1601 E Mercer Street

Seattle, Washington WA98112

The Mercer Eight Apartments presents the opportunity to acquire an 8-unit community with significant upside, strategically located in the dynamic Capitol Hill neighborhood of Seattle. The asset is poised for dramatic revenue growth via a value-add strategy to be implemented on unit turnover. Investors can increase revenue and value by adding in a utility bill-back system and renovating units to generate as much as $700+ per month in market rent premiums. This opportunity is on the market for the first time in nearly 30 years, and a Buyer can achieve a 5.7% cap rate on cost assuming a $160k renovation budget. TOURING 6/21, CONTACT BROKER to SCHEDULE.

About This Property

Listing ID1951471
SqFt 5,820
Acres 0.124
SubdivisionCapitol Hill
Year Built1956
Property TypeResidential Income
Property Sub TypeMulti-Family
County King
Property Sub Type Multi-Family
Property Type Residential Income
Subdivision Capitol Hill
Year Built 1956
Building Area Units Square Feet
Flooring Laminate
Furnished Unfurnished
Heating Cooling Type Radiant
Interior Features Laminate Hardwood
Living Area Units Square Feet
Stories Total 2
Elevation Units Feet
Exterior Features Brick
Lot Features Corner Lot
Lot Size Square Feet 5400
Lot Size Units Square Feet
MLS Lot Size Source KCA
Number Of Units Total 8
Open Parking Spaces 5
Parking Total 5
Parking Uncovered Spaces 5
Roof Flat
Sewer Sewer Connected
Structure Type Multi Family
Style Code 55 - 5-9 Units
Units Below Grade false
Units In Building Total 8
Utilities Sewer Connected, Natural Gas Connected
Water Sewer Garbage 11326
Water Source Public
Building Area Total 5820
Country US
High School District Seattle
MLS Area Major 390 - Central Seattle
Waterfront no
Zoning Class Residential
Zoning Jurisdiction County
Amenities Coin Op Laundry
Effective Year Built Source Public Records
First Right Of Refusal no
Mls Status Active
Offers Seller intends to review offers upon receipt
Possible Use Residential
Power Production Type Natural Gas
Preliminary Title Ordered yes
Year Built Effective 1956
Cap Rate 2.93
Gross Adjusted Income 126930
Gross Rent Multiplier 17.8
Gross Scheduled Income 129000
Insurance Expense 4241
Leasable Area 5820
Leasable Area Units Square Feet
Leased Items None
Net Operating Income 67337
Other Expense 23452
Possession Closing
Sale Type MLS
Seller Disclosure Not Provided
Special Listing Conditions None
Tax Annual Amount 20574
Tax Year 2022
Total Expenses 59593
Total Monthly Income 10900
Vacancy Rate 3

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1601 E Mercer Street Seattle, WA 98112

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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 08:51:33 AM.
Active Listing courtesy of CPX LLC
Active Listing courtesy of CPX LLC
Active Listing courtesy of CPX LLC
Data services provided by IDX Broker