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University Heights 1417 NE 55th St 6 Unit Apartment Building $2,375,000 ($395,833/Unit) 5.54% Cap Rate Seattle, WA 98105
Investment Highlights
- Well located in dynamic University District neighborhood
- Updated plumbing and electrical
- Assumable financing at 5.5% interest-only for two years fixed for four years
- All units fully remodeled to a premium scope
- Kitchens feature white shaker cabinets, solid surface counters and stainless-steel appliances
- 0.5 mile to U-District light rail station
Executive Summary
CBRE is pleased to present the University Heights Apartments, a fully renovated six-unit multifamily asset located in Seattle’s thriving University District. This turn-key investment offers strong in-place cash flow with a 5.54% cap rate and a rare opportunity to acquire a boutique property featuring large, spacious units—five two-bedrooms and one one-bedroom—each fully remodeled to a premium standard in 2021–2022. Each unit showcases modern finishes including white shaker cabinetry, solid surface countertops, and stainless-steel appliances. Recent capital improvements include a new roof, windows, exterior paint, and updated plumbing and electrical systems, ensuring minimal near-term maintenance.
Property Facts
| Price | $2,375,000 | Building Class | C |
| Price Per Unit | $395,833 | Lot Size | 0.10 AC |
| Sale Type | Investment | Building Size | 5,406 SF |
| Cap Rate | 5.54% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1918/2021 |
| Property Subtype | Apartment | Parking Ratio | 0.46/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | LR3, Seattle | ||
| Price | $2,375,000 |
| Price Per Unit | $395,833 |
| Sale Type | Investment |
| Cap Rate | 5.54% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 5,406 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1918/2021 |
| Parking Ratio | 0.46/1,000 SF |
| Zoning | LR3, Seattle |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 2+1 | 5 | - | - |
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Walk Score®
Walker's Paradise (95)
Transit Score®
Excellent Transit (74)
Bike Score®
Biker's Paradise (97)
Property Taxes
| Parcel Number | 871460-0040 | Improvements Assessment | $455,500 |
| Land Assessment | $1,153,600 | Total Assessment | $1,609,100 |
Property Taxes
Parcel Number
871460-0040
Land Assessment
$1,153,600
Improvements Assessment
$455,500
Total Assessment
$1,609,100
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