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Alchemy Apartments 6710 Greenwood Ave N 6 Unit Apartment Building $2,695,000 ($449,167/Unit) 5.74% Cap Rate Seattle, WA 98103
Investment Highlights
- Excellent Phinney Ridge location – Walk score of 89 - Walkable to numerous restaurants, coffee shops, grocery, and other services
- Current 5.7% cap rate with easily achieved upside - Most recently rented unit achieved $3,395
- On-site parking for 5 cars
- All fully remodeled condo-quality 2-bedroom/2-bath units – Average size of 850 SF with in-unit laundry and dishwashers
- Like new – All systems completely updated, brick veneer building will never need to be painted
- Direct transit access to Downtown Seattle, Fremont, and Shoreline; Easy commute to Downtown Seattle, SLU, and Eastside from I-99 and I-5
Executive Summary
Alchemy Apartments is a unique, like-new asset located in the heart of Seattle’s Phinney Ridge neighborhood. The property offers profitability, long term durability, & upside while providing walkability & modern finishes to residents. The Alchemy features fully remodeled 2-bed/2-bath residences averaging approx. 850 SF. Units have been upgraded with contemporary interiors, in-unit laundry, dishwashers, & modern systems. Constructed with a charming brick veneer exterior & just the right amount of old-world charm, Alchemy Apartments offers lasting quality & low-maintenance ownership, as the building will never require exterior repainting & all major systems have been completely updated. On-site parking is available for 5 vehicles. The Alchemy boasts a Very Walkable walk score of 89, with residents just steps from Phinney Ridge’s restaurants, coffee shops, grocery stores, & neighborhood services. The property is within steps of bus route 5 & is approximately a 1/2 mile from the E Line. Additionally, quick access to Interstates 99 & 5 allows for efficient commutes to Downtown, SLU, & the Eastside. The Alchemy offers a 5.7% cap rate based on current income & expenses, providing investors with immediate, in-place cash flow alongside immediate upside. This easy upside was demonstrated by the most recently rented unit going for $3,395. Irreplaceable location, strong rental performance & profitability, excellent transit connectivity, & turnkey condition.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$200,880
|
$39.86
|
| Other Income |
$22,390
|
$4.44
|
| Vacancy Loss |
$11,164
|
$2.22
|
| Effective Gross Income |
$212,106
|
$42.08
|
| Taxes |
$18,781
|
$3.73
|
| Operating Expenses |
$38,557
|
$7.65
|
| Total Expenses |
$57,338
|
$11.38
|
| Net Operating Income |
$154,768
|
$30.71
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $200,880 |
| Annual Per SF | $39.86 |
| Other Income | |
|---|---|
| Annual | $22,390 |
| Annual Per SF | $4.44 |
| Vacancy Loss | |
|---|---|
| Annual | $11,164 |
| Annual Per SF | $2.22 |
| Effective Gross Income | |
|---|---|
| Annual | $212,106 |
| Annual Per SF | $42.08 |
| Taxes | |
|---|---|
| Annual | $18,781 |
| Annual Per SF | $3.73 |
| Operating Expenses | |
|---|---|
| Annual | $38,557 |
| Annual Per SF | $7.65 |
| Total Expenses | |
|---|---|
| Annual | $57,338 |
| Annual Per SF | $11.38 |
| Net Operating Income | |
|---|---|
| Annual | $154,768 |
| Annual Per SF | $30.71 |
Property Facts
| Price | $2,695,000 | Apartment Style | Low-Rise |
| Price Per Unit | $449,167 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 5.74% | Building Size | 5,100 SF |
| Gross Rent Multiplier | 12.1 | No. Stories | 3 |
| No. Units | 6 | Year Built/Renovated | 1904/2013 |
| Property Type | Multifamily | Parking Ratio | 0.98/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | NC2-55 (M) | ||
| Price | $2,695,000 |
| Price Per Unit | $449,167 |
| Sale Type | Investment |
| Cap Rate | 5.74% |
| Gross Rent Multiplier | 12.1 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 5,100 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1904/2013 |
| Parking Ratio | 0.98/1,000 SF |
| Zoning | NC2-55 (M) |
Amenities
Unit Amenities
- Dishwasher
- Washer/Dryer
- Kitchen
- Hardwood Floors
- Refrigerator
- Tub/Shower
Site Amenities
- Vintage Building
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | - | 750 |
| 2+1 | 2 | - | 1,000 |
| 2+2 | 1 | - | 850 |
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Walk Score®
Very Walkable (89)
Bike Score®
Very Bikeable (85)
Property Taxes
| Parcel Number | 946820-0041 | Total Assessment | $1,923,000 (2024) |
| Land Assessment | $1,250,000 (2024) | Annual Taxes | $18,781 ($3.68/SF) |
| Improvements Assessment | $673,000 (2024) | Tax Year | 2025 |
Property Taxes
Parcel Number
946820-0041
Land Assessment
$1,250,000 (2024)
Improvements Assessment
$673,000 (2024)
Total Assessment
$1,923,000 (2024)
Annual Taxes
$18,781 ($3.68/SF)
Tax Year
2025
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Alchemy Apartments | 6710 Greenwood Ave N
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