1302 N 49th St - The Forty-Ninth 3 Unit Apartment Building Offered at $1,425,000 at a 4.87% Cap Rate Seattle, WA 98103

1302 N 49th St presents a rare Wallingford small-multifamily investment and development opportunity consisting of three seller-represented legal residential units plus a detached studio connected to the existing garage. The property currently generates approximately $8,030 per month and $96,360 annually in gross scheduled income, with no reported vacancy during the past three years.
The property offers an attractive combination of established rental income, owner-user or house-hacking flexibility, additional studio income and long-term value-add potential. Current rents include a recently increased upper-unit rent of $2,995 per month.
Positioned on an approximately 5,800-square-foot corner lot within Seattle’s Neighborhood Residential zoning, the property may offer future redevelopment, expansion or reconfiguration potential. The corner-lot orientation, existing detached garage and studio structure may provide additional flexibility for buyers evaluating accessory dwelling, middle-housing or other redevelopment strategies, subject to zoning, setbacks, lot coverage, tree requirements, utility capacity and permitting.
The approximately 3,190-square-foot main building and detached garage/studio configuration provide several possible investment paths, including continued operation as a stabilized rental property, owner occupancy with rental income, renovation and rent optimization, or a longer-term redevelopment strategy.
Utilities are currently included in the unit rents. Buyers must independently verify all leases, rents, deposits, operating expenses, zoning, unit legality, studio and garage use, permits, square footage and development feasibility. Contact the listing broker for the offering memorandum, rent roll and additional property information.