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Jennifer Marie 2318 Yale Ave E 10 Unit Apartment Building $3,095,000 ($309,500/Unit) 5.60% Cap Rate Seattle, WA 98102
Investment Highlights
- Excellent value add opportunity
- New roof in 2025
- 10 unit building (2 NC)
- Impecable Eastlake location
- Additional untapped income
- Permits ready to leagalize NC units
Executive Summary
The Jennifer Marie is a 10-unit apartment building located in the heart of Seattle’s Eastlake neighborhood. Built in 1969, the property features a mix of 1BD, 2BD, and 3BD units totaling 8,850 rentable square feet on a 6,600 square foot lot zoned LR3 (M). The building is in strong physical condition with major systems in great shape. New roof was installed in May 2025 and comes with a transferable warranty. 8 units received new luxury vinyl plank (LVP) flooring when they were turned over between late 2023 and early 2024. The kitchens and bathrooms across the building remain largely original, creating a clear renovation path in targeted improvements to push rents from the current average of $2,197 to a projected $2,663, a 21% increase. The building has 12 parking stalls (9 open and 3 covered tandem). 2 units are currently nonconforming. The Seller has invested in architectural plans and worked with the City of Seattle to prepare a legalization permit. The permit is teed up for a buyer to go to the city, pay the outstanding fees, and pick it up (buyer to verify).
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$263,040
|
$35.63
|
| Other Income |
$1,200
|
$0.16
|
| Vacancy Loss |
$7,927
|
$1.07
|
| Effective Gross Income |
$256,313
|
$34.72
|
| Taxes |
$30,522
|
$4.13
|
| Operating Expenses |
$52,609
|
$7.13
|
| Total Expenses |
$83,131
|
$11.26
|
| Net Operating Income |
$173,182
|
$23.46
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $263,040 |
| Annual Per SF | $35.63 |
| Other Income | |
|---|---|
| Annual | $1,200 |
| Annual Per SF | $0.16 |
| Vacancy Loss | |
|---|---|
| Annual | $7,927 |
| Annual Per SF | $1.07 |
| Effective Gross Income | |
|---|---|
| Annual | $256,313 |
| Annual Per SF | $34.72 |
| Taxes | |
|---|---|
| Annual | $30,522 |
| Annual Per SF | $4.13 |
| Operating Expenses | |
|---|---|
| Annual | $52,609 |
| Annual Per SF | $7.13 |
| Total Expenses | |
|---|---|
| Annual | $83,131 |
| Annual Per SF | $11.26 |
| Net Operating Income | |
|---|---|
| Annual | $173,182 |
| Annual Per SF | $23.46 |
Property Facts
| Price | $3,095,000 | Apartment Style | Low-Rise |
| Price Per Unit | $309,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 5.60% | Building Size | 8,850 SF |
| No. Units | 10 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1969 |
| Property Subtype | Apartment | Parking Ratio | 1.36/1,000 SF |
| Zoning | LR3 (M) | ||
| Price | $3,095,000 |
| Price Per Unit | $309,500 |
| Sale Type | Investment |
| Cap Rate | 5.60% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 8,850 SF |
| No. Stories | 3 |
| Year Built | 1969 |
| Parking Ratio | 1.36/1,000 SF |
| Zoning | LR3 (M) |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | $1,849 | 750 |
| 2+1 | 2 | $2,538 | 900 |
| 3+2 | 1 | $3,900 | 1,800 |
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Exceptionally walkable
90/100
Moderately drivable
70/100
Good public transit
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 290220-1075 | Total Assessment | $2,950,000 |
| Land Assessment | $1,815,000 | Annual Taxes | $30,522 ($3.45/SF) |
| Improvements Assessment | $1,135,000 | Tax Year | 2025 |
Property Taxes
Parcel Number
290220-1075
Land Assessment
$1,815,000
Improvements Assessment
$1,135,000
Total Assessment
$2,950,000
Annual Taxes
$30,522 ($3.45/SF)
Tax Year
2025
Contacts
-
Michael Urquhart -
Brian Platt -
Ben Douglas -
Rowan Davis -
Paragon Real Estate Advisors
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