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228 21st Ave E - Miller Park 4-Unit 4 Unit Apartment Building Offered at $1,900,000 at a 4.37% Cap Rate Seattle, WA 98112
Investment Highlights
- Prime Miller Park Location
- Triplex + Detached Accessory Dwelling Unit (DADU)
- Wall-Mounted Mini-Split Heating & Cooling Systems
- New Construction Completed in 2024
- Rooftop Solar Panels
- Full Appliance Packages in All Units
Executive Summary
Offered in the desirable Miller Park neighborhood, this newly constructed four-unit property presents a rare opportunity to acquire a modern, low maintenance asset in one of the city’s most walkable and bike-friendly locations. Completed in 2024, the property consists of a triplex and detached accessory dwelling unit (DADU), providing a versatile investment with strong rental appeal and owner-occupancy potential.
Units are well designed with each residence featuring a full appliance package including refrigerator, oven, over-range microwave, dishwasher, and full-size washer and dryer. Wall-mounted mini-split systems provide efficient heating and cooling, while rooftop solar panels enhance energy efficiency and long-term operating performance.
All three units within the triplex were newly leased in early 2026.
NWMLS #2533245
Units are well designed with each residence featuring a full appliance package including refrigerator, oven, over-range microwave, dishwasher, and full-size washer and dryer. Wall-mounted mini-split systems provide efficient heating and cooling, while rooftop solar panels enhance energy efficiency and long-term operating performance.
All three units within the triplex were newly leased in early 2026.
NWMLS #2533245
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$122,364
|
$33.90
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$3,671
|
$1.02
|
| Effective Gross Income |
$118,693
|
$32.88
|
| Taxes |
$24,168
|
$6.69
|
| Operating Expenses |
$11,496
|
$3.18
|
| Total Expenses |
$35,664
|
$9.88
|
| Net Operating Income |
$83,029
|
$23.00
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $122,364 |
| Annual Per SF | $33.90 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $3,671 |
| Annual Per SF | $1.02 |
| Effective Gross Income | |
|---|---|
| Annual | $118,693 |
| Annual Per SF | $32.88 |
| Taxes | |
|---|---|
| Annual | $24,168 |
| Annual Per SF | $6.69 |
| Operating Expenses | |
|---|---|
| Annual | $11,496 |
| Annual Per SF | $3.18 |
| Total Expenses | |
|---|---|
| Annual | $35,664 |
| Annual Per SF | $9.88 |
| Net Operating Income | |
|---|---|
| Annual | $83,029 |
| Annual Per SF | $23.00 |
Property Facts
| Price | $1,900,000 | No. Units | 4 |
| Price Per Unit | $475,000 | Property Type | |
| Sale Type | Investment | Building Size | 3,610 SF |
| Cap Rate | 4.37% | No. Stories | 3 |
| Gross Rent Multiplier | 15.53 | Year Built | 2024 |
| Price | $1,900,000 |
| Price Per Unit | $475,000 |
| Sale Type | Investment |
| Cap Rate | 4.37% |
| Gross Rent Multiplier | 15.53 |
| No. Units | 4 |
| Property Type | |
| Building Size | 3,610 SF |
| No. Stories | 3 |
| Year Built | 2024 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | - | 889 |
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Exceptionally walkable
100/100
Fairly drivable
40/100
Strong public transit
80/100
Moderately bikeable
60/100
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228 21st Ave E - Miller Park 4-Unit