5020 22nd Avenue NE, Seattle, WA 98105

$1,750,000
3,806
SqFt

Listing courtesy of Pacific Crest.

List Price
$1,750,000
Status
ACTIVE
MLS#
1908120
Days on Market
98
Style
55 - 5-9 Units
Building Condition
Average
Finished SqFt
3,806
Area Total SqFt
3806
Lot Size (sq ft)
5,000

Property Description

Offering six beautiful homes, 5 1-bedroom, one bathroom units and one studio unit. The studio unit has one of the one-bedroom units have been extensively remodeled. The property is located only one block from the University of Washington main campus. The submarket itself has shown tremendous resiliency as it has roared back from the COVID-19 Rental market challenges and the rents at Jo-Ann are already significantly higher than pre-covid levels. The property presents an opportunity for new investor to purchase a value-add asset in a location and complete the renovations on the remaining four classic units to realize significant rental upside. This property should provide returns through significant appreciation and steady cash flow.

Additional Information

List Date
2022-03-24 23:54:10
Community
University District
Potential Terms
Cash Out
Year Built
1948
Roof
Composition
Heating/Cooling Type
Forced Air
Other Expenses
8900
Energy Source
See Remarks
School District
Seattle
Elementary School
Bryant
Middle School
Eckstein Mid
High School
Roosevelt High
Total Monthly Income
$9,636
Gross Scheduled Income
$115,632
Vacancy Rate
3
Gross Adjusted Income
$112,163
Tax Year
2021
Insurance Expense
$2,500
W/S/G Expenses
$4,872
Total Expenses
$32,113
Net Operating Income
$79,050
Gross Rent Multiplier
15.13
Cap Rate
4.52
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