West 9 Apartments 3046 SW Avalon Way 9 Unit Apartment Building $2,450,000 ($272,222/Unit) 5.54% Cap Rate Seattle, WA 98126
INVESTMENT HIGHLIGHTS
- Great West Seattle Location
- Major exterior and interior renovations
- Off-street parking with 9 stalls
- Turnkey, fully stabilized asset
- All 1 bedroom units with W/D
- future redevelopment potential
EXECUTIVE SUMMARY
Turnkey 9 Unit apartment building, well located at the gateway to West Seattle. This vibrant area offers excellent access to all the distinctive and exciting features of West Seattle, while remaining just a short distance from Downtown Seattle and other city attractions. All 1BD/1BTH units with W/D and a private patio or balcony. Unit updates include new flooring, cabinets, quartz counters, stainless steel appliances and fixtures. Exterior updates include new exterior paint, windows/sliders, frosted balcony panels, landscaping, signage, secure cluster mailbox. Excellent opportunity to purchase a fully stabilized asset with income upside and future redevelopment potential in a highly sought-after Seattle neighborhood.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$135,764
|
$26.29
|
PROPERTY FACTS
| Price | $2,450,000 |
| Price Per Unit | $272,222 |
| Sale Type | Investment |
| Cap Rate | 5.54% |
| Gross Rent Multiplier | 12.05 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 5,164 SF |
| No. Stories | 3 |
| Year Built | 1978 |
| Parking Ratio | 1.74/1,000 SF |
| Zoning | MR, Seattle |
AMENITIES
UNIT AMENITIES
- Balcony
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 9 | $1,667 | 574 |
1 of 1
Walk Score®
Very Walkable (75)
PROPERTY TAXES
| Parcel Number | 929730-0875 | Improvements Assessment | $429,000 |
| Land Assessment | $1,440,000 | Total Assessment | $1,869,000 |
