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The Strand 221 Belmont Ave E 18 Unit Apartment Building $3,200,000 ($177,778/Unit) 5.88% Cap Rate Seattle, WA 98102
Investment Highlights
- Pride of Ownership Asset
- Value Add Opportunity
- Premier Capitol Hill location
- Classic brick façade with timeless character,
- Potential to Add Units
- Acquire below replacement cost
Executive Summary
18-unit multifamily property located in the heart of Capitol Hill. Significant recent upgrades—including new electrical service mains and subpanels (2013) and high-efficiency tankless water heaters (2022). Offered at just $177,778/unit and $368/SF, The Strand represents a compelling basis play in the heart of Capitol Hill. The property delivers a current 5.9% cap rate, giving investors durable in-place income along with the upside potential of interior enhancements and rent growth in one of Seattle’s most sought-after rental markets. The Strand offers a rare opportunity to secure a character-rich asset at an attractive cost basis and benefit from continued appreciation in one of Seattle’s most resilient, high-demand submarkets.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$188,065
|
$21.62
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $188,065 |
| Annual Per SF | $21.62 |
Property Facts Under Contract
| Price | $3,200,000 | Apartment Style | Low-Rise |
| Price Per Unit | $177,778 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 5.88% | Building Size | 8,700 SF |
| Gross Rent Multiplier | 9.95 | No. Stories | 3 |
| No. Units | 18 | Year Built | 1928 |
| Property Type | Multifamily | Parking Ratio | 0.57/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | MR (M) | ||
| Price | $3,200,000 |
| Price Per Unit | $177,778 |
| Sale Type | Investment |
| Cap Rate | 5.88% |
| Gross Rent Multiplier | 9.95 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 8,700 SF |
| No. Stories | 3 |
| Year Built | 1928 |
| Parking Ratio | 0.57/1,000 SF |
| Zoning | MR (M) |
Amenities
Unit Amenities
- Storage Space
- Heating
- Oven
- Range
- Walk-In Closets
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Wi-Fi
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 18 | $1,353 | 450 - 550 |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
90/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 684820-0610 | Improvements Assessment | $1,980,000 |
| Land Assessment | $1,920,000 | Total Assessment | $3,900,000 |
Property Taxes
Parcel Number
684820-0610
Land Assessment
$1,920,000
Improvements Assessment
$1,980,000
Total Assessment
$3,900,000
Contacts
-
Michael Urquhart -
Ben Douglas -
Brian Platt -
Eric Smith -
Paragon Real Estate Advisors
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