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Fairseas Apartments 1401 W Bertona St 8 Unit Apartment Building $2,550,000 ($318,750/Unit) 5.80% Cap Rate Seattle, WA 98119
Investment Highlights
- 6 of 8 units fully renovated
- A+ North Queen Anne location
- 12 off street parking spaces
- 5.8% current CAP rate
- Recent roof replacement and exterior paint
- Common laundry with 5 storage spaces
Executive Summary
Paragon Real Estate Advisors is pleased to present the Fairseas Apartments, an eight unit multifamily property in the North Queen Anne neighborhood of Seattle. The asset delivers a 5.8% current cap rate on day one providing a stabilized, high income-producing return in a submarket where most comparable listings are priced at sub-5.25% current yields. Six of the eight units have been fully renovated with market-quality finishes, the building has a new Durolast roof, and received a full exterior refresh (paint, lighting, and signage) within the last three years.
The building consists of six renovated units including four 2BD/1BTH residences, one 1BD/1BTH, and one 1BD+Den/1BTH and two original 1BD/1BTH units currently occupied by long-term tenants paying below-market rents. The two original units represent significant upside for a new owner to bring these final two units to the same finish level and rent tier as the rest of the building, without touching the renovated units or any stabilized income. In-place renovated rents at Fairseas already reach $1,800 on the one bedroom, validating the finish level and rental capability.
The property sits on an 8,400 square foot LR3 RC (M) zoned lot with 12 on-site parking stalls in a walkable North Queen Anne location: short walk to Seattle Pacific University, the RapidRide D Line, and the retail and dining on 15th Avenue West, with direct commuter access to South Lake Union, Downtown Seattle, Ballard, and Fremont. North Queen Anne continues to benefit from supply-constrained multifamily stock and durable renter demand tied to SPU, the Fishermen’s Terminal maritime employment cluster, and the Fremont tech corridor.
The building consists of six renovated units including four 2BD/1BTH residences, one 1BD/1BTH, and one 1BD+Den/1BTH and two original 1BD/1BTH units currently occupied by long-term tenants paying below-market rents. The two original units represent significant upside for a new owner to bring these final two units to the same finish level and rent tier as the rest of the building, without touching the renovated units or any stabilized income. In-place renovated rents at Fairseas already reach $1,800 on the one bedroom, validating the finish level and rental capability.
The property sits on an 8,400 square foot LR3 RC (M) zoned lot with 12 on-site parking stalls in a walkable North Queen Anne location: short walk to Seattle Pacific University, the RapidRide D Line, and the retail and dining on 15th Avenue West, with direct commuter access to South Lake Union, Downtown Seattle, Ballard, and Fremont. North Queen Anne continues to benefit from supply-constrained multifamily stock and durable renter demand tied to SPU, the Fishermen’s Terminal maritime employment cluster, and the Fremont tech corridor.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$147,443
|
$25.11
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $147,443 |
| Annual Per SF | $25.11 |
Property Facts
| Price | $2,550,000 | Apartment Style | Low-Rise |
| Price Per Unit | $318,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 5.80% | Building Size | 5,895 SF |
| Gross Rent Multiplier | 11.77 | No. Stories | 3 |
| No. Units | 8 | Year Built | 1925 |
| Property Type | Multifamily | Parking Ratio | 2.04/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | LR3 RC (M) | ||
| Price | $2,550,000 |
| Price Per Unit | $318,750 |
| Sale Type | Investment |
| Cap Rate | 5.80% |
| Gross Rent Multiplier | 11.77 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 5,895 SF |
| No. Stories | 3 |
| Year Built | 1925 |
| Parking Ratio | 2.04/1,000 SF |
| Zoning | LR3 RC (M) |
Amenities
Unit Amenities
- Dishwasher
- Washer/Dryer
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Tub/Shower
- Views
- Deck
- Skylights
Site Amenities
- Laundry Facilities
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | 600 |
| 2+1 | 4 | - | 868 |
1 1
Moderately walkable
70/100
Fairly drivable
50/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 277060-3680 | Improvements Assessment | $196,000 |
| Land Assessment | $1,974,000 | Total Assessment | $2,170,000 |
Property Taxes
Parcel Number
277060-3680
Land Assessment
$1,974,000
Improvements Assessment
$196,000
Total Assessment
$2,170,000
Contacts
-
Michael Urquhart -
Brian Platt -
Ben Douglas -
Rowan Davis -
Paragon Real Estate Advisors
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