6550 Greeenwood Avenue N, Seattle, WA 98103

Property Description

$233K per Unit in "A" Location! | The Phinney Apartments is a 12-unit value-add apartment investment opportunity that will be delivered 75% vacant at closing, providing a rare opportunity for a new investor to sidestep many of Seattle’s stringent landlord-tenant regulations and immediately begin renovations on day one. The property is located in the heart of highly desirable Phinney Ridge, just steps from popular neighborhood restaurants and establishments including Red Mill Burgers, El Chupacabra, ThaiKu, Ridgewood Bottle & Tap, GH Pasta & Pizza, and convenient Metro bus service. Supported by a comprehensive renovation budget found in the marketing brochure, a new investor has the potential to achieve a 22.21% leveraged IRR upon sale at the end of Year 3. The unit mix consists of nine one-bedroom units averaging 585 square feet, two two-bedroom units averaging 750 square feet, and one three-bedroom, one-bathroom unit with an additional office, totaling approximately 860 square feet. Each apartment features original 1960's finishes with real hardwood floors underneath the carpeted living spaces. Units 12 & 6 feature in-unit fireplaces. Property amenities include an on-site common laundry room, 12 covered carport parking stalls, and 12 individual storage lockers. The property also features a dedicated maintenance room currently being utilized for owner storage, along with an approximately 400-square-foot bonus room. Come tour!