Property Sub TypeMulti-Family
County King
Property Sub Type Multi-Family
Property Type Residential Income
Subdivision Capitol Hill
Year Built 1930
Building Area Units Square Feet
Flooring Hardwood, Stone, Carpet
Furnished Unfurnished
Heating Cooling Type Radiator, Wall
Interior Features Radiator, Hardwood, Wall to Wall Carpet
Living Area Units Square Feet
Stories Total 3
Carport Spaces 8
Elevation Units Feet
Exterior Features Brick
Foundation Details Poured Concrete
Lot Size Square Feet 7200
Lot Size Units Square Feet
MLS Lot Size Source Public Records
Number Of Units Total 14
Parking Total 8
Roof Flat
Sewer Sewer Connected
Structure Type Multi Family
Style Code 56 - 10+ Units
Units Below Grade false
Units In Building Total 14
Utilities Sewer Connected, Electricity Available
Water Sewer Garbage 25018
Building Area Total 8540
Country US
High School District Seattle
MLS Area Major 390 - Central Seattle
Waterfront no
Zoning Class Multi-Family
Zoning Jurisdiction City
Amenities Coin Op Laundry
First Right Of Refusal no
Mls Status Sold
Offers Seller intends to review offers upon receipt
Possible Use Multi-Family
Power Production Type Electric
Preliminary Title Ordered yes
Buyer Financing Not Disclosed
Cap Rate 3.93
Gross Adjusted Income 221730
Gross Rent Multiplier 13
Gross Scheduled Income 233400
Insurance Expense 5774
Leasable Area 8540
Leasable Area Units Square Feet
Leased Items None
Net Operating Income 121884
Other Expense 33590
Possession Closing, Tenant's Rights
Sale Type MLS
Seller Disclosure Provided
Special Listing Conditions None
Tax Annual Amount 35464
Tax Year 2022
Total Expenses 99846
Total Monthly Income 19450
Vacancy Rate 5

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315 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: Thursday, July 7th, 2022 09:52:44 AM.
Closed Listing courtesy of Paragon Real Estate Advisors
Closed Listing courtesy of Paragon Real Estate Advisors
Closed Listing courtesy of Paragon Real Estate Advisors
Data services provided by IDX Broker