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Bellevue 6-Unit 14020 SE 8th St 6 Unit Apartment Building $3,250,000 ($541,667/Unit) 3.50% Cap Rate Bellevue, WA 98007
Investment Highlights
- Seller is offering financing at30% down, 5% interest-only, on a five-year term. Qualified buyers only. Personal gurantee must be signed by buyer.
- Market rate parking in the Eastgate submarket is $50 per space per month, representing $7,800 in uncaptured annual income available to a new owner
- Water meters are all separately metered with their own shutoffs. Tenants pay for their water consumption and owner pays for garbage collection.
- 3 of the 6 units have been renovated, demonstrating a proven rent premium over the unrenovated units.
- All units share a consistent 894-square-foot, 2 Bed / 2 Bathroom floor plan, providing uniform operating efficiency and strong appeal.
Executive Summary
Opportunity for seller financing for qualified buyers and buyers personally guaranteeing the loan. The terms are 30% down, 5% interest-only on a five-year term
Built in 1987 and situated on a 13,500 square foot lot zoned R-20, the Bellevue 6-Unit consists of six spacious two-bedroom, two-bathroom units averaging 894 square feet each. Three of the six units have been fully renovated with modern finishes, and the three unrenovated units present a clearly defined path to value through targeted interior upgrades estimated at $30,000 per unit. The property includes 13 dedicated parking spaces, a highly sought-after amenity in the Eastside rental market, and tenants pay their own water and sewer, keeping utility expenses and management complexity low for the ownership. The property’s Eastgate location places residents within minutes of Bellevue College, the Eastgate Park and Ride, and Interstate 90. The Bellevue 6-Unit is positioned as a renovation value-add acquisition with an execution plan already partially underway. Renovated units are currently leased at $2,095 to $2,250 per month against a market rate of $2,600 per unit. The three unrenovated units are currently leased at an average of $1,990 per month and are expected to achieve $2,600 following renovation at an estimated cost of $30,000 per unit.
Built in 1987 and situated on a 13,500 square foot lot zoned R-20, the Bellevue 6-Unit consists of six spacious two-bedroom, two-bathroom units averaging 894 square feet each. Three of the six units have been fully renovated with modern finishes, and the three unrenovated units present a clearly defined path to value through targeted interior upgrades estimated at $30,000 per unit. The property includes 13 dedicated parking spaces, a highly sought-after amenity in the Eastside rental market, and tenants pay their own water and sewer, keeping utility expenses and management complexity low for the ownership. The property’s Eastgate location places residents within minutes of Bellevue College, the Eastgate Park and Ride, and Interstate 90. The Bellevue 6-Unit is positioned as a renovation value-add acquisition with an execution plan already partially underway. Renovated units are currently leased at $2,095 to $2,250 per month against a market rate of $2,600 per unit. The three unrenovated units are currently leased at an average of $1,990 per month and are expected to achieve $2,600 following renovation at an estimated cost of $30,000 per unit.
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$150,120
|
$27.98
|
| Other Income |
$9,324
|
$1.74
|
| Vacancy Loss |
$7,972
|
$1.49
|
| Effective Gross Income |
$151,472
|
$28.23
|
| Taxes |
$14,615
|
$2.72
|
| Operating Expenses |
$23,128
|
$4.31
|
| Total Expenses |
$37,743
|
$7.03
|
| Net Operating Income |
$113,729
|
$21.19
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $150,120 |
| Annual Per SF | $27.98 |
| Other Income | |
|---|---|
| Annual | $9,324 |
| Annual Per SF | $1.74 |
| Vacancy Loss | |
|---|---|
| Annual | $7,972 |
| Annual Per SF | $1.49 |
| Effective Gross Income | |
|---|---|
| Annual | $151,472 |
| Annual Per SF | $28.23 |
| Taxes | |
|---|---|
| Annual | $14,615 |
| Annual Per SF | $2.72 |
| Operating Expenses | |
|---|---|
| Annual | $23,128 |
| Annual Per SF | $4.31 |
| Total Expenses | |
|---|---|
| Annual | $37,743 |
| Annual Per SF | $7.03 |
| Net Operating Income | |
|---|---|
| Annual | $113,729 |
| Annual Per SF | $21.19 |
Property Facts
| Price | $3,250,000 | Building Class | C |
| Price Per Unit | $541,667 | Lot Size | 0.30 AC |
| Sale Type | Investment | Building Size | 5,366 SF |
| Cap Rate | 3.50% | Average Occupancy | 95% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1987 |
| Property Subtype | Apartment | Parking Ratio | 2.42/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R20, Bellevue | ||
| Price | $3,250,000 |
| Price Per Unit | $541,667 |
| Sale Type | Investment |
| Cap Rate | 3.50% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 5,366 SF |
| Average Occupancy | 95% |
| No. Stories | 3 |
| Year Built | 1987 |
| Parking Ratio | 2.42/1,000 SF |
| Zoning | R20, Bellevue |
Amenities
Unit Amenities
- Balcony
- Dishwasher
- Disposal
- Fireplace
- Microwave
- Storage Space
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 6 | $2,010 | 894 |
1 1
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 342505-9181 | Total Assessment | $1,965,000 (2025) |
| Land Assessment | $513,000 (2025) | Annual Taxes | $14,615 ($2.72/SF) |
| Improvements Assessment | $1,452,000 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
342505-9181
Land Assessment
$513,000 (2025)
Improvements Assessment
$1,452,000 (2025)
Total Assessment
$1,965,000 (2025)
Annual Taxes
$14,615 ($2.72/SF)
Tax Year
2026
Contacts
-
Ben Douglas -
Rowan Davis -
Brian Platt -
Michael Urquhart -
Paragon Real Estate Advisors
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