Leschi Flats 109-115 30th Ave 8 Unit Apartment Building $2,700,000 ($337,500/Unit) 4.74% Cap Rate Seattle, WA 98122

Leschi Flats presents a rare opportunity to acquire a fully turnkey, boutique multifamily asset in one of Seattle’s most desirable in-city neighborhoods. Nestled in the unique Leschi community, the property enjoys picturesque views of Lake Washington while offering residents convenient access to nearby parks, dining, and major employment centers.
Originally constructed in 1929, Leschi Flats consists of two side-by-side fourplex buildings – each situated on its own separate parcel – that showcase a charming vintage aesthetic, thoughtfully preserved and enhanced by a comprehensive 2012 remodel. This extensive renovation included all new plumbing and electrical systems, along with fully updated kitchens, baths, and living spaces, delivering modern comfort while maintaining classic character. The units are further enhanced with in-unit laundry and dishwashers, offering residents a highly desirable level of convenience. Additional property features include high-quality finishes such as Andersen Fibrex windows in most units, fire sprinklers throughout, and secured entry with both front and back access for each residence.
The unit mix is comprised of eight spacious apartments – four one-bedroom and four two-bedroom units – all designed as corner units with high ceilings and abundant natural light. Residents enjoy a sense of privacy and openness rarely found in assets of this vintage.
In addition to its exceptional condition, Leschi Flats offers numerous operational efficiencies and income-enhancing features. Each unit is individually metered for water with dedicated shutoffs already in place, providing a clear path to implementing a utility bill-back system. Significant upside also exists through raising rents and increasing parking and storage fees.
The property offers ample parking with nine total spaces, including eight alley-accessed off-street stalls and a large garage with an electric door. Additional amenities include a beautifully landscaped backyard with a barbecue area and tranquil Zen Garden, as well as a generous owner’s office and storage space.
Importantly, the property’s LR1 (M) zoning and expansive 14,711-SF lot size present a compelling land bank opportunity for future development. In addition, the two fourplexes sit on individual parcels and can be financed separately with residential financing, further enhancing the long-term investment appeal.
With its combination of irreplaceable location, strong in-place fundamentals, and clear value-add and redevelopment potential, Leschi Flats represents an exceptional investment opportunity in Seattle’s highly desirable Leschi neighborhood.