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16 147th Ave SE
Bellevue, WA 98007
Bellevue Fourplex · Multifamily Property For Sale
·
10 Units
Investment Highlights
- Centrally located in Bellevue's highly desirable Lake Hills neighborhood
- Each unit includes its own attached garage, offering tenants secure parking and additional storage
- TPO Membrane roof fully replaced 8 years ago
- Four spacious 2-bedroom, 1-bath units (~1,038 SF)
- Washers and dryers in each unit
Executive Summary
Rare opportunity to acquire the Bellevue Fourplex, a well-maintained 1969-built investment property located at 16 147th Ave SE in one of the Eastside’s most desirable submarkets. This four-unit asset offers investors the opportunity to own a multifamily property in a tightly held Bellevue location where inventory remains extremely limited. The Bellevue Fourplex consists of four spacious two-bedroom, one-bathroom units averaging 1,038 square feet each, with a total net rentable area of 4,150 square feet on an 8,178 square foot lot. Each unit features in-unit washers and dryers, double-pane vinyl windows, and an attached garage, with tenants responsible for all utilities. The property has been meticulously maintained, including an approximately eight-year-old TPO membrane roof. Current rents average $2,168 per unit, while market rents are $2,500 per unit, presenting a new owner with immediate rental upside through light interior renovations. Ideally located just minutes from Downtown Bellevue, T-Mobile headquarters, Microsoft’s Redmond campus, and with quick access to I-90 and I-405, the Bellevue Fourplex offers a compelling combination of location, in-place income, and rental upside in a market defined by limited supply and strong tenant demand.
Property Facts Under Contract
| Price Per Unit | $187,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 4.58% | Building Size | 8,178 SF |
| No. Units | 10 | Average Occupancy | 97% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1969 |
| Apartment Style | Low-Rise | Parking Ratio | 0.98/1,000 SF |
| Zoning | MDR-2 | ||
| Price Per Unit | $187,500 |
| Sale Type | Investment |
| Cap Rate | 4.58% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 8,178 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built | 1969 |
| Parking Ratio | 0.98/1,000 SF |
| Zoning | MDR-2 |
Amenities
Unit Amenities
- Fireplace
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 10 | $2,145 | 1,015 - 1,060 |
Property Taxes
| Parcel Number | 246030-0180 | Improvements Assessment | $1,315,000 |
| Land Assessment | $359,000 | Total Assessment | $1,674,000 |
Property Taxes
Parcel Number
246030-0180
Land Assessment
$359,000
Improvements Assessment
$1,315,000
Total Assessment
$1,674,000
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