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Highland View 501 Highland Dr 11 Unit Apartment Building $3,650,000 ($331,818/Unit) Seattle, WA 98109
INVESTMENT HIGHLIGHTS
- Private balconies with expansive lake views
- Well maintained by current ownership
- 5 carports and 6 open parking spaces
- Large one and two-bedroom floor plans
- Strong rental demand neighborhood
EXECUTIVE SUMMARY
CBRE proudly presents Highland View Apartments, an impressive 11-unit residential building located in the desirable Queen Anne neighborhood of Seattle. This well-maintained property features a spacious mix of four one-bedroom units, six two-bedroom units and a 1,915 sq. ft. three-bedroom two bath Penthouse on the top floor. Each apartment has private decks, allowing residents to enjoy expansive views of Downtown Seattle, Lake Union and the Space Needle. The interior finishes were updated between 2002 and 2008 on turnovers and featured new kitchen and bath cabinets, Formica counter tops, vinyl floor coverings, carpet, new appliances, tub surrounds, sinks, toilets, paint and light fixtures. A value-add investor could turn the units again with high end finishes and capture a significant rental premium. Originally built in 1975, the Highland View received new double pane, vinyl framed windows in 1997, and the torch down roof was replaced in 2001.
PROPERTY FACTS
| Price | $3,650,000 | Building Class | C |
| Price Per Unit | $331,818 | Lot Size | 0.18 AC |
| Sale Type | Investment | Building Size | 20,804 SF |
| No. Units | 11 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1975 |
| Property Subtype | Apartment | Parking Ratio | 0.48/1,000 SF |
| Apartment Style | Mid-Rise | ||
| Zoning | LR3 (M) - Residential | ||
| Price | $3,650,000 |
| Price Per Unit | $331,818 |
| Sale Type | Investment |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 20,804 SF |
| No. Stories | 4 |
| Year Built | 1975 |
| Parking Ratio | 0.48/1,000 SF |
| Zoning | LR3 (M) - Residential |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | - | 708 |
| 2+2 | 6 | - | 935 |
| 3+2 | 1 | - | 1,915 |
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Walk Score®
Very Walkable (83)
Transit Score®
Excellent Transit (78)
Bike Score®
Very Bikeable (70)
PROPERTY TAXES
| Parcel Number | 545780-1855 | Improvements Assessment | $1,962,200 |
| Land Assessment | $1,804,800 | Total Assessment | $3,767,000 |
PROPERTY TAXES
Parcel Number
545780-1855
Land Assessment
$1,804,800
Improvements Assessment
$1,962,200
Total Assessment
$3,767,000
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