8541 Phinney Avenue N, Seattle, WA 98103

$3,880,000
11,538
SqFt

Listing courtesy of Paragon Real Estate Advisors.

List Price
$3,880,000
Status
ACTIVE
MLS#
1876199
Days on Market
15
Style
56 - 10+ Units
Building Condition
Very Good
Finished SqFt
11,538
Area Total SqFt
11538
Lot Size (sq ft)
11,538

Property Description

The James Bon Apartments is a 13-unit apartment complex (12 plus one-nonconforming studio) located in the popular urban hub of 85th and Greenwood. The property has a large, underutilized basement that was permitted to add two 580 SQFT 1x1 units in 2018. Permits have since expired, but the building offers a great value add component with the ability to add at least two units and possibly 3-4 (Buyer to Verify) to the current blueprint. Several units have been remodeled with modern finishes including luxury vinyl flooring, new cabinetry, counter tops, appliances etc… The property also boasts an oversized 11,538 SQFT Lot zoned NC2-65 (M1) Urban Village (no parking requirement) for future development potential.

Additional Information

List Date
2022-01-10 22:44:09
Community
Greenwood
Potential Terms
Cash Out
Year Built
1979
View
See Remarks
Roof
See Remarks
Heating/Cooling Type
Baseboard
Other Expenses
26570
Energy Source
Electric
School District
Seattle
Total Monthly Income
$17,606
Gross Scheduled Income
$211,272
Vacancy Rate
5
Gross Adjusted Income
$200,708
Tax Year
2021
Insurance Expense
$3,432
W/S/G Expenses
$17,481
Total Expenses
$74,251
Net Operating Income
$126,458
Gross Rent Multiplier
18
Cap Rate
3
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