Listing ID

2321 NE 55th Street

Seattle, Washington WA98105

Situated across the street from Ravenna Park on a 7,675 sf LR3 RC (M) zone lot, the Parkway offers a diverse unit mix of four 2-beds, three 1-beds and one studio unit. These classic mid-century floorplans feature an average unit size of 731 sf. The building has received updates over the years including a full tile roof replacement and vinyl window replacements. Onsite parking to accommodate six vehicles includes four secured garage spaces. Potential to incorporate the current garage spaces into rentable square footage may exist. Ideally situated near work, school and play, the Parkway appeals to multiple investment strategies including value add repositions, adding net rentable, development potential, & opportunities abound.

About This Property

Listing ID2030689
Acres 0.176
Year Built1955
Property TypeResidential Income
Property Sub TypeMulti-Family
County King
Price Before Reduction 2400000
Price Reduction Date 2023-02-23T01:05:11+00:00
Property Sub Type Multi-Family
Property Type Residential Income
Subdivision Ravenna
Year Built 1955
Building Area Units Square Feet
Flooring Carpet
Furnished Unfurnished
Interior Features Radiator, Wall to Wall Carpet
Living Area Units Square Feet
Stories Total 3
Covered Spaces 4
Elevation Units Feet
Exterior Features Brick
Lot Features Adjacent to Public Land, Paved, Sidewalk
Lot Size Square Feet 7675
Lot Size Units Square Feet
MLS Lot Size Source Public Record
Number Of Units Total 8
Open Parking Spaces 2
Parking Total 6
Parking Uncovered Spaces 2
Roof Tile
Sewer Sewer Connected
Sewer Company Seattle Public Utilities
Structure Type Multi Family
Style Code 55 - 5-9 Units
Units Below Grade false
Units In Building Total 8
Water Sewer Garbage 9600
Water Source Community
Country US
Elementary School Seattle Public Sch
High School Seattle Public Sch
High School District Seattle
Middle Or Junior School Seattle Public Sch
MLS Area Major 710 - North Seattle
View Mountain(s), Partial, Territorial
Waterfront no
Zoning Class Multi-Family
Zoning Jurisdiction City
Amenities Coin Op Laundry,See Remarks,Storage
Effective Year Built Source Public Records
First Right Of Refusal no
Mls Status Active
Offers Seller intends to review offers upon receipt
Possible Use Multi-Family
Power Company Seattle City Light
Power Production Type Electric, Natural Gas
Preliminary Title Ordered yes
SOC Comments To be present at all buyer interactions
Year Built Effective 1987
Cap Rate 5.22
Gross Adjusted Income 163077
Gross Rent Multiplier 13.7
Gross Scheduled Income 171660
Insurance Expense 3200
Leasable Area 5846
Leasable Area Units Square Feet
Leased Items None
Net Operating Income 122630
Other Expense 21739
Possession Closing
Sale Type MLS
Seller Disclosure Provided
Special Listing Conditions None
Tax Annual Amount 21604
Tax Year 2023
Total Expenses 56143
Total Monthly Income 15613
Vacancy Rate 5

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2321 NE 55th Street 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. © 2023 NWMLS. All rights reserved. Data last updated: Sunday, March 26th, 2023 09:18:04 AM.
Active Listing courtesy of Lee & Associates Commercial RE
Active Listing courtesy of Lee & Associates Commercial RE
Data services provided by IDX Broker