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The Penrith Apartments 4704-4708 22nd Ave NE 15 Unit Apartment Building $3,650,000 ($243,333/Unit) 5.03% Cap Rate Seattle, WA 98105
INVESTMENT HIGHLIGHTS
- Well-maintained asset with light value-add opportunity: Well-maintained building with ability to capture rental upside through unit renovations
- Ample off-street parking: 14 off street parking spaces, accommodating nearly 1:1 unit parking ratio.
- Excellent University District Location: 0.4 miles to University of Washington, 0.7 miles to University Light Rail Station
- On-site Laundry and Storage: On site laundry available for all tenants and 15 individual storage units
- Expansive oversized lot: The Penrith sits on 7,384 square feet of LR3 (M) zoned land
EXECUTIVE SUMMARY
The Penrith, located in the University District, offers a vibrant and diverse atmosphere with a range of amenities and job opportunities. With the University of Washington just 0.4 miles away, residents benefit from all there is to offer at University Village (120+ shops & restaurants) and “The Ave” which is famous for its food scene, coffee and nightlife. The University District also offers great transit options, with the U District Light Rail Station just 0.7 miles away with convenient access to Seattle. The University District has 50,097 total students enrolled with 71% of them living in off campus housing. As it continues to grow, the university is projected to have a population of 80,479 by 2028. Recently UW’s Master plan was approved by the Seattle City Council and calls for up to 6,000,000 square feet of new construction over the next 10 years. With over 1M+ square feet of office space and 150K of Biotech/Life Science Labs, the university offers excellent access to employers aside from all Seattle has to offer. The Penrith has been exceptionally maintained with all 15 units offering efficient layouts. Interior unit finishes consist of luxury vinyl plank flooring, fermica countertops, white appliances, matching bathroom vanities and new bathtub/tile surround. Laundry facilities are located on site and the property offers 14 off street parking spaces. The Penrith presents an opportunity for an incoming investor to further light renovations and increase parking revenue.
PROPERTY FACTS
| Price | $3,650,000 | Building Class | C |
| Price Per Unit | $243,333 | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 7,280 SF |
| Cap Rate | 5.03% | Average Occupancy | 100% |
| No. Units | 15 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1956 |
| Property Subtype | Apartment | Parking Ratio | 1.92/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | L3 | ||
| Price | $3,650,000 |
| Price Per Unit | $243,333 |
| Sale Type | Investment |
| Cap Rate | 5.03% |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 7,280 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1956 |
| Parking Ratio | 1.92/1,000 SF |
| Zoning | L3 |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Range
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 5 | $1,300 | 385 |
| 1+1 | 10 | $1,385 | 485 |
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Walk Score®
Very Walkable (84)
Transit Score®
Excellent Transit (79)
Bike Score®
Very Bikeable (73)
PROPERTY TAXES
| Parcel Number | 092504-9388 | Improvements Assessment | $1,059,500 |
| Land Assessment | $2,067,500 | Total Assessment | $3,127,000 |
PROPERTY TAXES
Parcel Number
092504-9388
Land Assessment
$2,067,500
Improvements Assessment
$1,059,500
Total Assessment
$3,127,000
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Contact the Sale Advisor
The Penrith Apartments | 4704-4708 22nd Ave NE
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