6112 SE 28th St | Mercer Island, WA 98040
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6112 SE 28th St
Mercer Island, WA 98040
Island Terrace Apartments & 4BD/2.5BTH Home · Multifamily Property For Sale
·
12 Units
INVESTMENT HIGHLIGHTS
- Property has been held under the same ownership for over four decades
- Property is nestled amongst multi-million-dollar homes
- Operational upside – Opportunity to raise rents significantly, charge back for utilities, parking, and pet rent
- Most units have views of the lake
- Two separate tax parcels presenting a future exit strategy to sell the house off separate
- Current cap rate: 4.7% and Market 5.0% cap rate
PROPERTY FACTS
| No. Units | 12 | Lot Size | 0.32 AC |
| Property Type | Multifamily | Building Size | 9,715 SF |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low-Rise | Year Built | 1958 |
| Building Class | C | Parking Ratio | 1.24/1,000 SF |
| Zoning | MF-2L & R-8.4 - MF-2L & R-8.4 | ||
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.32 AC |
| Building Size | 9,715 SF |
| No. Stories | 3 |
| Year Built | 1958 |
| Parking Ratio | 1.24/1,000 SF |
| Zoning | MF-2L & R-8.4 - MF-2L & R-8.4 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | $1,950 | 610 - 850 |
| 3+2.5 | 1 | $3,995 | 2,060 |
| 3+2 | 1 | $3,500 | 1,320 |
| 4+2.5 | 1 | $4,750 | 2,450 |
| Studios | 1 | $1,375 | 310 |
PROPERTY TAXES
| Parcel Number | 217450-3210 | Improvements Assessment | $1,949,700 |
| Land Assessment | $762,300 | Total Assessment | $2,712,000 |
PROPERTY TAXES
Parcel Number
217450-3210
Land Assessment
$762,300
Improvements Assessment
$1,949,700
Total Assessment
$2,712,000
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