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Eastlake Manor Apartments 1925 Eastlake Ave E 18 Unit Apartment Building $5,800,000 ($322,222/Unit) Seattle, WA 98102
INVESTMENT HIGHLIGHTS
- Private balconies with stunning views of Downtown Seattle and Lake Union
- Secure garage parking
- Secured entry for building
- Well maintained by current ownership
EXECUTIVE SUMMARY
CBRE proudly presents Eastlake Manor Apartments, an 18-unit value-add asset situated in the vibrant Eastlake neighborhood of Seattle. This property offers a distinctive living experience with convenient access to a variety of shopping, dining, entertainment and recreation. Built in 1977, Eastlake Manor features spacious one and two-bedroom units, each with private balcony access, just steps away from the picturesque waterfront of Lake Union. 17 of the units were renovated on turnover between 2001 and 2010 while the 18th unit was recently updated on turnover in 2023. Updates included: new kitchen and bath cabinets, Formica countertops, vinyl floor coverings, carpet, new appliances, tub surrounds, sinks, toilets, paint and light fixtures. As one of Seattle’s premier rental neighborhoods, Eastlake commands substantial renovation premiums for high end finishes, which a value-add investor can take advantage of during future turnovers. Additionally, the property features a secure parking garage with 14 stalls; all the windows were updated to double pane vinyl frames in 1996, it received a new roof in the year 2000 and new deck railings and surfaces in 2009.
PROPERTY FACTS Under Contract
| Price | $5,800,000 | Building Class | C |
| Price Per Unit | $322,222 | Lot Size | 0.30 AC |
| Sale Type | Investment | Building Size | 17,859 SF |
| No. Units | 18 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1977/2023 |
| Apartment Style | Low-Rise | Parking Ratio | 0.45/1,000 SF |
| Zoning | LR3 (M) - Residential | ||
| Price | $5,800,000 |
| Price Per Unit | $322,222 |
| Sale Type | Investment |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 17,859 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1977/2023 |
| Parking Ratio | 0.45/1,000 SF |
| Zoning | LR3 (M) - Residential |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 15 | - | 675 |
| 2+2 | 3 | - | 1,102 |
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Walk Score®
Very Walkable (80)
Bike Score®
Very Bikeable (86)
PROPERTY TAXES
| Parcel Number | 202504-9036 | Improvements Assessment | $1,149,600 |
| Land Assessment | $3,839,400 | Total Assessment | $4,989,000 |
PROPERTY TAXES
Parcel Number
202504-9036
Land Assessment
$3,839,400
Improvements Assessment
$1,149,600
Total Assessment
$4,989,000
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