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(206) 595-7188
Real Estate Company
6550 Greeenwood Avenue N, Seattle, WA 98103
- $2,800,000
Listing Broker: Blake Investment Advisors; Gabe Blake; 206-618-2207; gabe@blakeia.com
- List Price
- $2,800,000
- Status
- ACTIVE
- MLS#
- 2596693
- Style
- 56 - 10+ Units
- Building Condition
- Fixer
- Annual Tax Ammount
- 38142
- Lot Size (sq ft)
- 6,650
- Sewer
- Sewer Connected
Property Description
$233K per Unit in "A" Location! | The Phinney Apartments is a 12-unit value-add apartment investment opportunity that will be delivered 75% vacant at closing, providing a rare opportunity for a new investor to sidestep many of Seattle’s stringent landlord-tenant regulations and immediately begin renovations on day one. The property is located in the heart of highly desirable Phinney Ridge, just steps from popular neighborhood restaurants and establishments including Red Mill Burgers, El Chupacabra, ThaiKu, Ridgewood Bottle & Tap, GH Pasta & Pizza, and convenient Metro bus service. Supported by a comprehensive renovation budget found in the marketing brochure, a new investor has the potential to achieve a 22.21% leveraged IRR upon sale at the end of Year 3. The unit mix consists of nine one-bedroom units averaging 585 square feet, two two-bedroom units averaging 750 square feet, and one three-bedroom, one-bathroom unit with an additional office, totaling approximately 860 square feet. Each apartment features original 1960's finishes with real hardwood floors underneath the carpeted living spaces. Units 12 & 6 feature in-unit fireplaces. Property amenities include an on-site common laundry room, 12 covered carport parking stalls, and 12 individual storage lockers. The property also features a dedicated maintenance room currently being utilized for owner storage, along with an approximately 400-square-foot bonus room. Come tour!
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Additional Information
- Community
- Phinney Ridge
- Net Operating Income
- $264,660
- Gross Adjusted Income
- $341,316
- Gross Scheduled Income
- $359,280
- Total Monthly Income
- $33,010
- Insurance Expenses
- $6,313
- Water/Sewer/Garbage Expenses
- $22,134
- Gross Rent Multiplier
- 7.79
- Total Expenses
- $113,497
- Cap Rate
- 9.45
- Vacancy Rate
- 17964
- Total Number of Units
- 12
- Unit Name
- 6550
- Potential Terms
- Conventional
- Year Built
- 1961
- Roof
- See Remarks
- Other Expenses
- 46908
- Energy Source
- Electric
- School District
- Seattle
- Total Monthly Income
- $33,010
- Gross Scheduled Income
- $359,280
- Vacancy Rate
- 17964
- Gross Adjusted Income
- $341,316
- Tax Year
- 2027
- Insurance Expense
- $6,313
- W/S/G Expenses
- $22,134
- Total Expenses
- $113,497
- Net Operating Income
- $264,660
- Gross Rent Multiplier
- 7.79
- Cap Rate
- 9.45
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.