4750 University Way NE, Seattle, WA 98105

$4,500,000
12,182
SqFt

Listing courtesy of Windermere Real Estate Co..

List Price
$4,500,000
Status
ACTIVE
MLS#
1872358
Price Change
▼ $480,000 1656541150
Days on Market
197
Style
56 - 10+ Units
Building Condition
Fair
Finished SqFt
12,182
Area Total SqFt
12182
Lot Size (sq ft)
4,120

Property Description

Unique investment/redevelopment opportunity in prime University District location revitalized by new light rail 2 blocks away. Striking 12000 SF mid-century mixed-use building on “the Ave” by architect Samuel Morrison comprises 18 vintage open 1BR apartments and 3500 SF boutique retail space, once home of Academy of Classical Ballet, run by Irene Larson of NY City Ballet, and of Jun Fan Gung Fu Institute, martial arts school of fighter, teacher and philosopher Bruce Lee. Recapitalize and renovate the property for cash flow in thriving sub-market with focused, high demand renter base or develop in accordance with N3P-65 (M1) zoning. Steps from new mixed-use Safeway valued at $90M & adjacent 24-story M Tower, both by LA-based Fields Holdings.

Additional Information

List Date
2021-12-15 17:14:09
Community
University District
Potential Terms
Cash Out, Conventional
Year Built
1958
View
Territorial
Roof
Flat, Torch Down
Site Features
Cable TV, Fenced-Partially, Gas Available, Patio, Sprinkler System
Heating/Cooling Type
Baseboard, Wall
Electric Expenses
3000
Other Expenses
64271
Energy Source
Electric
School District
Seattle
Elementary School
Green Lake
Middle School
Hamilton Mid
High School
Lincoln High
Total Monthly Income
$34,284
Gross Scheduled Income
$398,808
Vacancy Rate
5
Gross Adjusted Income
$373,927
Tax Year
2021
Insurance Expense
$10,000
W/S/G Expenses
$10,800
Total Expenses
$130,372
Net Operating Income
$396,360
Gross Rent Multiplier
19
Cap Rate
4.77
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