Asana Homes 4270 NE 50th St 5 Unit Apartment Building $4,495,000 ($899,000/Unit) 4.55% Cap Rate Seattle, WA 98105

This listing features 5 of the 6 townhomes in the upscale Asana community, each on its own tax parcel. Located directly across from a greenbelt and just steps from Seattle Children’s Hospital, this is one of the strongest locations in the city for rentals and long term appreciation. Residents enjoy walkability to the Burke-Gilman Trail, University of Washington, University Village, and Laurelhurst Elementary—making it a highly desirable neighborhood for both renters and long-term homeowners.
Each unit offers 2,020 square feet of thoughtfully designed living space with premium finishes, attached garages, tankless water heaters, mini-split A/C, and spacious top-floor primary suites with walk-in closets and sweeping views. Natural light floods the interiors, and ample storage is provided throughout. There's always plenty of street parking in this quiet neighborhood.
The portfolio is currently operating at a 3.8% cap rate with an 18.6 GRM, and units have been renting rapidly at ~$4,795/month. But the true value lies in the underlying pricing—at just $470 per square foot, this offering is below replacement cost for this quality of construction in Seattle.
Investors have multiple exit strategies: continue increasing rents and hold for long-term income, sell as a stabilized portfolio, or capitalize on the next wave of single-family home appreciation by selling each unit individually. With each home on a separate lot, the flexibility is already built in.
The location can’t be beat, and the fundamentals are strong—this is a rare opportunity to own high-quality product in one of Seattle’s most resilient and high-demand rental submarkets.