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Golf Crest Apartments 2629 14th Ave W 31 Unit Apartment Building $6,500,000 ($209,677/Unit) 5.07% Cap Rate Seattle, WA 98119
Investment Highlights
- Seller financing available
- Immediate rental upside
- Extensive capital improvements
- Value add opportunity
- 23 on-site parking spaces
- Attactive penthouse unit with views
Executive Summary
31-unit multifamily community situated in Seattle’s desirable Interbay/ Queen Anne area. Golfcrest offers investors meaningful renovation value-add upside, and seller financing is available for qualified buyers. The proposed seller financing terms are 5% interest-only rate, 25% down payment and a 5-year term. The property is comprised of a diversified unit mix that includes studio, one-bedroom, two-bedroom, and a Penthouse unit, making it well positioned to serve a broad tenant base in one of Seattle’s most supply constrained submarkets. Roughly 50% of the units have had the flooring replaced with LVP floors. Replacing the remainder of the flooring and improving the kitchens and bathrooms will result in a significant increase in rent. The property has been owned by the same family for the last 31 years. Ownership has spent over $225K in capital improvements over the last couple of years. These improvements reduce near-term capital expenditure risk while preserving the opportunity for an incoming investor to execute a targeted unit renovation program and capture meaningful rental upside.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$329,600
|
$11.49
|
Financial Summary (Actual - 2025)
| 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 | $329,600 |
| Annual Per SF | $11.49 |
Property Facts
| Price | $6,500,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $209,677 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.55 AC |
| Cap Rate | 5.07% | Building Size | 23,900 SF |
| Gross Rent Multiplier | 10.16 | No. Stories | 4 |
| No. Units | 31 | Year Built | 1963 |
| Property Type | Multifamily | Parking Ratio | 0.96/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | LR3 (M), Seattle | ||
| Price | $6,500,000 |
| Price Per Unit | $209,677 |
| Sale Type | Investment |
| Cap Rate | 5.07% |
| Gross Rent Multiplier | 10.16 |
| No. Units | 31 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.55 AC |
| Building Size | 23,900 SF |
| No. Stories | 4 |
| Year Built | 1963 |
| Parking Ratio | 0.96/1,000 SF |
| Zoning | LR3 (M), Seattle |
Amenities
Unit Amenities
- Balcony
- Heating
- Kitchen
- Tub/Shower
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | $918.00 | 400 - 800 |
| 1+1 | 21 | $1,495 | 688 |
| 2+1 | 2 | $1,832 | 850 |
| 2+2 | 4 | $2,023 | 950 |
| 3+3 | 1 | $3,995 | 2,750 |
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Moderately walkable
70/100
Moderately drivable
60/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 277060-4035 | Improvements Assessment | $2,335,000 (2024) |
| Land Assessment | $5,640,000 (2024) | Total Assessment | $7,975,000 (2024) |
Property Taxes
Parcel Number
277060-4035
Land Assessment
$5,640,000 (2024)
Improvements Assessment
$2,335,000 (2024)
Total Assessment
$7,975,000 (2024)
Contacts
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Ben Douglas -
Michael Urquhart -
Brian Platt -
Rowan Davis -
Paragon Real Estate Advisors
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