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9265 57th Ave S 7 Unit Apartment Building $1,699,950 ($242,850/Unit) 7.09% Cap Rate Seattle, WA 98118
Investment Highlights
- Fully leased 7-unit complex with strong in-place income
- Zoned NC155(M) with redevelopment potential and LIHTC eligibility
- Located in Rainier Beach near Lake Washington with partial views
- Coin-op laundry adds supplemental income
Executive Summary
Investment opportunity near Lake Washington with peek-a-boo lake views. This 7 Unit complex is consistently occupied with steady income features (4) 2bed/1bath + (3) 1bed/1bath. Currently monthly rental income=$12,200/mo + additional Coin-Op laundry generating $300-$400/mo. Sits on 0.11AC lot w/ 6 tandem spots & park up to 12 cars. Tons of potential with upside in rents. Zoned NC155(M) w/ future potential for redevelopment with increased density + LIHTC. Located in one of the most diverse neighborhoods in the City with local favorites like Jude's & Red Wing Cafe across the street. New businesses and MF housing popping-up around the neighborhood.
Property Facts
| Price | $1,699,950 | Building Class | C |
| Price Per Unit | $242,850 | Lot Size | 0.11 AC |
| Sale Type | Investment | Building Size | 4,590 SF |
| Cap Rate | 7.09% | No. Stories | 3 |
| No. Units | 7 | Year Built | 1923 |
| Property Type | Multifamily | Parking Ratio | 2.18/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | NC1-55 - Neighborhood commercial | ||
| Price | $1,699,950 |
| Price Per Unit | $242,850 |
| Sale Type | Investment |
| Cap Rate | 7.09% |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 4,590 SF |
| No. Stories | 3 |
| Year Built | 1923 |
| Parking Ratio | 2.18/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | NC1-55 - Neighborhood commercial |
Amenities
Unit Amenities
- Refrigerator
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | - | 550 |
| 2+1 | 4 | - | 900 |
1 1
Walk Score®
Very Walkable (76)
Property Taxes
| Parcel Number | 712930-4700 | Improvements Assessment | $865,500 |
| Land Assessment | $283,500 | Total Assessment | $1,149,000 |
Property Taxes
Parcel Number
712930-4700
Land Assessment
$283,500
Improvements Assessment
$865,500
Total Assessment
$1,149,000
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