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Golden Manor 401 NE 40th St 15 Unit Apartment Building $4,600,000 ($306,667/Unit) 5.29% Cap Rate Seattle, WA 98105
INVESTMENT HIGHLIGHTS
- Excellent Wallingford location – Steps to Lake Union and Gas Works Park
- 20 parking spaces (6 covered), large resident storage room, common laundry rooms on two floors
- First time on the market
- 15 units averaging 828 SF with large balconies, and many boasting views of Lake Union
- Copper supply plumbing and cast iron drains, square D electrical subpanels, midcentury design, secured entry
- Corner lot
EXECUTIVE SUMMARY
A well-maintained multifamily asset in Seattle’s walkable Wallingford neighborhood, one of the city’s most coveted communities. Situated on a corner lot, the property is steps from Lake Union, Gas Works Park, and Burke-Gilman Trail. On the market for the first time, featuring 15 units averaging 828 square feet. Most units offer views of Lake Union, and all feature large balconies. Secure entry, durable copper supply plumbing, cast iron drains, and updated Square D electrical subpanels. 20 parking spaces (6 covered), large resident storage room, and common laundry on two floors. A 5.3% cap rate on rents as of February 2026 (increase notice already sent) and current expenses with upside.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$363,744
|
$20.96
|
| Other Income |
$17,448
|
$1.01
|
| Vacancy Loss |
$19,060
|
$1.10
|
| Effective Gross Income |
$362,132
|
$20.87
|
| Taxes |
$44,158
|
$2.54
|
| Operating Expenses |
$74,531
|
$4.29
|
| Total Expenses |
$118,689
|
$6.84
|
| Net Operating Income |
$243,443
|
$14.03
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $363,744 |
| Annual Per SF | $20.96 |
| Other Income | |
|---|---|
| Annual | $17,448 |
| Annual Per SF | $1.01 |
| Vacancy Loss | |
|---|---|
| Annual | $19,060 |
| Annual Per SF | $1.10 |
| Effective Gross Income | |
|---|---|
| Annual | $362,132 |
| Annual Per SF | $20.87 |
| Taxes | |
|---|---|
| Annual | $44,158 |
| Annual Per SF | $2.54 |
| Operating Expenses | |
|---|---|
| Annual | $74,531 |
| Annual Per SF | $4.29 |
| Total Expenses | |
|---|---|
| Annual | $118,689 |
| Annual Per SF | $6.84 |
| Net Operating Income | |
|---|---|
| Annual | $243,443 |
| Annual Per SF | $14.03 |
PROPERTY FACTS
| Price | $4,600,000 | Apartment Style | Low-Rise |
| Price Per Unit | $306,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.24 AC |
| Cap Rate | 5.29% | Building Size | 15,433 SF |
| Gross Rent Multiplier | 12.1 | No. Stories | 3 |
| No. Units | 15 | Year Built | 1964 |
| Property Type | Multifamily | Parking Ratio | 1.3/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | LR3 (M) | ||
| Price | $4,600,000 |
| Price Per Unit | $306,667 |
| Sale Type | Investment |
| Cap Rate | 5.29% |
| Gross Rent Multiplier | 12.1 |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 15,433 SF |
| No. Stories | 3 |
| Year Built | 1964 |
| Parking Ratio | 1.3/1,000 SF |
| Zoning | LR3 (M) |
AMENITIES
UNIT AMENITIES
- Dishwasher
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Views
- Deck
- Double Pane Windows
SITE AMENITIES
- Laundry Facilities
- Storage Space
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 9 | $1,753 | 780 |
| 2+1 | 3 | $2,478 | 900 |
| 2+2 | 3 | $2,368 | 900 |
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Walk Score®
Very Walkable (82)
Transit Score®
Excellent Transit (77)
Bike Score®
Biker's Paradise (98)
PROPERTY TAXES
| Parcel Number | 420690-0915 | Total Assessment | $4,805,000 |
| Land Assessment | $2,772,600 | Annual Taxes | $44,158 ($2.86/SF) |
| Improvements Assessment | $2,032,400 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
420690-0915
Land Assessment
$2,772,600
Improvements Assessment
$2,032,400
Total Assessment
$4,805,000
Annual Taxes
$44,158 ($2.86/SF)
Tax Year
2024
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Golden Manor | 401 NE 40th St
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