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The Forty-Ninth 1302 N 49th St 3 Unit Apartment Building $1,380,000 ($460,000/Unit) 5.03% Cap Rate Seattle, WA 98103
Investment Highlights
- Strong, proven income: Approximately $8,030 per month in gross rent, with no reported vacancy for the past three years.
- Corner-lot development potential: The approximately 5,800-square-foot NR3-zoned corner lot, together with the detached garage/studio.
- Flexible four-space configuration: Three seller-represented legal units plus a detached studio, creating multiple income streams and owner-user appeal
Executive Summary
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.
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.
Property Facts
| Price | $1,380,000 | Apartment Style | Low-Rise |
| Price Per Unit | $460,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 5.03% | Building Size | 3,430 SF |
| Gross Rent Multiplier | 14.3 | Average Occupancy | 100% |
| No. Units | 3 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1927 |
| Property Subtype | Apartment | ||
| Zoning | NR3 - NR3 — Neighborhood Residential 3 zoning is a Seattle residential designation intended to support moderate-density housing. | ||
| Price | $1,380,000 |
| Price Per Unit | $460,000 |
| Sale Type | Investment |
| Cap Rate | 5.03% |
| Gross Rent Multiplier | 14.3 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 3,430 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1927 |
| Zoning | NR3 - NR3 — Neighborhood Residential 3 zoning is a Seattle residential designation intended to support moderate-density housing. |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $2,368 | 600 - 1,700 |
| 2+1 | 1 | $2,995 | 900 |
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Very walkable
80/100
Very drivable
80/100
Good public transit
60/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 686520-0095 | Improvements Assessment | $725,000 |
| Land Assessment | $578,000 | Total Assessment | $1,303,000 |
Property Taxes
Parcel Number
686520-0095
Land Assessment
$578,000
Improvements Assessment
$725,000
Total Assessment
$1,303,000
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The Forty-Ninth | 1302 N 49th St