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Monterey 8008 Greenwood Ave N 13 Unit Apartment Building $2,525,000 ($194,231/Unit) 5.62% Cap Rate Seattle, WA 98103
Investment Highlights
- Trophy “classic brick” building with old-world character and craftsmanship
- Very low historical vacancy
- Immediate upside in base rent and other income
- Well-maintained and tastefully updated
- Freshly updated common areas
- Excellent Greenwood location
Executive Summary
The Monterey Apartments feature elegant and timeless architecture that appeals to a broad spectrum of renters seeking character and warmth not found in typical new buildings. There are a total of 13 apartments with a balanced mix of spacious studios and one-bedrooms and a large (1,253 SF), recently renovated two-bedroom plus den floor plan. The units are inviting and comfortable, with tall ceilings, beautiful original hardwood floors, efficient floor plans, charming period details and great natural lighting. Units on the upper floor enjoy wonderful territorial views of Green Lake and Greenwood.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$141,927
|
$19.42
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $141,927 |
| Annual Per SF | $19.42 |
Property Facts
| Price | $2,525,000 | Apartment Style | Low-Rise |
| Price Per Unit | $194,231 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.10 AC |
| Cap Rate | 5.62% | Building Size | 7,310 SF |
| Gross Rent Multiplier | 10.36 | Average Occupancy | 95% |
| No. Units | 13 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1929 |
| Property Subtype | Apartment | ||
| Zoning | NC2P-55 (M) | ||
| Price | $2,525,000 |
| Price Per Unit | $194,231 |
| Sale Type | Investment |
| Cap Rate | 5.62% |
| Gross Rent Multiplier | 10.36 |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 7,310 SF |
| Average Occupancy | 95% |
| No. Stories | 3 |
| Year Built | 1929 |
| Zoning | NC2P-55 (M) |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | $1,325 | 410 |
| 1+1 | 6 | $1,438 | 600 |
| 2+1 | 1 | $1,995 | 1,250 |
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Moderately walkable
70/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 643050-0075 | Improvements Assessment | $1,355,800 (2024) |
| Land Assessment | $1,028,200 (2024) | Total Assessment | $2,384,000 (2024) |
Property Taxes
Parcel Number
643050-0075
Land Assessment
$1,028,200 (2024)
Improvements Assessment
$1,355,800 (2024)
Total Assessment
$2,384,000 (2024)
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Monterey | 8008 Greenwood Ave N