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206-886-3986
Real Estate Company
2108 NE 85th Street, Seattle, WA 98115
Listing Broker: Opal Blue Real Estate, LLC; Grant Fosheim; 425-359-7259; Grant@OpalBlueRE.com
- $1,450,000
- 4,360
- SqFt
- List Price
- $1,450,000
- Status
- ACTIVE
- Days on Market
- 1
- MLS#
- 2593779
- Subtype
- Residential Income
- Style
- 55 - 5-9 Units
- Year Built
- 1970
- Living Area
- 4,360
- Lot Size
- 7,127
- Acres
- 0.16
- Subdivision
- Wedgwood
- Neighborhood
- Wedgwood
- MLS Area Major
- North Seattle
Property Description
Six-unit apartment building in Seattle’s Wedgwood neighborhood, well managed with zero vacancies and zero delinquencies. All paperwork is in order, with pre-screened tenants, move-in reports, healthy security deposits and last month’s rent on file. Five of the six units have been renovated with new LVP, fresh paint and updated electrical packages, and three of those five also have remodeled kitchens and bathrooms. Major system updates include new electrical panels (2025), main sewer line replaced (2022), double-pane vinyl windows throughout (2025) and newer hot water tanks (2023). The heavy lifting is complete, allowing a new owner to take over operations with ease. The mix is two 1BD/1BA units (approx. 580 sf) and four 2BD/1BA units (approx. 800 sf) on a 7,841 sf lot. A large basement provides shared laundry and four storage units, and six off-street parking spaces offer additional income potential. The property is surrounded by new construction, reflecting continued investment in the area. Located in an established Northeast Seattle neighborhood near Green Lake, Seattle Children’s Hospital, the University of Washington, I-5 and the Roosevelt light rail station. Solid in-place rents produce a 5.74% cap rate today. By finishing renovations as units turn over and adding in-unit washers and dryers to the 2BD units, a new owner has a clear path to a 7.13% cap rate at market rents.
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Additional Information
- Amenities
- Basement, Coin Op Laundry, Storage
- Exterior Features
- Wood Products
- Property Description
- 55 - 5-9 Units
- Flooring
- Laminate, Vinyl, Vinyl Plank, Carpet
- Heating
- Baseboard
- Air Conditioning
- None
- Roof
- Built-Up
- School District
- Seattle
- Elementary School
- Buyer To Verify
- Middle School
- Buyer To Verify
- High School
- Buyer To Verify
- View
- Territorial
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.