8600 Aurora Avenue N, Seattle, WA 98103

$3,750,000
9,576
SqFt

Listing courtesy of Paragon Real Estate Advisors.

List Price
$3,750,000
Status
ACTIVE
MLS#
1956527
Days on Market
11
Style
56 - 10+ Units
Finished SqFt
9,576
Area Total SqFt
9576
Lot Size (sq ft)
19,933

Property Description

Built in 1952, The Way West Apartments offers a high cash flowing opportunity for any existing building investor, multifamily / hospitality developer, or nonprofit organization. The property has an attractive 6.40% Cap Rate based on its current operations. All but two of the units received brand new windows, flooring, lighting, fixtures, and paint. The seller replaced the roof and the boiler in the last three years. You have a mix of (8) Studios, (13) One-bedroom units, (1) Two-bedroom unit, and (1) Commercial space all fully leased with long term tenants. This property offers an exit strategy through development. It is sitting on a 19,933 square foot lot zoned NC3P-75 (M).

Additional Information

List Date
2022-06-22 21:33:13
Community
Green Lake
Potential Terms
FHA
Year Built
1952
Roof
Flat
Heating/Cooling Type
Baseboard
Other Expenses
41622
Energy Source
Electric
School District
Seattle
Total Monthly Income
$31,675
Gross Scheduled Income
$380,100
Vacancy Rate
5
Gross Adjusted Income
$361,095
Tax Year
2022
Insurance Expense
$9,931
W/S/G Expenses
$39,383
Total Expenses
$121,101
Net Operating Income
$239,994
Gross Rent Multiplier
9.87
Cap Rate
6.4
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