228 Pelly Ave N, Renton, WA 98057

$545,000
1,870
SqFt

Listing courtesy of Westlake Associates, Inc..

List Price
$545,000
Status
ACTIVE
MLS#
1453195
Days on Market
70
Style
55 - 5-9 Units
Finished SqFt
1,870
Lot Size (sq ft)
5,375

Property Description

The Pelly House Apartments is a well located 7 unit building in Downtown Renton walking distance to transit station and less than 1 mile to The Landing in Renton. With current rents way under market, an investor can capture the upside in rent with a market cap rate just under 8%! The building has a pitched composite roof, recent exterior paint, coin-op laundry and upgraded vinyl windows. There is extra garage space off the alley that could be rented for additional income.

Additional Information

List Date
2019-05-08 00:00:00
Community
Liberty Ridge
Property Type
MULT
Units
7
Stories
2
Potential Terms
Cash Out, Conventional, Rehab Loan
Year Built
1907
Total Parking
2
Exterior
Metal/Vinyl, Wood Products
Roof
Composition
School District
Renton
Total Monthly Income
$4,540
Gross Scheduled Income
$54,480
Vacancy Rate
5
Gross Adjusted Income
$51,756
Annual Taxes
$5,583
Tax Year
2019
Insurance Expense
$1,500
W/S/G Expenses
$8,500
Total Expenses
$18,083
Net Operating Income
$33,673
Gross Rent Multiplier
10
Cap Rate
6

Room Dimensions

Unit 1 Baths
1.00
Unit 1 Size
420
Unit 1 Rent
$825
Unit 2 Size
175
Unit 2 Rent
$550
Unit 3 Size
175
Unit 3 Rent
$450
Unit 4 Size
175
Unit 4 Rent
$450
Unit 5 Size
175
Unit 5 Rent
$450
Unit 6 Size
175
Unit 6 Rent
$420
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