14333 32nd AVE NE, Seattle, WA 98125
14333 32nd AVE NE, Seattle, WA 98125
14333 32nd AVE NE, Seattle, WA 98125
14333 32nd AVE NE, Seattle, WA 98125
14333 32nd AVE NE, Seattle, WA 98125
14333 32nd AVE NE, Seattle, WA 98125
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Gordy Lindstrom

Gordy Lindstrom

+1(425) 772-5845
Listed by:Opal Blue Real Estate, LLC • Grant Fosheim
$ 2,250,000
Est. payment | /mo

16 Beds

10 Baths

12,566 SqFt

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$ 2,250,000
Est. payment | /mo
Save Virtual Tour

16 Beds

10 Baths

12,566 SqFt

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Square Footage 12,566 sqft

Price per Sqft $179

Subdivision Lake City

MLS Listing ID 2591168

Style 56 - 10+ Units

Bedrooms 16

Year Built 1973

Annual Tax Amount $22,146

Lot Size 0.292 Acres

Property Sub-Type Multi Family

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.

Location

State WA

County King

Area 710 - North Seattle

Interior

Flooring Laminate, Vinyl Plank, Carpet

Fireplace false

Exterior

Exterior Feature Wood Products

View Y/N Yes

View Territorial

Roof Type Built-Up,Composition

Building

Lot Description Curbs, Paved, Sidewalk

Sewer Sewer Connected

Water Public

New Construction No

Schools

Elementary Schools Buyer To Verify

Middle Schools Buyer To Verify

High Schools Buyer To Verify

School District Seattle

Others

Senior Community No

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Virtual Tour https://www.youtube.com/watch?v=aboYEb7AI2I

Northwest MLS (NWMLS)
"Three Trees" icon indicates a listing provided courtesy of NWMLS.
NEARBY SCHOOLS & PROPERTIES
Gordy Lindstrom

?My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! ?

+1(425) 772-5845

gordy@pdhomegroup.com

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14333 32nd AVE NE