11255 Greenwood Avenue N, Seattle, WA 98133
- $2,200,000
Listing Broker: Lee & Associates Commercial RE; Dea Sumantri; 206-773-2680; dsumantri@lee-associates.com
- List Price
- $2,200,000
- Status
- ACTIVE
- MLS#
- 2587180
- Days on Market
- 0
- Style
- 56 - 10+ Units
- Building Condition
- Very Good
- Annual Tax Ammount
- 26549
- Lot Size (sq ft)
- 6,711
- Sewer
- Sewer Connected
Property Description
We are pleased to present the Shoreline View Apartments, a well-maintained, pride-of-ownership 10-unit property prominently located along Greenwood Avenue North in Seattle’s growing Greenwood neighborhood. Built in 1976, the property offers a unit mix of two 3-BD/2-BTH units, four 2-BD/2-BTH units, and four 1-BD/1-BTH units. Spacious floorplans, abundant natural light, private decks in most units, and updated appliances enhance renter appeal, while residences on the upper two floors enjoy water views. The property has also benefited from meaningful capital improvements, including a full roof replacement in 2017 and window replacements in 2019. Property amenities include covered and off-street parking, secured entry, elevator access, storage units, and on-site laundry. The location provides convenient access to transit, Carkeek Park, Trader Joe’s, Fred Meyer, and the abundant retail, dining, and entertainment offerings of Greenwood and Phinney Ridge. Shoreline View presents a compelling value-add opportunity for investors seeking meaningful rental upside in North Seattle. Current rents are approximately 16% below market, providing near-term income growth potential, while unit renovations and repositioning could support an estimated 32% increase over current rents. The combination of pride-of-ownership conditions, recent capital improvements, desirable amenities, and significant rental upside creates an attractive opportunity to enhance returns over time.
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Additional Information
- List Date
- 2026-09-25 01:28:12
- Community
- Broadview
- Net Operating Income
- $116,449
- Gross Adjusted Income
- $194,267
- Gross Scheduled Income
- $204,492
- Total Monthly Income
- $17,281
- Insurance Expenses
- $12,908
- Water/Sewer/Garbage Expenses
- $19,773
- Gross Rent Multiplier
- 10.8
- Total Expenses
- $90,929
- Cap Rate
- 5.29
- Vacancy Rate
- 5
- Total Number of Units
- 10
- Unit Name
- 11255
- Potential Terms
- Cash, Conventional
- Year Built
- 1976
- View
- Sound, Territorial
- Roof
- Flat
- Site Features
- Deck
- Other Expenses
- 31699
- Energy Source
- Electric
- School District
- Seattle
- Total Monthly Income
- $17,281
- Gross Scheduled Income
- $204,492
- Vacancy Rate
- 5
- Gross Adjusted Income
- $194,267
- Tax Year
- 2026
- Insurance Expense
- $12,908
- W/S/G Expenses
- $19,773
- Total Expenses
- $90,929
- Net Operating Income
- $116,449
- Gross Rent Multiplier
- 10.8
- Cap Rate
- 5.29
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.