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Magnolia Portfolio 2634 Thorndyke Ave W 43 Unit Apartment Building $9,250,000 ($215,116/Unit) 5.40% Cap Rate Seattle, WA 98199
INVESTMENT HIGHLIGHTS
- 5 parcel assemblage
- 41 residential units, 2 com spaces, and 1 SFR
- LR3 (M) Zoning
- Multiple investment strategies
- 48,462 square feet of land
- Great value add opporunity
EXECUTIVE SUMMARY
Opportunities are Abundant! The Magnolia Portfolio offers a new investor the ability to acquire a 5 building assemblage suitable for a value add opportunity located in a core Seattle area. The current arrangement offers 41 residential units plus 2 commercial spaces and a single family house. All together the assemblage represents 48,462 square feet of LR3 (M) zoned dirt. The property is suitable for immediate development as multiple asset types depending on need allowing a new owner to operate the assets "as is" while navigating the permit process to maintain cash flow. All figures noted are proforma. Actual rents are well below market value. Contact listing broker for current rent roll.
PROPERTY FACTS
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 3 | - | 476 |
| 1+1 | 32 | - | 367 - 632 |
| 2+1 | 6 | - | 794 |
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Bike Score®
Biker's Paradise (90)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,392,700 | |
| Land Assessment | $7,504,200 | Total Assessment | $8,896,900 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$7,504,200
Improvements Assessment
$1,392,700
Total Assessment
$8,896,900
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