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Cherry Court Condominiums 1410 Queen Anne Ave N 7 Unit Apartment Building $2,150,000 ($307,143/Unit) 5.50% Cap Rate Seattle, WA 98109
INVESTMENT HIGHLIGHTS
- 5.50% Cap Rate on Current Income
- Condo Exit Potential
- Steps from Upper Queen Anne's shops, restaurants, cafes
- Turn-Key Operations with minimal capital needs
- Long Term Growth Potential through continued appreciation in Queen Anne's premier rental market
EXECUTIVE SUMMARY
Westlake Associates, Inc. is pleased to present Cherry Court Condos, a classic 7-unit property offered for sale for the first time in 27 years.
Currently operated as apartment rentals, the building has been extensively renovated and meticulously maintained, providing investors with a turn-key asset in one of Seattle’s most desirable submarkets.
The property features one studio, five one-bedrooms, and one two-bedroom unit, all with updated interiors that blend modern finishes with timeless charm. Upgrades include granite countertops, custom cabinetry, stainless steel appliances, remodeled bathrooms, refinished hardwood or LVP flooring, and updated plumbing, windows, and electrical systems. The roof was replaced approximately five years ago, providing additional peace of mind.
Spacious layouts with dining areas, chef’s kitchens, and abundant natural light enhance tenant appeal. Residents also enjoy a landscaped front patio with seating, a rear BBQ area, shared laundry facilities (with one unit featuring in-unit washer/dryer and another plumbed for laundry), and a single-car garage offering off-street parking.
Currently operated as apartment rentals, the building has been extensively renovated and meticulously maintained, providing investors with a turn-key asset in one of Seattle’s most desirable submarkets.
The property features one studio, five one-bedrooms, and one two-bedroom unit, all with updated interiors that blend modern finishes with timeless charm. Upgrades include granite countertops, custom cabinetry, stainless steel appliances, remodeled bathrooms, refinished hardwood or LVP flooring, and updated plumbing, windows, and electrical systems. The roof was replaced approximately five years ago, providing additional peace of mind.
Spacious layouts with dining areas, chef’s kitchens, and abundant natural light enhance tenant appeal. Residents also enjoy a landscaped front patio with seating, a rear BBQ area, shared laundry facilities (with one unit featuring in-unit washer/dryer and another plumbed for laundry), and a single-car garage offering off-street parking.
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS Under Contract
| Price | $2,150,000 | Apartment Style | Low-Rise |
| Price Per Unit | $307,143 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 5.50% | Building Size | 5,465 SF |
| Gross Rent Multiplier | 11.37 | Average Occupancy | 97% |
| No. Units | 7 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1919 |
| Property Subtype | Apartment | Parking Ratio | 0.29/1,000 SF |
| Zoning | MR, Seattle | ||
| Price | $2,150,000 |
| Price Per Unit | $307,143 |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| Gross Rent Multiplier | 11.37 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 5,465 SF |
| Average Occupancy | 97% |
| No. Stories | 3 |
| Year Built | 1919 |
| Parking Ratio | 0.29/1,000 SF |
| Zoning | MR, Seattle |
AMENITIES
UNIT AMENITIES
- Balcony
- Fireplace
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | $2,210 | 539 - 1,005 |
| Studios | 1 | $1,340 | 497 |
| 2+1 | 1 | $2,750 | 938 |
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Walk Score®
Walker's Paradise (94)
CONTACTS
-
Curran Hagstrom -
Ray West -
Collin Hagstrom -
Peter Hiatt -
Westlake Associates, Inc.
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