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Pasadena Place 4218 Pasadena Pl NE 8 Unit Apartment Building $3,200,000 ($400,000/Unit) 6.25% Cap Rate Seattle, WA 98105
Investment Highlights
- Rare Unit Mix Near UW
- Stable In-Place Operations
- Compelling Rental Fundamentals
- Renovation Upside
- Strong Accessibility
Executive Summary
Pasadena Place is a rare eight-unit multifamily opportunity located just minutes from the University of Washington, consisting of five townhomes and one triplex across three buildings. The property offers a desirable mix of spacious 2-, 3-, and 4-bedroom units averaging approximately 1,000 square feet, creating broad rental appeal in a high-demand neighborhood. All units in the triplex and one townhome have been recently renovated, while the remaining townhomes present a clear value-add opportunity through interior upgrades. Pasadena Place offers investors both stable in-place cash flow and future rental upside.
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- Offering Memorandum
Property Facts
| Price | $3,200,000 | Apartment Style | Townhome |
| Price Per Unit | $400,000 | Lot Size | 0.18 AC |
| Sale Type | Investment | Building Size | 8,644 SF |
| Cap Rate | 6.25% | No. Stories | 3 |
| No. Units | 8 | Year Built/Renovated | 1927/2008 |
| Property Type | Multifamily | Parking Ratio | 0.69/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | MR (M1) - Multiple-Family Residential Zones | ||
| Price | $3,200,000 |
| Price Per Unit | $400,000 |
| Sale Type | Investment |
| Cap Rate | 6.25% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Lot Size | 0.18 AC |
| Building Size | 8,644 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1927/2008 |
| Parking Ratio | 0.69/1,000 SF |
| Zoning | MR (M1) - Multiple-Family Residential Zones |
Amenities
Unit Amenities
- Air Conditioning
Site Amenities
- 24 Hour Access
- Business Center
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 3 | - | - |
| 3+2 | 4 | - | - |
| 4+1 | 1 | - | - |
1 1
Exceptionally walkable
90/100
Fairly drivable
50/100
Strong public transit
80/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 420740-0551 | Improvements Assessment | $1,000 |
| Land Assessment | $2,602,300 | Total Assessment | $2,603,300 |
Property Taxes
Parcel Number
420740-0551
Land Assessment
$2,602,300
Improvements Assessment
$1,000
Total Assessment
$2,603,300
Contacts
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Chad Blenz -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Brandon Lawler -
Berkadia
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