Abbey Apartments 7919 Wallingford Ave N 11 Unit Apartment Building $3,495,000 ($317,727/Unit) 4.05% Cap Rate Seattle, WA 98103

Paragon Real Estate Advisors is pleased to announce for sale the Abbey Apartments; an 11-unit, value-add building in a remarkable Green Lake location. Located just a parcel away from the north shore of Green Lake, the property has been owned and cared for by the same family that had it built and offers an investor the rare opportunity to acquire a high-quality asset with immediate income upside and value-add opportunity.
The property features 7 - one-bedroom/one-bath units, 3 - two-bedroom/one bath units, and a spacious (1,400 SqFt) three-bedroom/two-bath penthouse. With an average unit size of 800 SqFt, residents enjoy generous living space in each home and units appeal to a wide range of renters. There is common laundry on-site with one of the two-bedroom units having its own in-unit washer and dryer, proving the ability to add washer and dryer into the rest of the units. Parking is a luxury near the lake, and this property has 6 tuck-under stalls and 8 off street surface stalls for a total of 14 spaces.
The building has been well-maintained and thoughtfully upgraded by ownership and has received some recent capital improvements. Some recent projects include the replacement of the roof in 2021, replumbing of the top floor and replacement of unit breaker panels. Most of the unit interiors have been updated with new cabinetry, countertops, carpet/flooring, fixtures and stainless-steel appliances. These upgrades elevate the property’s visual appeal and desirability to tenants and also limit future capital expenditure.
Just steps from the shores of Green Lake, the Abbey Apartments put the best of Seattle’s outdoor lifestyle right at your doorstep. From scenic strolls and bike rides along the 2.8-mile trail to paddleboarding and pickleball. Surrounded by vibrant restaurants, cafes, and everyday amenities, the location offers unbeatable convenience. Plus, with the University of Washington just minutes away and seamless access to Fremont, Wallingford, the U-District, and downtown via major transit routes, you’re connected to everything that makes Seattle thrive.