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).
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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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