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9608 NE 188th St 4 Unit Apartment Building $1,695,000 ($423,750/Unit) 5.45% Cap Rate Bothell, WA 98011
Investment Highlights
- Owner-user opportunity
- 8 parking spots and 4 storage units
- Double pane windows
- 4 – 2BD/1.75BTH – 924 Square Foot units
- Operational value-add opportunity
- Renovation potential
Executive Summary
Well-located, value-add 4plex in the heart of Bothell! All 2BD/1.75BTH units with 1 currently vacant making it ideal for an owner/user. All units feature in-unit W/D, double-pane windows, dedicated storage and parking. There is operational value-add opportunity for a new owner to increase rents to market levels, implement utility bill-backs, and monetize storage and parking spaces. For investors seeking additional upside, there is renovation potential through cosmetic interior improvements. With its combination of steady in-place income, strategic location, and multiple avenues for growth, this Bothell Fourplex represents an attractive opportunity for both traditional investors and potential owner-occupants.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$92,355
|
$24.99
|
Financial Summary (Actual - 2024)
| 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 | $92,355 |
| Annual Per SF | $24.99 |
Property Facts Under Contract
| Price | $1,695,000 | Apartment Style | Low-Rise |
| Price Per Unit | $423,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 5.45% | Building Size | 3,696 SF |
| Gross Rent Multiplier | 13.79 | Average Occupancy | 20% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1986 |
| Property Subtype | Apartment | Parking Ratio | 2.16/1,000 SF |
| Zoning | GDC | ||
| Price | $1,695,000 |
| Price Per Unit | $423,750 |
| Sale Type | Investment |
| Cap Rate | 5.45% |
| Gross Rent Multiplier | 13.79 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 3,696 SF |
| Average Occupancy | 20% |
| No. Stories | 2 |
| Year Built | 1986 |
| Parking Ratio | 2.16/1,000 SF |
| Zoning | GDC |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 4 | $2,350 | 924 |
1 1
Walk Score®
Very Walkable (79)
Property Taxes
| Parcel Number | 062605-9054 | Improvements Assessment | $834,500 |
| Land Assessment | $342,500 | Total Assessment | $1,177,000 |
Property Taxes
Parcel Number
062605-9054
Land Assessment
$342,500
Improvements Assessment
$834,500
Total Assessment
$1,177,000
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9608 NE 188th St
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