4253 7th Avenue NE, Seattle, WA 98105

$8,900,000
20,587
SqFt

Listing courtesy of Kidder Mathews.

List Price
$8,900,000
Status
ACTIVE
MLS#
2236772
Days on Market
6
Style
56 - 10+ Units
Building Condition
Very Good
Finished SqFt
20,587
Area Total SqFt
20587
Annual Tax Ammount
77262
Lot Size (sq ft)
13,025
Sewer
Sewer Connected
Offer Review Date
2024-05-30

Property Description

Maplewood offers a 24-unit value-add apartment building located in the highly sought-after University District of Seattle.Offered for sale at $8.9 million, this property is on the market for the first time and presents a unique chance to acquire a legacy asset that has been meticulously maintained by the same family since 1985.Maplewood features large units in exceptional condition, providing ample potential for value-add renovations.After light renovations, rental rates can increase by 20% or more, making this property an attractive prospect for savvy investors. Located steps away from the prestigious University of Washington-ranked #2 in the U.S.Maplewood is just minutes away from an abundance amenities, and a regional light rail station.

Additional Information

List Date
2024-05-13 17:47:09
Community
University District
Net Operating Income
$535,378
Gross Adjusted Income
$774,174
Gross Scheduled Income
$698,544
Total Monthly Income
$739,200
Insurance Expenses
$9,600
Water/Sewer/Garbage Expenses
$12,400
Gross Rent Multiplier
16
Total Expenses
$238,796
Cap Rate
6
Vacancy Rate
5
Total Number of Units
5
Unit Name
4253
Potential Terms
Cash Out, Conventional
Year Built
1985
Roof
Flat
Site Features
Gated Entry
Electric Expenses
12400
Other Expenses
114734
Energy Source
Electric
School District
Seattle
Total Monthly Income
$739,200
Gross Scheduled Income
$698,544
Vacancy Rate
5
Gross Adjusted Income
$774,174
Tax Year
2024
Insurance Expense
$9,600
W/S/G Expenses
$12,400
Total Expenses
$238,796
Net Operating Income
$535,378
Gross Rent Multiplier
16
Cap Rate
6
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