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2608 S Lane Street
Seattle, Washington WA 98144
Sold For: $2,026,300
Listing ID 2042739
Status Closed
Sold Date 8/29/2023
SqFt 4,429
Acres 0.096
Subdivision Leschi
Year Built 1910

Property Description:

A True turn key 7 unit apartment near Leschi. Property was completely renovated down to the studs in 2018 with all brand new systems of copper plumbing, new electrical, new roof, new windows and new siding. Each unit has luxury vinyl planking, new cabinets, stainless steel appliances and quartz counter tops. Top units have a deck and there is a back yard for pets. Plenty of street parking and within walking distance to the I-90 Light rail station. Also close is up and coming Jackson Street that has numerous restaurants, retail and other amenities. Rents are based off renewals. Please reach out to Listing Agent for Marketing Materials.

Primary Features

County: King
Price Before Reduction: 2350000
Price Reduction Date: 2023-06-16T17:36:48+00:00
Property Sub Type: Multi-Family
Property Type: Residential Income
Subdivision: Leschi
Year Built: 1910

Interior

Building Area Units: Square Feet
Flooring: Laminate
Furnished: Unfurnished
Interior Features: Laminate Hardwood
Living Area Units: Square Feet
Stories Total: 2

External

Elevation Units: Feet
Exterior Features: Metal/Vinyl, Wood
Foundation Details: Poured Concrete
Lot Features: Curbs, Paved, Sidewalk
Lot Size Dimensions: 4200
Lot Size Square Feet: 4200
Lot Size Units: Square Feet
MLS Lot Size Source: King County Parcel Viewer
Number Of Units Total: 7
Roof: Torch Down
Sewer: Sewer Connected
Sewer Company: SPU
Structure Type: Multi Family
Style Code: 55 - 5-9 Units
Units Below Grade: false
Units In Building Total: 7
Water Company: SPU
Water Sewer Garbage: 10152

Location

Building Area Total: 4429
Country: US
High School District: Seattle
MLS Area Major: 390 - Central Seattle
Waterfront: no
Zoning Class: Multi-Family
Zoning Jurisdiction: City

Additional

Effective Year Built Source: Public Records
First Right Of Refusal: no
Mls Status: Sold
Offers: Seller intends to review offers upon receipt
Possible Use: Multi-Family
Power Company: PSE
Power Production Type: Electric
Preliminary Title Ordered: yes
Property Condition: Very Good
Site Features: Deck, Fenced-Fully
Year Built Effective: 2018

Financial

Buyer Financing: Conventional
Cap Rate: 5.1
Gross Adjusted Income: 170478
Gross Rent Multiplier: 19.7
Gross Scheduled Income: 162360
Insurance Expense: 3457
Leasable Area: 4429
Leasable Area Units: Square Feet
Leased Items: None
Net Operating Income: 118881
Other Expense: 21936
Possession: Closing
Sale Type: MLS
Seller Disclosure: Not Provided
Special Listing Conditions: None
Tax Annual Amount: 16052
Tax Year: 2023
Total Expenses: 51597
Total Monthly Income: 14617
Vacancy Rate: 3

Zoning Info


Area Info


Based on information submitted to the MLS GRID as of Thursday, March 28th, 2024 10:24:31 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

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