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206-886-3986
Real Estate Company
14333 32nd Avenue NE, Seattle, WA 98125
Listing Broker: Opal Blue Real Estate, LLC; Grant Fosheim; 425-359-7259; Grant@OpalBlueRE.com
- $2,250,000
- 12,566
- SqFt
- List Price
- $2,250,000
- Status
- ACTIVE
- MLS#
- 2591168
- Subtype
- Residential Income
- Style
- 56 - 10+ Units
- Year Built
- 1973
- Living Area
- 12,566
- Lot Size
- 12,719
- Acres
- 0.29
- Subdivision
- Lake City
- Neighborhood
- Lake City
- MLS Area Major
- North Seattle
Property Description
The Kensington, is 10-unit, three-story apartment building in Seattle's Lake City neighborhood, offered at approximately $214 per square foot. With a in place monthly income of nearly $19,000/mo. Unusually large units set it apart: (6) 2bd/1ba at approx. 1,100 SF and (4) 1bd/1ba at approx. 950 SF, each with a private balcony or patio. The property delivers a 6.20% cap rate today and a 7.54% cap rate at market. Recent capital improvements include a new roof (2023), plumbing upgrades, upgraded common areas, and new storage lockers. The building also has double pane vinyl windows throughout. Only one of the ten units has been renovated, so a buyer has a clear path to growing rents as units turn, with already strong in-place rents of $1,625 to $2,050 against market rents of $1,790 and $2,250 (assuming in-unit washer/dryers). Additional upside comes from charging for the 16 parking spaces and renting out all 9 storage lockers. Large units, a strong cap rate, and ample CapEx improvements all in an attractive and growing market make this a smart investment for anybody looking to expand their portfolio.
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Additional Information
- Amenities
- Coin Op Laundry, Storage
- Exterior Features
- Wood Products
- Property Description
- 56 - 10+ Units
- Flooring
- Laminate, Vinyl Plank, Carpet
- Heating
- Baseboard
- Air Conditioning
- None
- Roof
- Built-Up, Composition
- 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.