8600 Aurora Avenue N

Seattle, Washington WA98103

Built in 1952, The Way West Apartments offers a high cash flowing opportunity for any existing building investor, multifamily / hospitality developer, or nonprofit organization. The property has an attractive 6.40% Cap Rate based on its current operations. All but two of the units received brand new windows, flooring, lighting, fixtures, and paint. The seller replaced the roof and the boiler in the last three years. You have a mix of (8) Studios, (13) One-bedroom units, (1) Two-bedroom unit, and (1) Commercial space all fully leased with long term tenants. This property offers an exit strategy through development. It is sitting on a 19,933 square foot lot zoned NC3P-75 (M).

About This Property

Listing ID1956527
SqFt 9,576
Acres 0.458
SubdivisionGreen Lake
Year Built1952
Property TypeResidential Income
Property Sub TypeMulti-Family
County King
Property Sub Type Multi-Family
Property Type Residential Income
Subdivision Green Lake
Year Built 1952
Building Area Units Square Feet
Furnished Unfurnished
Heating Cooling Type Baseboard
Living Area Units Square Feet
Stories Total 2
Elevation Units Feet
Exterior Features Cement/Concrete
Lot Size Square Feet 19933
Lot Size Units Square Feet
MLS Lot Size Source King County
Open Parking Spaces 23
Parking Total 23
Parking Uncovered Spaces 23
Roof Flat
Sewer Sewer Connected
Structure Type Multi Family
Style Code 56 - 10+ Units
Units Below Grade false
Units In Building Total 23
Utilities Sewer Connected, Electricity Available
Water Sewer Garbage 39383
Building Area Total 9576
Country US
High School District Seattle
MLS Area Major 705 - Ballard/Greenlak
Waterfront no
Mls Status Active
Offers Seller intends to review offers upon receipt
Power Production Type Electric
Preliminary Title Ordered no
Cap Rate 6.4
Gross Adjusted Income 361095
Gross Rent Multiplier 9.87
Gross Scheduled Income 380100
Insurance Expense 9931
Leasable Area 9576
Leasable Area Units Square Feet
Leased Items None
Net Operating Income 239994
Other Expense 41622
Possession Closing
Sale Type MLS
Seller Disclosure Not Provided
Special Listing Conditions None
Tax Annual Amount 30165
Tax Year 2022
Total Expenses 121101
Total Monthly Income 31675
Vacancy Rate 5

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8600 Aurora Avenue N Seattle, WA 98103

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Active Listing courtesy of Paragon Real Estate Advisors
Active Listing courtesy of Paragon Real Estate Advisors
Active Listing courtesy of Paragon Real Estate Advisors
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