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Leschi Flats 109-115 30th Ave 8 Unit Apartment Building $2,490,000 ($311,250/Unit) 5.18% Cap Rate Seattle, WA 98122
Investment Highlights
- Unique Leschi location with views of Lake Washington
- Parking for 9 vehicles – 8 alley-accessed off-street spaces and one large garage with electric door
- Fire sprinklers throughout
- Full 2012 remodel including all new plumbing and electrical systems as well as renovated kitchens, baths, and all living spaces - Fully turnkey
- All corner units with high ceilings and light-filled spaces, in-unit laundry and dishwashers, and secured entry with front and back access
- Ability to finance as individual fourplexes or as an 8-unit
Executive Summary
Unique Leschi location with views of Lake Washington
Full 2012 remodel including all new plumbing and electrical systems as well as renovated kitchens, baths, and all living spaces
Fully turnkey condition with rent upside in uniquely desirable location
Parking for 9 vehicles – 8 alley-accessed off-street spaces and one large garage with electric door
All corner units with high ceilings and light-filled spaces
In-unit laundry and dishwashers
Fire sprinklers throughout
Individual unit water metering in place and individual unit water shutoffs
Secured entry – Each unit with front and back access
Most windows replaced with Anderson Fibrex windows
Beautifully landscaped backyard with barbecue area and Zen Garden
Large owner office storage space
Land bank opportunity – 14,711-SF LR1 (M) zoned lot
Ability to finance as individual fourplexes or as an 8-unit
Full 2012 remodel including all new plumbing and electrical systems as well as renovated kitchens, baths, and all living spaces
Fully turnkey condition with rent upside in uniquely desirable location
Parking for 9 vehicles – 8 alley-accessed off-street spaces and one large garage with electric door
All corner units with high ceilings and light-filled spaces
In-unit laundry and dishwashers
Fire sprinklers throughout
Individual unit water metering in place and individual unit water shutoffs
Secured entry – Each unit with front and back access
Most windows replaced with Anderson Fibrex windows
Beautifully landscaped backyard with barbecue area and Zen Garden
Large owner office storage space
Land bank opportunity – 14,711-SF LR1 (M) zoned lot
Ability to finance as individual fourplexes or as an 8-unit
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$198,240
|
$37.85
|
| Other Income |
$6,540
|
$1.25
|
| Vacancy Loss |
$10,239
|
$1.95
|
| Effective Gross Income |
$194,541
|
$37.14
|
| Taxes |
$23,636
|
$4.51
|
| Operating Expenses |
$42,018
|
$8.02
|
| Total Expenses |
$65,654
|
$12.53
|
| Net Operating Income |
$128,887
|
$24.61
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $198,240 |
| Annual Per SF | $37.85 |
| Other Income | |
|---|---|
| Annual | $6,540 |
| Annual Per SF | $1.25 |
| Vacancy Loss | |
|---|---|
| Annual | $10,239 |
| Annual Per SF | $1.95 |
| Effective Gross Income | |
|---|---|
| Annual | $194,541 |
| Annual Per SF | $37.14 |
| Taxes | |
|---|---|
| Annual | $23,636 |
| Annual Per SF | $4.51 |
| Operating Expenses | |
|---|---|
| Annual | $42,018 |
| Annual Per SF | $8.02 |
| Total Expenses | |
|---|---|
| Annual | $65,654 |
| Annual Per SF | $12.53 |
| Net Operating Income | |
|---|---|
| Annual | $128,887 |
| Annual Per SF | $24.61 |
Property Facts
| Price | $2,490,000 | Apartment Style | Low-Rise |
| Price Per Unit | $311,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.34 AC |
| Cap Rate | 5.18% | Building Size | 4,960 SF |
| Gross Rent Multiplier | 12.2 | No. Stories | 2 |
| No. Units | 8 | Year Built/Renovated | 1929/2012 |
| Property Type | Multifamily | Parking Ratio | 1.81/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | LR1 (M) | ||
| Price | $2,490,000 |
| Price Per Unit | $311,250 |
| Sale Type | Investment |
| Cap Rate | 5.18% |
| Gross Rent Multiplier | 12.2 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 4,960 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1929/2012 |
| Parking Ratio | 1.81/1,000 SF |
| Zoning | LR1 (M) |
Amenities
Unit Amenities
- Dishwasher
- Washer/Dryer
- Refrigerator
- Oven
- Sprinkler System
- Range
- Tub/Shower
- Views
Site Amenities
- Courtyard
- Vintage Building
- Zen Garden
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $2,105 | 620 |
| 2+1 | 4 | $2,025 | 620 |
1 1
Exceptionally walkable
90/100
Moderately drivable
60/100
Good public transit
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Total Assessment | $2,189,000 (2025) | |
| Land Assessment | $1,649,000 (2025) | Annual Taxes | $23,636 ($4.77/SF) |
| Improvements Assessment | $540,000 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Numbers
Land Assessment
$1,649,000 (2025)
Improvements Assessment
$540,000 (2025)
Total Assessment
$2,189,000 (2025)
Annual Taxes
$23,636 ($4.77/SF)
Tax Year
2026
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Leschi Flats | 109-115 30th Ave
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