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Hill Town 2201 S Main St 12 Unit Apartment Building $2,500,000 ($208,333/Unit) 5.36% Cap Rate Seattle, WA 98144
Investment Highlights
- Excellent Central Seattle location – near Downtown and Lake Washington
- 12 units – 6 one-beds and 6 two-beds, all with decks and spacious layouts
- Decks and dining areas, and updates to flooring, baths, and kitchens in select units
- Walker’s Paradise walk score of 94 – near restaurants, coffee shops, parks, and entertainment
- Updated electrical panels and dual-pane windows, 7 parking spaces (6 covered and 1 off-street)
- Value-add opportunity – Likely potential for rent upside, as current rents are $2.24 per foot
Executive Summary
Excellent Central Seattle location – near Downtown and Lake Washington
Walker’s Paradise walk score of 94 – near restaurants, coffee shops, parks, and entertainment
12 units – 6 one-beds and 6 two-beds, all with decks and spacious layouts
Updated electrical panels and dual-pane windows
7 parking spaces – 6 covered and 1 off-street
Decks and dining areas, and updates to flooring, baths, and kitchens in select units
Value-add opportunity – Likely potential for rent upside, as current rents are $2.24 per foot
Priced at just over $208K per unit and $284 per foot
Average unit size of 733 square feet
Walker’s Paradise walk score of 94 – near restaurants, coffee shops, parks, and entertainment
12 units – 6 one-beds and 6 two-beds, all with decks and spacious layouts
Updated electrical panels and dual-pane windows
7 parking spaces – 6 covered and 1 off-street
Decks and dining areas, and updates to flooring, baths, and kitchens in select units
Value-add opportunity – Likely potential for rent upside, as current rents are $2.24 per foot
Priced at just over $208K per unit and $284 per foot
Average unit size of 733 square feet
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$236,280
|
$21.04
|
| Other Income |
$19,665
|
$1.75
|
| Vacancy Loss |
$9,438
|
$0.84
|
| Effective Gross Income |
$246,507
|
$21.95
|
| Taxes |
$37,272
|
$3.32
|
| Operating Expenses |
$75,356
|
$6.71
|
| Total Expenses |
$112,628
|
$10.03
|
| Net Operating Income |
$133,879
|
$11.92
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $236,280 |
| Annual Per SF | $21.04 |
| Other Income | |
|---|---|
| Annual | $19,665 |
| Annual Per SF | $1.75 |
| Vacancy Loss | |
|---|---|
| Annual | $9,438 |
| Annual Per SF | $0.84 |
| Effective Gross Income | |
|---|---|
| Annual | $246,507 |
| Annual Per SF | $21.95 |
| Taxes | |
|---|---|
| Annual | $37,272 |
| Annual Per SF | $3.32 |
| Operating Expenses | |
|---|---|
| Annual | $75,356 |
| Annual Per SF | $6.71 |
| Total Expenses | |
|---|---|
| Annual | $112,628 |
| Annual Per SF | $10.03 |
| Net Operating Income | |
|---|---|
| Annual | $133,879 |
| Annual Per SF | $11.92 |
Property Facts
| Price | $2,500,000 | Building Class | C |
| Price Per Unit | $208,333 | Lot Size | 0.18 AC |
| Sale Type | Investment | Building Size | 11,230 SF |
| Cap Rate | 5.36% | Average Occupancy | 92% |
| Gross Rent Multiplier | 9.8 | No. Stories | 3 |
| No. Units | 12 | Year Built | 1967 |
| Property Type | Multifamily | Parking Ratio | 0.62/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | NC3-75 (M) | ||
| Price | $2,500,000 |
| Price Per Unit | $208,333 |
| Sale Type | Investment |
| Cap Rate | 5.36% |
| Gross Rent Multiplier | 9.8 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 11,230 SF |
| Average Occupancy | 92% |
| No. Stories | 3 |
| Year Built | 1967 |
| Parking Ratio | 0.62/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | NC3-75 (M) |
Amenities
Unit Amenities
- Balcony
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Double Pane Windows
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $1,460 | 565 |
| 2+1 | 6 | $1,822 | 900 |
Exceptionally walkable
90/100
Fairly drivable
40/100
Exceptional public transit
90/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 364610-0310 | Total Assessment | $3,572,000 (2025) |
| Land Assessment | $1,600,000 (2025) | Annual Taxes | $37,272 ($3.32/SF) |
| Improvements Assessment | $1,972,000 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
364610-0310
Land Assessment
$1,600,000 (2025)
Improvements Assessment
$1,972,000 (2025)
Total Assessment
$3,572,000 (2025)
Annual Taxes
$37,272 ($3.32/SF)
Tax Year
2026
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Hill Town | 2201 S Main St