Active
$2,800,000
Price
6,200
SqFt
6,200
SqFt
612 Malden Avenue E
Seattle, Washington WA98112
JUST LISTED: Malden Apartments on Capitol Hill. This classic 1907 built 7-unit apartment provides investors with a value-add deal in-which all of the heavy lifting is already taken care of. Five out of the seven units have been fully renovated with stainless steel appliances, flooring and washer/dryer but are still 17% below market rents. Located directly next to 15th Ave, Malden is an ideal location for investors looking for property right in the thick of Seattle but in a very quiet residential charming neighborhood outside of the busy Pike-Pine corridor. $130,000 has already been spent on the exterior and common area renovations and up to $60,000 spent on an individual unit renovations. Rents and financials are actuals.
About This Property
Listing ID1940036
Price$2,800,000$150K
StatusActive
SqFt
6,200
Acres
0.119
CountyKing
SubdivisionCapitol Hill
Year Built1907
Property TypeResidential Income
Property Sub TypeMulti-Family
County
King
Price Before Reduction
2950000
Price Reduction Date
2022-06-22T17:30:23+00:00
Property Sub Type
Multi-Family
Property Type
Residential Income
Subdivision
Capitol Hill
Year Built
1907
Building Area Units
Square Feet
Flooring
Hardwood, Vinyl
Furnished
Unfurnished
Heating Cooling Type
Baseboard
Interior Features
Hardwood
Living Area Units
Square Feet
Stories Total
3
Elevation Units
Feet
Exterior Features
Brick, Wood
Foundation Details
Poured Concrete
Lot Features
Curbs, Sidewalk
Lot Size Dimensions
5188
Lot Size Square Feet
5188
Lot Size Units
Square Feet
MLS Lot Size Source
King County Parcel Viewer
Number Of Units Total
7
Open Parking Spaces
4
Parking Total
4
Parking Uncovered Spaces
4
Roof
See Remarks
Sewer
Sewer Connected
Sewer Company
SPU
Structure Type
Multi Family
Style Code
55 - 5-9 Units
Units Below Grade
false
Units In Building Total
7
Utilities
Sewer Connected, Electricity Available
Water Company
SPU
Water Sewer Garbage
13583
Building Area Total
6200
Country
US
High School District
Seattle
MLS Area Major
390 - Central Seattle
View
City
Waterfront
no
Zoning Class
Multi-Family
Zoning Jurisdiction
City
Amenities
Basement,Coin Op Laundry
Effective Year Built Source
Public Records
First Right Of Refusal
no
Mls Status
Active
Offers
Seller will review offers on Offer Review Date (may review/accept sooner)
Possible Use
Multi-Family
Power Company
Seattle City Light
Power Production Type
Electric
Preliminary Title Ordered
yes
Show Map Link
yes
SOC Comments
2%
Year Built Effective
2021
Cap Rate
3.2
Gross Adjusted Income
159359
Gross Rent Multiplier
31
Gross Scheduled Income
182408
Insurance Expense
4962
Leasable Area
6200
Leasable Area Units
Square Feet
Leased Items
None
Net Operating Income
93611
Other Expense
47292
Possession
Closing
Sale Type
MLS
Seller Disclosure
Not Provided
Special Listing Conditions
None
Tax Annual Amount
23049
Tax Year
2022
Total Expenses
88886
Total Monthly Income
14762
Vacancy Rate
2
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For more immediate assistance, please call WPI Real Estate at 206.522.8172.
612 Malden Avenue E Seattle, WA 98112
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