4230 8th Ave NE, Seattle, WA 98105

$4,300,000
6,884
SqFt

Listing courtesy of Pilot Ventures LLC.

List Price
$4,300,000
Status
ACTIVE
MLS#
1731263
Days on Market
78
Style
56 - 10+ Units
Finished SqFt
6,884
Lot Size (sq ft)
4,750

Property Description

The Pinetree Apartments are strategically located in the U-District neighborhood, approximately 5 blocks from the new Light Rail Station scheduled to open this year. Walk score of 96 (Walker’s Paradise) and transit score of 78 (Excellent). Well-maintained and poised for additional revenue growth via rent increases, consistent utility billback fees, parking rent, and laundry income. Built in 1981, the property consists 13 units with an average size of 573 sf: five 1-bed, four 2-bed units, one 3-bed 1-bath, and one 3-bed 1.75 bath. The building is wood framed with copper plumbing, vinyl windows, electric baseboard heat, and 12 parking spaces. Two units are townhouse style which has been well received in this submarket.

Additional Information

List Date
2021-02-18 00:00:00
Community
University District
Property Type
MULT
Units
13
Stories
4
Potential Terms
Cash Out, Conventional
Year Built
1981
Total Parking
12
Uncovered Parking
8
Exterior
Wood, Wood Products
Roof
See Remarks
Site Features
Cable TV, High Speed Internet
Lot Details
Curbs, Paved Street, Sidewalk
School District
Seattle
Elementary School
Green Lake
Middle School
Hamilton Mid
High School
Lincoln High
Total Monthly Income
$24,415
Gross Scheduled Income
$264,540
Vacancy Rate
4
Gross Adjusted Income
$256,622
Annual Taxes
$30,692
Tax Year
2020
Insurance Expense
$2,580
W/S/G Expenses
$7,365
Total Expenses
$84,647
Net Operating Income
$171,975
Gross Rent Multiplier
16
Cap Rate
4

Room Dimensions

Unit 1 Beds
1
Unit 1 Baths
1.00
Unit 1 Size
350
Unit 1 Rent
$1,075
Unit 2 Beds
1
Unit 2 Baths
1.00
Unit 2 Size
350
Unit 2 Rent
$1,250
Unit 3 Beds
1
Unit 3 Baths
1.00
Unit 3 Size
350
Unit 3 Rent
$1,300
Unit 4 Beds
2
Unit 4 Baths
1.00
Unit 4 Size
600
Unit 4 Rent
$1,450
Unit 5 Beds
2
Unit 5 Baths
1.00
Unit 5 Size
600
Unit 5 Rent
$1,450
Unit 6 Beds
1
Unit 6 Baths
1.00
Unit 6 Size
350
Unit 6 Rent
$1,000
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