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Burkewood 5505 NE 65th St 8 Unit Apartment Building $1,650,000 ($206,250/Unit) 5.29% Cap Rate Seattle, WA 98115
INVESTMENT HIGHLIGHTS
- A+ Hawthorne Hills Location
- Large 6,000 SF Lot
- Higher-end Residential Neighborhood
- All 1 Bed/1 Bath Units
- Potential To Raise Below Market Rents
EXECUTIVE SUMMARY
Burkewood Apartments represents an appealing 8-unit multifamily investment in Seattle’s sought-after Hawthorne Hills neighborhood. This well-maintained property, built in 1956, boasts 8 moderately updated 1BD/1BA units on a 6,000 SF lot zoned NR3, offering future redevelopment potential. Priced at $206,250 per unit, it provides strong value-add opportunities via rent increases—current averages of $1,409 per unit could rise to proforma market levels of $1,550, elevating NOI from $86,662 to $110,933 and the cap rate from 5.29% to 6.72%. The prime location, near Magnuson Park, the Burke-Gilman Trail, University of Washington, Seattle Children’s Hospital, and University Village, drives tenant appeal in a high-demand, supply-limited area with top schools and abundant amenities.
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$134,700
|
$42.09
|
| Other Income |
$3,120
|
$0.98
|
| Vacancy Loss |
$6,891
|
$2.15
|
| Effective Gross Income |
$130,929
|
$40.92
|
| Taxes |
$13,362
|
$4.18
|
| Operating Expenses |
$30,272
|
$9.46
|
| Total Expenses |
$43,634
|
$13.64
|
| Net Operating Income |
$87,295
|
$27.28
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $134,700 |
| Annual Per SF | $42.09 |
| Other Income | |
|---|---|
| Annual | $3,120 |
| Annual Per SF | $0.98 |
| Vacancy Loss | |
|---|---|
| Annual | $6,891 |
| Annual Per SF | $2.15 |
| Effective Gross Income | |
|---|---|
| Annual | $130,929 |
| Annual Per SF | $40.92 |
| Taxes | |
|---|---|
| Annual | $13,362 |
| Annual Per SF | $4.18 |
| Operating Expenses | |
|---|---|
| Annual | $30,272 |
| Annual Per SF | $9.46 |
| Total Expenses | |
|---|---|
| Annual | $43,634 |
| Annual Per SF | $13.64 |
| Net Operating Income | |
|---|---|
| Annual | $87,295 |
| Annual Per SF | $27.28 |
PROPERTY FACTS Under Contract
| Price | $1,650,000 | Apartment Style | Low-Rise |
| Price Per Unit | $206,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 5.29% | Building Size | 3,200 SF |
| Gross Rent Multiplier | 11.97 | Average Occupancy | 97% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1956 |
| Property Subtype | Apartment | Parking Ratio | 1.56/1,000 SF |
| Zoning | NR3 | ||
| Price | $1,650,000 |
| Price Per Unit | $206,250 |
| Sale Type | Investment |
| Cap Rate | 5.29% |
| Gross Rent Multiplier | 11.97 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 3,200 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built | 1956 |
| Parking Ratio | 1.56/1,000 SF |
| Zoning | NR3 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | $1,393 | 400 |
1 1
Bike Score®
Very Bikeable (79)
PROPERTY TAXES
| Parcel Number | 102504-9209 | Total Assessment | $1,361,000 (2024) |
| Land Assessment | $747,200 (2024) | Annual Taxes | $13,362 ($4.18/SF) |
| Improvements Assessment | $613,800 (2024) | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
102504-9209
Land Assessment
$747,200 (2024)
Improvements Assessment
$613,800 (2024)
Total Assessment
$1,361,000 (2024)
Annual Taxes
$13,362 ($4.18/SF)
Tax Year
2025
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