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13310 Greenwood Ave N - Bittertree Condominums 8 Unit Apartment Building Offered at $1,895,000 at a 5.65% Cap Rate Seattle, WA 98133
Investment Highlights
- Seller financing
- Seven-stall secured under-building parking garage featuring four tandem and three single stalls, plus one additional stall in front of the building
- In-unit washers and dryers in every unit, plus private balconies
- 5 of 8 units have been recently updated with luxury vinyl plank flooring and appliance refreshes
Executive Summary
Bittertree Condominiums is an eight-unit apartment building at 13310 Greenwood Ave N in Seattle’s Greenwood neighborhood. Built in 1996, the property features two large studios, two one-bedroom units, and four two-bedroom units. All units include in-unit washers and dryers, private balconies, and access to a secured garage with eight parking stalls. The building sits on a 6,787 SF LR3 (M) zoned lot on Greenwood Avenue. This is a stabilized asset with upside potential. Five units have been updated with luxury vinyl plank flooring and newer appliances. The remaining three are occupied by long-term tenants with below-market rents, offering an opportunity to increase income through natural turnover. With separate electric meters, water sub-metering, and modern construction, the property offers a low-maintenance, efficient operating profile. Seller financing is available with 30% down and a five-year interest-only term: 5.0% interest in years one and two, and 5.5% in years three through five. The investment delivers a 5.7% cap rate and 7.2% cash-on-cash return at acquisition, increasing to a 6.6% cap rate and 10.2% cash-on-cash return as rents reach market levels.
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$157,800
|
$23.25
|
| Other Income |
$9,852
|
$1.45
|
| Vacancy Loss |
$5,030
|
$0.74
|
| Effective Gross Income |
$162,622
|
$23.96
|
| Taxes |
$19,436
|
$2.86
|
| Operating Expenses |
$36,050
|
$5.31
|
| Total Expenses |
$55,486
|
$8.18
|
| Net Operating Income |
$107,136
|
$15.79
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $157,800 |
| Annual Per SF | $23.25 |
| Other Income | |
|---|---|
| Annual | $9,852 |
| Annual Per SF | $1.45 |
| Vacancy Loss | |
|---|---|
| Annual | $5,030 |
| Annual Per SF | $0.74 |
| Effective Gross Income | |
|---|---|
| Annual | $162,622 |
| Annual Per SF | $23.96 |
| Taxes | |
|---|---|
| Annual | $19,436 |
| Annual Per SF | $2.86 |
| Operating Expenses | |
|---|---|
| Annual | $36,050 |
| Annual Per SF | $5.31 |
| Total Expenses | |
|---|---|
| Annual | $55,486 |
| Annual Per SF | $8.18 |
| Net Operating Income | |
|---|---|
| Annual | $107,136 |
| Annual Per SF | $15.79 |
Property Facts
| Price | $1,895,000 | Apartment Style | Low-Rise |
| Price Per Unit | $236,875 | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 6,787 SF |
| Cap Rate | 5.65% | No. Stories | 3 |
| No. Units | 8 | Year Built | 1996 |
| Property Type | Multifamily | Parking Ratio | 1.18/1,000 SF |
| Zoning | LR3 (M) | ||
| Price | $1,895,000 |
| Price Per Unit | $236,875 |
| Sale Type | Investment |
| Cap Rate | 5.65% |
| No. Units | 8 |
| Property Type | Multifamily |
| Apartment Style | Low-Rise |
| Lot Size | 0.16 AC |
| Building Size | 6,787 SF |
| No. Stories | 3 |
| Year Built | 1996 |
| Parking Ratio | 1.18/1,000 SF |
| Zoning | LR3 (M) |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | $1,300 | 530 |
| 1+1 | 2 | $1,560 | 650 |
| 2+1 | 4 | $1,858 | 820 |
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Moderately walkable
60/100
Moderately drivable
70/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 083380-0010 | Total Assessment | $259,200 (2025) |
| Land Assessment | $86,000 (2025) | Annual Taxes | $19,436 ($2.86/SF) |
| Improvements Assessment | $173,200 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
083380-0010
Land Assessment
$86,000 (2025)
Improvements Assessment
$173,200 (2025)
Total Assessment
$259,200 (2025)
Annual Taxes
$19,436 ($2.86/SF)
Tax Year
2026
Contacts
-
Michael Urquhart -
Ben Douglas -
Brian Platt -
Rowan Davis -
Paragon Real Estate Advisors
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