Additional details

Discover Northwest Realty - Land

info@unitedcountrynw.com +1(360) 843-4032

Listed by:Paragon Real Estate Advisors • Ben Douglas

$4,000,000

Est. payment - /mo

23 Beds

22 Baths

14,975 SqFt

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UPDATED:

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Square Footage 14,975 sqft

Price per Sqft $267

Subdivision Interbay

MLS Listing ID 2527028

Style 56 - 10+ Units

Bedrooms 23

Year Built 1969

Annual Tax Amount $52,945

Lot Size 0.389 Acres

Property Sub-Type Multi Family

Property Description

The property consists of 19 one-bedroom / one-bathroom units, one one-bedroom + office / one-bathroom, and one three-bedroom / two-bathroom unit, totaling 14,975 rentable square feet across three stories of wood-frame construction. The property has been meticulously maintained during the current ownership and this is the first time the property has been marketed in 33 years. Current rents average below market across the portfolio, with one-bedroom units running approximately 6% below comparable market rents and the three-bedroom unit carrying meaningful additional upside. An investor operating the building at market rents and fully charging for parking and storage will bring the proforma cap rate to 7.0% with minimal capital needed. The building has been meticulously maintained throughout the current ownership. In 2016, elastomeric waterproof paint was applied to the rockcrete siding, the roof was replaced in 2019 along with the main water supply line, and in 2023/2024 the main sewer drain line and underground cast iron plumbing was replaced. Interbay 21 Apartments offers convenient access to major public transportation routes while being in close proximity to the employment centers, dining, retail, and neighborhood amenities of Queen Anne, Ballard, Interbay, and Magnolia. The building's location on a quiet residential street provides a strong lifestyle appeal for its tenants and will be highly desirable for future tenants as well.

Location

State WA

County King

Area 700 - Queen Anne/Magnolia

Interior

Flooring Laminate, Carpet

Fireplace false

Exterior

Exterior Feature Stucco

View Y/N No

Roof Type Flat

Building

Sewer Sewer Connected

Water Public

New Construction No

Schools

School District Seattle

Others

Senior Community No

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

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Discover Northwest Realty - Land

Broker | License ID: 90947

+1(360) 843-4032 | info@unitedcountrynw.com

2820 15th AVE W Seattle, WA 98119

Discover Northwest Realty - Land

Key Details

Location

Interior

Exterior

Building

Schools

Others

Nearby School & Business

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