5234 University Way NE

Seattle, Washington WA98105

Devoe is a charming 19-unit value-add apartment with proven rent upside. Current ownership has renovated 6 of the 17 residential units and is averaging an 85% increase over previous in-place rents. Recent capital improvements include new roof, new central boilers, vinyl windows, and electrical and plumbing upgrades. Attractively priced a $289,000 per unit and a 5.9% cap rate upon stabilization.

About This Property

Listing ID1970616
SqFt 11,500
Acres 0.107
SubdivisionUniversity District
Year Built1928
Property TypeResidential Income
Property Sub TypeMulti-Family
County King
Property Sub Type Multi-Family
Property Type Residential Income
Subdivision University District
Year Built 1928
Building Area Units Square Feet
Flooring Hardwood, Vinyl, Carpet
Furnished Unfurnished
Heating Cooling Type Baseboard
Interior Features Hardwood, Wall to Wall Carpet
Living Area Units Square Feet
Stories Total 4
Elevation Units Feet
Exterior Features Brick, Wood Products
Foundation Details Poured Concrete
Lot Features Alley, Curbs, Paved, Sidewalk, Value In Land
Lot Size Dimensions 4650
Lot Size Square Feet 4650
Lot Size Units Square Feet
MLS Lot Size Source King County
Number Of Units Total 5
Roof Torch Down
Sewer Sewer Connected
Sewer Company PSE
Structure Type Multi Family
Style Code 56 - 10+ Units
Units Below Grade false
Units In Building Total 19
Utilities Sewer Connected, Electricity Available
Water Company PSE
Water Sewer Garbage 6334
Water Source Public
Building Area Total 11500
Country US
High School District Seattle
MLS Area Major 710 - North Seattle
View City, Lake, Territorial
Waterfront no
Zoning Class Multi-Family
Zoning Jurisdiction City
Amenities Basement
Effective Year Built Source Public Records
First Right Of Refusal no
Mls Status Pending
Offers Seller will review offers on Offer Review Date (may review/accept sooner)
Possible Use Multi-Family
Power Company PSE
Power Production Type Electric
Preliminary Title Ordered yes
Property Condition Good
SOC Comments 2%
Year Built Effective 1928
Cap Rate 4.6
Electric Expense 6333
Fuel Expense 6333
Gross Adjusted Income 381271
Gross Rent Multiplier 21
Gross Scheduled Income 313980
Insurance Expense 9500
Leasable Area 11500
Leasable Area Units Square Feet
Leased Items None
Net Operating Income 253641
Other Expense 57114
Possession Closing
Sale Type MLS
Seller Disclosure Not Provided
Special Listing Conditions None
Tax Annual Amount 42016
Tax Year 2022
Total Expenses 127630
Total Monthly Income 26165
Vacancy Rate 4

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5234 University Way NE Seattle, WA 98105

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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: Monday, August 8th, 2022 09:02:50 PM.
Pending Listing courtesy of Kidder Mathews
Pending Listing courtesy of Kidder Mathews
Pending Listing courtesy of Kidder Mathews
Data services provided by IDX Broker