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.
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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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