Active
$2,850,000
Price
6,558
SqFt
6,558
SqFt

8820 Stone Avenue N

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.

About This Property

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
County King
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
Mls Status Active
Offers Seller intends to review offers upon receipt
Possible Use Multi-Family
Power Production Type Electric
Preliminary Title Ordered no
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

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8820 Stone Avenue N Seattle, WA 98103

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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. © 2023 NWMLS. All rights reserved. Data last updated: Monday, February 6th, 2023 05:53:14 PM.
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