3238 15th Avenue W, Seattle, WA 98119

$1,650,000
4,410
SqFt

Listing courtesy of Lee & Associates Commercial RE.

List Price
$1,650,000
Status
ACTIVE
MLS#
2250173
Days on Market
4
Style
55 - 5-9 Units
Finished SqFt
4,410
Area Total SqFt
4410
Annual Tax Ammount
17092
Lot Size (sq ft)
5,650
Sewer
Sewer Connected
Offer Review Date
2024-06-24

Property Description

DravusApartments, a six-unit apartment building in West Queen Anne. Centrally positioned between Ballard, Fremont, South Lake Union and Downtown Seattle. The property features an attractive unit mix consisting of two 1-bedroom, four 2-bedrooms, and featuring a spacious average of 735sf. The building also boasts personal deck space, and an abundance of parking with 11 total spots both above and below the building. By updating the units and modernizing the systems and amenities, investors are poised to realize a near 39% potential rental upside. DravusApartments makes an excellent investment for investors who are looking to secure a prime location and maximize their returns through a strategic value-add play.

Additional Information

List Date
2024-06-10 17:36:08
Community
Queen Anne
Net Operating Income
$69,903
Gross Adjusted Income
$119,928
Gross Scheduled Income
$126,240
Total Monthly Income
$10,620
Insurance Expenses
$8,588
Water/Sewer/Garbage Expenses
$8,400
Gross Rent Multiplier
13.1
Total Expenses
$51,220
Cap Rate
4.24
Vacancy Rate
5
Total Number of Units
6
Unit Name
3238
Potential Terms
Conventional
Year Built
1967
Roof
See Remarks
Site Features
Fenced-Partially
Other Expenses
17140
Energy Source
Electric
School District
Seattle
Elementary School
Seattle Public Sch
Middle School
Mc Clure Mid
High School
Lincoln High
Total Monthly Income
$10,620
Gross Scheduled Income
$126,240
Vacancy Rate
5
Gross Adjusted Income
$119,928
Tax Year
2024
Insurance Expense
$8,588
W/S/G Expenses
$8,400
Total Expenses
$51,220
Net Operating Income
$69,903
Gross Rent Multiplier
13.1
Cap Rate
4.24
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