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Interbay 21 2820 15th W 21 Unit Apartment Building $4,000,000 ($190,476/Unit) 5.50% Cap Rate Seattle, WA 98119
Investment Highlights
- 18 of 21 units have received new hardwood or LVP flooring since 2016
- First time on the market in 33 years
- 15 storage lockers currently being offered for no charge. $50/locker results in a $9,000 increase in income annually
- 20 units have west facing decks
- 20 leasable surface parking stalls. Market rate of $100/stall represents $15,000 in annual upside
- Offered at $4,000,000 - 20% below the 2026 assessed value of $5,012,000
Executive Summary
The property consists of 19 one-bedroom / one-bathroom units, one one-bedroom + office / one-bathroom, and one three-bedroom / two-bathroom unit, totaling 14,975 rentable square feet across three stories of wood-frame construction. The property has been meticulously maintained during the current ownership and this is the first time the property has been marketed in 33 years. Current rents average below market across the portfolio, with one-bedroom units running approximately 6% below comparable market rents and the three-bedroom unit carrying meaningful additional upside. An investor operating the building at market rents and fully charging for parking and storage will bring the proforma cap rate to 7.0% with minimal capital needed. The building has been meticulously maintained throughout the current ownership. In 2016, elastomeric waterproof paint was applied to the rockcrete siding, the roof was replaced in 2019 along with the main water supply line, and in 2023/2024 the main sewer drain line and underground cast iron plumbing was replaced. Interbay 21 Apartments offers convenient access to major public transportation routes while being in close proximity to the employment centers, dining, retail, and neighborhood amenities of Queen Anne, Ballard, Interbay, and Magnolia. The building’s location on a quiet residential street provides a strong lifestyle appeal for its tenants and will be highly desirable for future tenants as well.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$377,340
|
$22.26
|
| Other Income |
$33,924
|
$2.00
|
| Vacancy Loss |
$20,563
|
$1.21
|
| Effective Gross Income |
$390,701
|
$23.05
|
| Taxes |
$52,945
|
$3.12
|
| Operating Expenses |
$119,347
|
$7.04
|
| Total Expenses |
$172,292
|
$10.16
|
| Net Operating Income |
$218,409
|
$12.89
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $377,340 |
| Annual Per SF | $22.26 |
| Other Income | |
|---|---|
| Annual | $33,924 |
| Annual Per SF | $2.00 |
| Vacancy Loss | |
|---|---|
| Annual | $20,563 |
| Annual Per SF | $1.21 |
| Effective Gross Income | |
|---|---|
| Annual | $390,701 |
| Annual Per SF | $23.05 |
| Taxes | |
|---|---|
| Annual | $52,945 |
| Annual Per SF | $3.12 |
| Operating Expenses | |
|---|---|
| Annual | $119,347 |
| Annual Per SF | $7.04 |
| Total Expenses | |
|---|---|
| Annual | $172,292 |
| Annual Per SF | $10.16 |
| Net Operating Income | |
|---|---|
| Annual | $218,409 |
| Annual Per SF | $12.89 |
Property Facts
| Price | $4,000,000 | Apartment Style | Low-Rise |
| Price Per Unit | $190,476 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.39 AC |
| Cap Rate | 5.50% | Building Size | 16,950 SF |
| No. Units | 21 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1969 |
| Property Subtype | Apartment | Parking Ratio | 1.18/1,000 SF |
| Zoning | NC3-55 (M) - 011 - Apartment | ||
| Price | $4,000,000 |
| Price Per Unit | $190,476 |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.39 AC |
| Building Size | 16,950 SF |
| No. Stories | 3 |
| Year Built | 1969 |
| Parking Ratio | 1.18/1,000 SF |
| Zoning | NC3-55 (M) - 011 - Apartment |
Amenities
Unit Amenities
- Balcony
- Cable Ready
- Dishwasher
- Storage Space
- High Speed Internet Access
- Refrigerator
- Oven
- Patio
- Smoke Free
Site Amenities
- Laundry Facilities
- Walking/Biking Trails
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 19 | $1,400 | 675 |
| 2+1 | 1 | $1,450 | 800 |
| 3+2 | 1 | $3,000 | 1,350 |
Moderately walkable
60/100
Exceptionally drivable
90/100
Good public transit
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 277060-3845 | Total Assessment | $4,915,000 (2024) |
| Land Assessment | $2,966,200 (2024) | Annual Taxes | $52,945 ($3.12/SF) |
| Improvements Assessment | $1,948,800 (2024) | Tax Year | 2025 |
Property Taxes
Parcel Number
277060-3845
Land Assessment
$2,966,200 (2024)
Improvements Assessment
$1,948,800 (2024)
Total Assessment
$4,915,000 (2024)
Annual Taxes
$52,945 ($3.12/SF)
Tax Year
2025
Contacts
-
Ben Douglas -
Rowan Davis -
Brian Platt -
Michael Urquhart -
Paragon Real Estate Advisors
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