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.
Listing ID2063174
Price$1,950,000
StatusActive
SqFt
3,973
Acres
0.218
CountyKing
SubdivisionGatewood
Year Built1924
Property TypeResidential Income
Property Sub TypeMulti-Family
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
Show Map Link
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
7121 California Avenue SW Seattle, WA 98136
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.
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