2600 1st Avenue

Seattle, Washington WA98121

Built in 1903, the New Pacific Building is price at current cap rate of 6.2% and with a GRM at 9.7. Given the preliminary indications of 70% LTV bank financing, a 30% down payment is likely, generating a cash-on-cash return of over 5 % with room to grow. Further, the $6,300,000 list price equates to a per-unit cost of roughly $143,000, or $421 per rentable square foot. With its exceptional location near the Seattle waterfront and Downtown Seattle, combined with its solid cash flow and affordable rents, the New Pacific Building is a strong investment opportunity.

About This Property

Listing ID1996211
SqFt 19,980
Acres 0.153
Year Built1903
Property TypeResidential Income
Property Sub TypeMulti-Family
County King
Property Sub Type Multi-Family
Property Type Residential Income
Subdivision Belltown
Year Built 1903
Building Area Units Square Feet
Flooring Vinyl Plank, Carpet
Furnished Unfurnished
Heating Cooling Type Baseboard
Interior Features Wall to Wall Carpet
Living Area Units Square Feet
Stories Total 3
Elevation Units Feet
Exterior Features Brick, Stucco
Foundation Details Poured Concrete
Lot Features Alley, Corner Lot, Curbs, Paved, Sidewalk
Lot Size Square Feet 6660
Lot Size Units Square Feet
MLS Lot Size Source County records
Number Of Units Total 45
Roof Flat
Sewer Sewer Connected
Structure Type Multi Family
Style Code 56 - 10+ Units
Units Below Grade false
Units In Building Total 45
Utilities Sewer Connected, Electricity Available, Natural Gas Connected
Water Sewer Garbage 67964
Water Source Public
Building Area Total 19980
Country US
Elementary School Lowell
High School Garfield High
High School District Seattle
Middle Or Junior School Meany Mid
MLS Area Major 701 - Belltown/Downtn
View Bay, City, Partial, Sound
Waterfront no
Zoning Class Business,Commercial,Multi-Family,Office,Retail
Amenities Basement,Coin Op Laundry,Storage
Mls Status Active
Offers Seller intends to review offers upon receipt
Possible Use Business, Commercial, Multi-Family, Office, Retail
Power Production Type Electric, Natural Gas
Preliminary Title Ordered yes
Cap Rate 6.2
Gross Adjusted Income 620138
Gross Rent Multiplier 10
Gross Scheduled Income 652777
Insurance Expense 18850
Leasable Area 17800
Leasable Area Units Square Feet
Leased Items None
Net Operating Income 389669
Other Expense 110102
Possession Closing, Tenant's Rights
Sale Type MLS
Seller Disclosure Not Provided
Special Listing Conditions None
Tax Annual Amount 33553
Tax Year 2022
Total Expenses 230469
Total Monthly Income 54398
Vacancy Rate 5

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2600 1st Avenue Seattle, WA 98121

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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: Tuesday, October 4th, 2022 07:29:22 PM.
Active Listing courtesy of Kidder Mathews
Active Listing courtesy of Kidder Mathews
Active Listing courtesy of Kidder Mathews
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