Orca Apartments 12030 32nd Ave NE 6 Unit Apartment Building $1,280,000 ($213,333/Unit) 4.96% Cap Rate Seattle, WA 98125

The Orca Apartments presents a compelling opportunity to acquire a meticulously maintained, value-add asset in a highly convenient Lake City/North Seattle location. Built in 1959, this low-maintenance three-story brick building with wood-frame construction sits on a ±6,600 square foot lot and combines strong in-place performance with significant upside potential in one of North Seattle’s most connected neighborhoods.
The property benefits from a “Very Walkable” walk score of 88, placing residents within easy reach of neighborhood restaurants, cafés, and shops. Outdoor recreation is easily accessible with close proximity to the Burke-Gilman Trail and Lake Washington. Transit connectivity is outstanding, with six bus routes within a 10-minute walk providing direct service to the University of Washington, First Hill, Seattle Children’s Hospital, Northgate, and the Shoreline South Link light rail station. Downtown Seattle and major employment centers are just minutes away, further enhancing long-term rental demand.
Orca Apartments consists of six spacious units – five one-bedroom/one-bath units and one two-bedroom/one-bath unit. The homes are notably oversized, averaging approximately 770 square feet, and feature large living areas, generously sized closets, and dedicated dining spaces. Desirable amenities include expansive decks, secured entry, dishwashers in half the units, on-site laundry, and resident storage rooms. Units have been updated upon turnover, and one unit is fully renovated.
The property has been extraordinarily well maintained, with recent capital improvements including a new roof, updated plumbing, modernized electrical panels, and dual-pane vinyl windows — significantly reducing near-term capital expenditure requirements.
Parking is strong for the area, with six dedicated off-alley spaces in addition to convenient street parking directly in front of the building.
With low historical turnover and the likely ability to increase income by approximately 15% simply by adjusting rents to market levels and implementing a utility bill-back system, Orca Apartments offers investors durable cash flow today with clear, measurable value-add potential in a sought-after North Seattle location.