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.
Listing ID1938451
Sold For$3,147,000
StatusClosed
Sold Date6/10/2022
SqFt
8,540
Acres
0.165
CountyKing
SubdivisionCapitol Hill
Year Built1930
Property TypeResidential Income
Property Sub TypeMulti-Family
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
Show Map Link
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
315 Summit Avenue E Seattle, WA 98102
Based on information submitted to the MLS GRID as of Thursday, March 28th, 2024 07:53:52 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.
#IDX-primaryPhoto,#idx-details-headerClosed
Closed Listing courtesy of Paragon Real Estate Advisors
Listing sold by Paragon Real Estate Advisors
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Closed Listing courtesy of Paragon Real Estate Advisors
Listing sold by Paragon Real Estate Advisors