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Westwind Apartments 4500 1st Ave 18 Unit Apartment Building $5,300,000 ($294,444/Unit) 4.94% Cap Rate Seattle, WA 98107
INVESTMENT HIGHLIGHTS
- Excellent upper Fremont location
- A spacious, 1,500-SF penthouse/owner’s unit
- Attractive mid-century design, secured entry and laundry/resident storage room, copper supply plumbing and ITE electrical subpanels
- Large units averaging 860 SF with dishwashers, dining areas, decks with storage space, and many boast views of the ship canal, Ballard, and Magnolia
- 18 off-street parking spaces
EXECUTIVE SUMMARY
Located in Seattle’s desirable upper Fremont neighborhood just a 3-minute walk from Fremont Peak Park and within walking distance of the zoo. On the market for the first time, the property features 1- and 2-bed units plus a 1,500-SF 3-bed/2-bath penthouse (ideal for an owner-occupant). Floorplans average 860 SF. Dining areas, dishwashers, private decks/patios, abundant natural light, and many residents enjoy stunning views of the ship canal, Ballard, and Magnolia. 18 off-street parking spaces, secured entry, a resident laundry and storage room, copper supply plumbing, and updated ITE electrical subpanels. Westwind Apartments offers a 4.9% cap rate on rents as of February 2026 (increases already posted) and current expenses with upside.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$399,912
|
$23.88
|
| Other Income |
$16,007
|
$0.96
|
| Vacancy Loss |
$20,796
|
$1.24
|
| Effective Gross Income |
$395,123
|
$23.59
|
| Taxes |
$47,264
|
$2.82
|
| Operating Expenses |
$85,857
|
$5.13
|
| Total Expenses |
$133,121
|
$7.95
|
| Net Operating Income |
$262,002
|
$15.64
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $399,912 |
| Annual Per SF | $23.88 |
| Other Income | |
|---|---|
| Annual | $16,007 |
| Annual Per SF | $0.96 |
| Vacancy Loss | |
|---|---|
| Annual | $20,796 |
| Annual Per SF | $1.24 |
| Effective Gross Income | |
|---|---|
| Annual | $395,123 |
| Annual Per SF | $23.59 |
| Taxes | |
|---|---|
| Annual | $47,264 |
| Annual Per SF | $2.82 |
| Operating Expenses | |
|---|---|
| Annual | $85,857 |
| Annual Per SF | $5.13 |
| Total Expenses | |
|---|---|
| Annual | $133,121 |
| Annual Per SF | $7.95 |
| Net Operating Income | |
|---|---|
| Annual | $262,002 |
| Annual Per SF | $15.64 |
PROPERTY FACTS
| Price | $5,300,000 | Apartment Style | Low-Rise |
| Price Per Unit | $294,444 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.33 AC |
| Cap Rate | 4.94% | Building Size | 16,217 SF |
| Gross Rent Multiplier | 12.7 | No. Stories | 4 |
| No. Units | 18 | Year Built | 1968 |
| Property Type | Multifamily | Parking Ratio | 1.11/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | LR3 (M) | ||
| Price | $5,300,000 |
| Price Per Unit | $294,444 |
| Sale Type | Investment |
| Cap Rate | 4.94% |
| Gross Rent Multiplier | 12.7 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 16,217 SF |
| No. Stories | 4 |
| Year Built | 1968 |
| Parking Ratio | 1.11/1,000 SF |
| Zoning | LR3 (M) |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Storage Space
- Kitchen
- Oven
- Range
- Tub/Shower
- Views
- Deck
- Dining Room
- Patio
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Walking/Biking Trails
- Storage Space
- Public Transportation
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 11 | $1,683 | 780 |
| 2+1 | 6 | $1,998 | 900 |
| 3+2 | 1 | $2,829 | 1,500 |
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PROPERTY TAXES
| Parcel Number | 751750-0535 | Total Assessment | $5,221,000 |
| Land Assessment | $3,384,000 | Annual Taxes | $47,264 ($2.91/SF) |
| Improvements Assessment | $1,837,000 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
751750-0535
Land Assessment
$3,384,000
Improvements Assessment
$1,837,000
Total Assessment
$5,221,000
Annual Taxes
$47,264 ($2.91/SF)
Tax Year
2024
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Westwind Apartments | 4500 1st Ave
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