1031 1045 SW 122nd Street, Seattle, WA 98146
- $3,950,000
- 15,888
- SqFt
Listing courtesy of Kidder Mathews.
- List Price
- $3,950,000
- Status
- ACTIVE
- MLS#
- 2569544
- Days on Market
- 0
- Style
- 56 - 10+ Units
- Finished SqFt
- 15,888
- Area Total SqFt
- 15888
- Annual Tax Ammount
- 38727
- Lot Size (sq ft)
- 62,950
- Sewer
- Sewer Connected
Property Description
A garden style 17-unit community located ±2 miles from Downtown Burien and ±7 miles from Downtown Seattle. Immediate access to the RapidRide H Line connecting to Downtown Seattle and shopping, dining, and grocery. The property spans 5 buildings constructed between 1954-1979 (most units 1979) on a single parcel. Mostly 2-bed units (5 with extra 1/2 baths) plus a studio, 2 one-beds, and 2 three-beds with either 1.5 or 2 baths. 8 units have in-unit laundry, several have townhome layouts, and most have private yards. Units average 896 SF. Off-street parking lot. Average tenant tenure is 7+ years even after a 25% gross rent increase. Value-Add Options: Raise rents to market, use yard for storage and/or parking income, add bedrooms to a couple existing units, convert garage to ADU, develop an additional building, or redevelop full parcel under R4 zoning. (Buyer to verify feasibility of all development options.) Priced at less than $235,000 per unit, under $260 per square foot, and at $62 per square foot of land, the offering represents a below-replacement-cost basis for a well-located, high-upside multifamily asset in a designated Regional Growth Center.
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Additional Information
- List Date
- 2026-08-14 19:58:15
- Community
- Burien
- Net Operating Income
- $218,198
- Gross Adjusted Income
- $356,909
- Gross Scheduled Income
- $375,694
- Total Monthly Income
- $31,308
- Insurance Expenses
- $13,077
- Water/Sewer/Garbage Expenses
- $36,850
- Gross Rent Multiplier
- 10.5
- Total Expenses
- $138,711
- Cap Rate
- 5.5
- Vacancy Rate
- 5
- Total Number of Units
- 17
- Unit Name
- 1031 1045
- Potential Terms
- Cash, Conventional
- Year Built
- 1979
- Roof
- Composition
- Other Expenses
- 50057
- Energy Source
- Electric
- School District
- Highline
- Elementary School
- Hazel Vly Elem
- Middle School
- Cascade Mid
- High School
- Highline High
- Total Monthly Income
- $31,308
- Gross Scheduled Income
- $375,694
- Vacancy Rate
- 5
- Gross Adjusted Income
- $356,909
- Tax Year
- 2026
- Insurance Expense
- $13,077
- W/S/G Expenses
- $36,850
- Total Expenses
- $138,711
- Net Operating Income
- $218,198
- Gross Rent Multiplier
- 10.5
- Cap Rate
- 5.5
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.