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Bellevue Fourplex 16 147th Ave SE 10 Unit Apartment Building $1,995,000 ($199,500/Unit) 4.30% Cap Rate Bellevue, WA 98007
Investment Highlights
- Seller Financing is available for qualified buyers with terms of 25% down, 5-year term, and 5% interest-only payments
- Four spacious 2-bedroom, 1-bath units (~1,038 SF)
- Washers and dryers in each unit
- 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
Executive Summary
Seller financing is available or qualified buyers, with terms of 25% down, 5-year term, and 5% interest-only payments. 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.
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$105,432
|
$20.80
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$105,432
|
$20.80
|
| Taxes |
$12,454
|
$2.46
|
| Operating Expenses |
$7,136
|
$1.41
|
| Total Expenses |
$19,590
|
$3.86
|
| Net Operating Income |
$85,842
|
$16.93
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $105,432 |
| Annual Per SF | $20.80 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $105,432 |
| Annual Per SF | $20.80 |
| Taxes | |
|---|---|
| Annual | $12,454 |
| Annual Per SF | $2.46 |
| Operating Expenses | |
|---|---|
| Annual | $7,136 |
| Annual Per SF | $1.41 |
| Total Expenses | |
|---|---|
| Annual | $19,590 |
| Annual Per SF | $3.86 |
| Net Operating Income | |
|---|---|
| Annual | $85,842 |
| Annual Per SF | $16.93 |
Property Facts
| Price | $1,995,000 | Building Class | C |
| Price Per Unit | $199,500 | Lot Size | 0.19 AC |
| Sale Type | Investment | Building Size | 8,178 SF |
| Cap Rate | 4.30% | Average Occupancy | 97% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1969 |
| Property Subtype | Apartment | Parking Ratio | 0.98/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | MDR-2 | ||
| Price | $1,995,000 |
| Price Per Unit | $199,500 |
| Sale Type | Investment |
| Cap Rate | 4.30% |
| 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 | 1 | $2,261 | 1,060 |
| 2+1 | 2 | $2,295 | 1,015 |
| 2+1 | 3 | $2,205 | 1,060 |
| 2+1 | 4 | $1,995 | 1,015 |
Moderately walkable
60/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 246030-0180 | Total Assessment | $1,549,000 (2024) |
| Land Assessment | $327,100 (2024) | Annual Taxes | $12,454 ($1.52/SF) |
| Improvements Assessment | $1,221,900 (2024) | Tax Year | 2026 |
Property Taxes
Parcel Number
246030-0180
Land Assessment
$327,100 (2024)
Improvements Assessment
$1,221,900 (2024)
Total Assessment
$1,549,000 (2024)
Annual Taxes
$12,454 ($1.52/SF)
Tax Year
2026
Contacts
-
Ben Douglas -
Rowan Davis -
Michael Urquhart -
Brian Platt -
Paragon Real Estate Advisors
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Bellevue Fourplex | 16 147th Ave SE
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