Multifamily Property "pick of the week" for
King, Pierce, and Snohomish Counties
In this current real estate market, competition is strong for the good deals. To help our clients, we go the extra mile. Along with hunting for off-market deals, we dig into the properties that are currently listed on the MLS to find those deals that may have been overlooked because of miscalculated numbers, poor photos, below market rents, or just improperly listed.
Keep in mind, my calculations and assumptions are based on market averages and sometimes just educated guesses. If you are interested in any of these properties, let's put in a contingent offer to get it off the market and conduct due diligence.
Below you will find this week's "pick".
13731 32nd Ave NE, Seattle 98125 | 4-Units, Priced at $895,000
CLICK HERE to view listing on our website
The listing shows the current cap rate at 2.8%...
- Rents are listed between $800-$900 per unit
- Annual property tax is known to be $6,166
- Insurance is about $900/year
- Utilities are around $5,100/year - Owner pays all utilities
- Maintenance, etc around $3,000/year
- Vacancy rates in the area are averaging around 3% right now
- Gross Annual Rent: $41,880
- -3% Vacancy
- -Annual Expense: $15,512
- =Net Operating Income: $25,112
- Median rent for 1 bedroom in the area is $1300
- Median rent for 2 bedrooms in the area is $1600
- Utility Chargeback $100/unit
- Gross Annual Rent: $74,400
- -3% Vacancy
- -Annual Expense: $15,720
- =Net Operating Income: $56,448
At $895,000 this would be a cap rate of 6.3%