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1111 18th Ave 8 Unit Apartment Building $1,898,000 ($237,250/Unit) 4.74% Cap Rate Seattle, WA 98122
INVESTMENT HIGHLIGHTS
- 8 distinctive apartments
- Lush front lawn and communal garden shed to the secure mailbox, shared laundry and alley parking, a sense of community and stewardship retain
- 5,500 SF Federal Avenue style colonial revival found new life
EXECUTIVE SUMMARY
Beyond the English laurel and torii gate, this 5,500 SF Federal Avenue style colonial revival found new life under the meticulous care of its carpenter-owner as Laurel Gate—8 distinctive apartments. Relish 124-yr-old fir floors, balconies, exposed brick fireplaces, fanciful attic lofts and repurposed wood details throughout. Each home reveals a bespoke layout brimming with character to bring in top rent. A seismic retrofit, new plumbing and wiring, added insulation and upgrades at every turn beam with pride of ownership. From the lush front lawn and communal garden shed to the secure mailbox, shared laundry and alley parking, a sense of community and stewardship retains tenants. The 7200 SF lot with LR3 zoning offers development potential.
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PROPERTY FACTS
| Price | $1,898,000 | Apartment Style | Low-Rise |
| Price Per Unit | $237,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 4.74% | Building Size | 5,468 SF |
| Gross Rent Multiplier | 16.5 | Average Occupancy | 95% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1935/1994 |
| Property Subtype | Apartment | Parking Ratio | 1.28/1,000 SF |
| Zoning | L-3, Seattle - Commercial | ||
| Price | $1,898,000 |
| Price Per Unit | $237,250 |
| Sale Type | Investment |
| Cap Rate | 4.74% |
| Gross Rent Multiplier | 16.5 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 5,468 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built/Renovated | 1935/1994 |
| Parking Ratio | 1.28/1,000 SF |
| Zoning | L-3, Seattle - Commercial |
AMENITIES
UNIT AMENITIES
- Fireplace
- Heating
- Hardwood Floors
- Refrigerator
- Stainless Steel Appliances
- Range
- Tub/Shower
- Walk-In Closets
- Freezer
- Mother-in-law Unit
- Skylights
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 4 | - | - |
| 1+1 | 2 | - | - |
| 2+1 | 2 | - | - |
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Walk Score®
Walker's Paradise (94)
Transit Score®
Excellent Transit (70)
Bike Score®
Biker's Paradise (95)
PROPERTY TAXES
| Parcel Number | 723460-0910 | Improvements Assessment | $58,000 |
| Land Assessment | $1,980,000 | Total Assessment | $2,038,000 |
PROPERTY TAXES
Parcel Number
723460-0910
Land Assessment
$1,980,000
Improvements Assessment
$58,000
Total Assessment
$2,038,000
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1111 18th Ave
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