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Vista Point 8320 Lake City Way NE 30 Unit Apartment Building $6,890,000 ($229,667/Unit) 5.33% Cap Rate Seattle, WA 98115
Executive Summary
Vista Point Apartments, a well-maintained 30-unit multifamily property located in Seattle’s desirable Roosevelt neighborhood. Built in 1990, the property features 19 two-bedroom, two-bath units (~844 SF) and 11 one-bedroom, one-bath units (~599 SF), all with in-unit washer and dryers. The building offers secure access entry, gated parking with 37 on-site spaces, copper plumbing throughout, a new roof installed in 2023, and a brand new elevator completed in 2024. Current rents reach up to $1,500 for one-bedroom units and $2,000 for two-bedroom units, with a current cap rate of approximately 5.33% and significant upside through a renovation projected to achieve ~$1,995 and ~$2,600 respectively, resulting in a projected Renovated Cap Rate of approximately 9.30%. Additional income potential includes $60/month parking and utility bill-back (W/S/G), making this a compelling value-add opportunity with strong in-place fundamentals and long-term upside.
Property Facts
| Price | $6,890,000 | Apartment Style | Low-Rise |
| Price Per Unit | $229,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.34 AC |
| Cap Rate | 5.33% | Building Size | 22,625 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 97% |
| Gross Rent Multiplier | 11.56 | No. Stories | 3 |
| No. Units | 30 | Year Built | 1990 |
| Property Type | Multifamily | Parking Ratio | 1.64/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | C140, Seattle | ||
| Price | $6,890,000 |
| Price Per Unit | $229,667 |
| Sale Type | Investment |
| Cap Rate | 5.33% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 11.56 |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 22,625 SF |
| Average Occupancy | 97% |
| No. Stories | 3 |
| Year Built | 1990 |
| Parking Ratio | 1.64/1,000 SF |
| Zoning | C140, Seattle |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Range
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 11 | $1,417 | 599 |
| 2+2 | 19 | $1,774 | 844 |
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Moderately walkable
60/100
Exceptionally drivable
90/100
Good public transit
60/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 042504-9013 | Improvements Assessment | $3,373,400 |
| Land Assessment | $2,949,600 | Total Assessment | $6,323,000 |
Property Taxes
Parcel Number
042504-9013
Land Assessment
$2,949,600
Improvements Assessment
$3,373,400
Total Assessment
$6,323,000
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Vista Point | 8320 Lake City Way NE