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12741 35th Ave NE
Seattle, WA 98125
Cedar Park Apartments · Multifamily Property For Sale
·
36 Units
Investment Highlights
- The building offers a desirable unit mix with functional layouts appealing to long-term tenants
- On-site parking and easy street access add to tenant convenience
- The property is offered at an actual cap rate of 5.39%
- Most units are corner homes with ample natural light, and many have vaulted ceilings and private balconies or patios.
- Low-maintenance HardiPlank siding and a pitched roof (replaced in 2019) keep operating expenses low.
- Attractive owner financing available: 50% down @ 5% fixed interest, amortized over 360 months on a 5-year term
Executive Summary
WPI Real Estate is pleased to present 12741 35th Ave NE, an 8-unit apartment building in the heart of North Seattle. Reconstructed in 1995, keeping only the foundation and frame, the building totals 6,351 gross square feet and comprises 5 two-bedroom and 3 one-bedroom units across approximately 5,515 rentable square feet, set on a 7,121SF corner lot zoned Lowrise 2 (M). The property is offered at an actual cap rate of 5.39%, with attractive owner financing available: 50% down @ 5% fixed interest, amortized over 360 months on a 5-year term. It delivers a stabilized income stream today, with clear upside through utility pass-through/RUBS implementation, adding additional units (buyer to verify) or updates as units turn. The building offers a desirable unit mix with functional layouts appealing to long-term tenants. Most units are corner homes with ample natural light, and many have vaulted ceilings and private balconies or patios. On-site parking and easy street access add to tenant convenience, while low-maintenance HardiPlank siding and a pitched roof (replaced in 2019) keep operating expenses low. Current rents present the opportunity for strategic increases through unit turns. With Seattle's continued population growth, zoning changes, and limited housing supply, this property is well-positioned for appreciation and sustained demand.
Property Facts
| Price Per Unit | $51,389 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 5.39% | Building Size | 6,351 SF |
| No. Units | 36 | Average Occupancy | 95% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1965 |
| Apartment Style | Low-Rise | Parking Ratio | 1.57/1,000 SF |
| Zoning | L2, Seattle - zoned Lowrise 2 (M) | ||
| Price Per Unit | $51,389 |
| Sale Type | Investment |
| Cap Rate | 5.39% |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 6,351 SF |
| Average Occupancy | 95% |
| No. Stories | 3 |
| Year Built | 1965 |
| Parking Ratio | 1.57/1,000 SF |
| Zoning | L2, Seattle - zoned Lowrise 2 (M) |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 21 | $1,770 | 800 |
| 1+1 | 15 | $1,500 | 505 |
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,296,800 | |
| Land Assessment | $1,080,200 | Total Assessment | $2,377,000 |
Property Taxes
Parcel Numbers
Land Assessment
$1,080,200
Improvements Assessment
$1,296,800
Total Assessment
$2,377,000
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