7121 California Avenue SW

Seattle, Washington WA98136

6-Unit & Dev Site located in the popular Morgan Junction neighborhood of W. Seattle. Located on the property is a 6-unit apt building built in 1924 which has been partially updated over the years. The bldg has a unit mix of five 1Bd/1Bth units and one 2Bd/1Bth unit with an avg unit size of 663 SF. Potential to add 2 additional units in basement of building (Buyer to Verify). Property sits on large 9,497 SF lot zoned LR2(M) within a frequent transit zone which allows for reduction in parking requirements. The property offers a value-add opportunity to keep the existing building and build approx. 4 townhomes in the parking area and lot next door, or demolish and build approx. 9 to 10 new townhomes on site. Views of Olympic Mountains & Sound.

About This Property

Listing ID2063174
SqFt 3,973
Acres 0.218
Year Built1924
Property TypeResidential Income
Property Sub TypeMulti-Family
County King
Property Sub Type Multi-Family
Property Type Residential Income
Subdivision Gatewood
Year Built 1924
Building Area Units Square Feet
Flooring Ceramic Tile, Carpet
Furnished Unfurnished
Interior Features Ceramic Tile, Wall to Wall Carpet
Living Area Units Square Feet
Stories Total 2
Elevation Units Feet
Exterior Features Brick, Wood
Lot Features Alley, Curbs, Paved, Sidewalk, Value In Land
Lot Size Square Feet 9497
Lot Size Units Square Feet
MLS Lot Size Source King County Assessor
Number Of Units Total 6
Open Parking Spaces 6
Parking Total 6
Parking Uncovered Spaces 6
Roof Flat
Sewer Sewer Connected
Structure Type Multi Family
Style Code 55 - 5-9 Units
Units Below Grade false
Units In Building Total 6
Water Sewer Garbage 10462
Building Area Total 3973
Country US
High School District Seattle
MLS Area Major 140 - West Seattle
View City, Mountain(s), Partial, Sound
Waterfront no
Zoning Class Multi-Family
Zoning Jurisdiction City
First Right Of Refusal no
Mls Status Active
Offers Seller intends to review offers upon receipt
Possible Use Multi-Family
Power Production Type Electric
Preliminary Title Ordered yes
Cap Rate 3.95
Gross Adjusted Income 111378
Gross Rent Multiplier 16.63
Gross Scheduled Income 117240
Insurance Expense 4662
Leasable Area 3973
Leasable Area Units Square Feet
Leased Items None
Net Operating Income 76969
Other Expense 7049
Possession Closing
Sale Type MLS
Seller Disclosure Not Provided
Special Listing Conditions None
Tax Annual Amount 12236
Tax Year 2023
Total Expenses 34409
Total Monthly Income 9770
Vacancy Rate 5

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7121 California Avenue SW Seattle, WA 98136

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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: Thursday, June 1st, 2023 09:34:54 PM.
Active Listing courtesy of Westlake Associates, Inc.
Active Listing courtesy of Westlake Associates, Inc.
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