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1788 Alki Ave SW 6 Unit Apartment Building $3,250,000 ($541,667/Unit) 5.03% Cap Rate Seattle, WA 98116
Investment Highlights
- This property offers unobstructed Puget Sound and Olympic Mountain views.
- The asset delivers clear rent-growth potential with current rents positioned below market.
- The units feature renovated interiors that support strong resident demand.
- The location provides immediate access to Alki Beach, the Alki Trail, and coastal amenities.
- The large LR2(M) lot offers valuable long-term redevelopment options.
- The property includes off-street parking that enhances tenant appeal.
Executive Summary
1788 Alki Ave SW represents a rare opportunity to acquire a prime waterfront multifamily asset in one of Seattle’s most desirable coastal neighborhoods. Situated directly along Alki Avenue with unobstructed views of Puget Sound and the Olympic Mountains, the property offers unmatched lifestyle appeal and sustained rental demand. The six renovated units feature strong in-place income with rents averaging 15 percent below market, providing immediate upside at turnover with limited execution risk. The 12,000 SF LR2(M)-zoned lot delivers exceptional long-term value through both stable cash flow and meaningful redevelopment optionality in a highly supply-constrained corridor. Options range from full site redevelopment to selectively retaining existing improvements while adding premium townhomes. With strong market fundamentals, proven rent growth, and the ability to enhance revenue through strategic upgrades or short-term rental conversion, 1788 Alki Ave SW is a compelling investment offering durable performance and future flexibility.
Property Facts
| Price | $3,250,000 | Building Class | C |
| Price Per Unit | $541,667 | Lot Size | 0.28 AC |
| Sale Type | Investment | Building Size | 7,200 SF |
| Cap Rate | 5.03% | Average Occupancy | 97% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1946 |
| Property Subtype | Apartment | Parking Ratio | 1.33/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | LR2, Seattle - Light Residential | ||
| Price | $3,250,000 |
| Price Per Unit | $541,667 |
| Sale Type | Investment |
| Cap Rate | 5.03% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 7,200 SF |
| Average Occupancy | 97% |
| No. Stories | 3 |
| Year Built | 1946 |
| Parking Ratio | 1.33/1,000 SF |
| Zoning | LR2, Seattle - Light Residential |
Amenities
Unit Amenities
- Balcony
- Dishwasher
- Disposal
- Fireplace
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 600 |
| 2+1 | 1 | - | 1,200 |
| 2+2 | 3 | - | 1,300 |
| 3+2 | 1 | - | 1,500 |
Fairly walkable
40/100
Exceptionally drivable
100/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 013900-0215 | Improvements Assessment | $1,000 |
| Land Assessment | $2,400,000 | Total Assessment | $2,401,000 |
Property Taxes
Parcel Number
013900-0215
Land Assessment
$2,400,000
Improvements Assessment
$1,000
Total Assessment
$2,401,000
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