Seattle,
Washington WA98103
This 7-unit apartment building is on the market for the first time since 1991. This property offers investors the opportunity to own and manage an easily maintained and rentable building with immediate rental upside and value-add potential. Proforma rents suggest this is a 5%+ Cap Investment. The current unit mix consist of five, 2 bed/2 bath units and two, 3 bed/2 bath units. Each unit is spacious and has their own washer/dryer. The basement also has a laundry area that all tenants have access to. The location of this property is ideal for navigating the city. Located two blocks from a major transit line, quick and easy access to Interstate 5 and Aurora, and less than a 5-minute drive to Northgate Mall and the new Light Rail Station.
Listing ID2025564
Price$2,850,000
StatusActive
SqFt
6,558
Acres
0.159
CountyKing
SubdivisionLicton Springs
Year Built1991
Property TypeResidential Income
Property Sub TypeMulti-Family
Property Sub Type
Multi-Family
Property Type
Residential Income
Subdivision
Licton Springs
Year Built
1991
Building Area Units
Square Feet
Furnished
Unfurnished
Heating Cooling Type
Baseboard
Living Area Units
Square Feet
Stories Total
3
Carport Spaces
7
Elevation Units
Feet
Exterior Features
Wood
Lot Size Square Feet
6938
Lot Size Units
Square Feet
MLS Lot Size Source
King County Records
Number Of Units Total
7
Parking Total
7
Roof
Composition
Sewer
Sewer Connected
Structure Type
Multi Family
Style Code
55 - 5-9 Units
Units Below Grade
false
Units In Building Total
7
Utilities
Sewer Connected, Electricity Available
Building Area Total
6558
Country
US
High School District
Seattle
MLS Area Major
705 - Ballard/Greenlak
Waterfront
no
Zoning Class
Multi-Family
Offers
Seller intends to review offers upon receipt
Possible Use
Multi-Family
Power Production Type
Electric
Preliminary Title Ordered
no
Show Map Link
yes
Cap Rate
5.05
Gross Adjusted Income
182400
Gross Rent Multiplier
14.75
Gross Scheduled Income
192000
Insurance Expense
10750
Leasable Area
6558
Leasable Area Units
Square Feet
Leased Items
None
Net Operating Income
143975
Other Expense
10643
Possession
Closing
Sale Type
MLS
Seller Disclosure
Provided
Special Listing Conditions
None
Tax Annual Amount
18172
Tax Year
2022
Total Expenses
39565
Total Monthly Income
16000
Vacancy Rate
5
8820 Stone Avenue N Seattle, WA 98103
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. © 2023 NWMLS. All rights reserved. Data last updated: Monday, February 6th, 2023 05:53:14 PM.
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Active Listing courtesy of Westlake Associates, Inc.
Listing sold by
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Active Listing courtesy of Westlake Associates, Inc.
Listing sold by