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4022-4028 California Ave 16 Unit Apartment Building $3,395,000 ($212,188/Unit) 5.57% Cap Rate Seattle, WA 98116
INVESTMENT HIGHLIGHTS
- Rare opportunity to acquire a fully stabilized asset in a market with limited multifamily inventory
- Significant upside potential through modern in-unit updates
- Well-maintained building grounds that enhance curb appeal
- Strong rental demand driven by West Seattle’s growing popularity among families and young professionals
- Low maintenance design with with newer windows and electrical service
- Classic mid-century charm with modern finishes that attract quality tenants
EXECUTIVE SUMMARY
The Monterey Apartments offer a rare opportunity to acquire a 16-unit multifamily asset in the heart of West Seattle, just two blocks from the vibrant Junction on California Avenue. It is uncommon for a high-performing, stabilized property like this to become available in one of Seattle’s most dynamic and sought-after neighborhoods. West Seattle continues to experience steady growth while maintaining the character and charm that make it one of the city’s most desirable communities. The Monterey represents an opportunity to enter this competitive market for under $220,000 per unit. The asset provides investors with strong in-place cash flow and the potential to add further value through the installation of in-unit washer and dryers. Originally constructed in 1954, The Monterey Apartments have undergone extensive renovations. Most of the sixteen units have been thoughtfully updated with modern kitchens featuring quartz countertops, stylish backsplashes, laminate hardwood flooring, and stainless steel appliances. Bathrooms have been refreshed with new shower surrounds and updated flooring, while additional interior upgrades include new wall heaters and premium carpeting. The exterior has also been significantly improved with a fresh, contemporary paint scheme, new entry doors, and updated wood siding at both the front and rear of the building. System upgrades include a new electrical main connection and a replaced sewer line. The Monterey Apartments combine mid-century architecture with modern finishes and proven operational performance, offering an exceptional investment opportunity in one of Seattle’s most enduring rental markets.
PROPERTY FACTS
| Price | $3,395,000 | Apartment Style | Low-Rise |
| Price Per Unit | $212,188 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 5.57% | Building Size | 9,668 SF |
| Gross Rent Multiplier | 11.47 | No. Stories | 2 |
| No. Units | 16 | Year Built | 1954 |
| Property Type | Multifamily | Parking Ratio | 1.77/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | L3 RC | ||
| Price | $3,395,000 |
| Price Per Unit | $212,188 |
| Sale Type | Investment |
| Cap Rate | 5.57% |
| Gross Rent Multiplier | 11.47 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 9,668 SF |
| No. Stories | 2 |
| Year Built | 1954 |
| Parking Ratio | 1.77/1,000 SF |
| Zoning | L3 RC |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 16 | - | - |
1 1
Walk Score®
Walker's Paradise (92)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,495,000 | |
| Land Assessment | $2,070,000 | Total Assessment | $3,565,000 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$2,070,000
Improvements Assessment
$1,495,000
Total Assessment
$3,565,000
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4022-4028 California Ave
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