1 W Dravus St - Apartments FOR SALE


Seattle, WA 98119- Queen Anne
$995,000 USD
206-457-6775
1 W Dravus St, Seattle, WA for Sale
$995,000 USD
Apartments - FOR SALE
1/23
null | 5.45% Cap Rate

1 W Dravus St
Seattle, WA 98119
Queen Anne


HIGHLIGHTS

  • Excellent Queen Anne location
  • Updated and reimagined property blending modern style with classic charm
  • Freshly painted exterior with stone veneer accents at each entry
  • Attractive and low-maintenance mature evergreen landscaping
  • New, low-pitch TPO membrane roof installed in 2024
  • Current 5.5% cap rate with upside

OVERVIEW

The Dravus Fourplex consists of four thoughtfully configured units, including two studios, a 2BD/1BTH unit, and a 1BD/1BTH unit with a den. Each unit features in-unit W/D, vinyl plank flooring, and updated appliances. Select units have received more extensive renovations, including gray shaker cabinetry, quartz-style countertops, modern fixtures, and other contemporary finishes, while the remaining units have been updated over time as needed and maintained in good condition. The property is exceptionally well located, with Fremont just a five-minute walk across the Fremont Bridge, providing immediate access to the neighborhood’s restaurants, bars, retail, and entertainment. Opportunities to acquire a renovated and well-positioned fourplex in Queen Anne are increasingly rare. With the building’s major systems addressed, a new roof, renovated interiors, and strong proximity to Fremont and Queen Anne, the Dravus Fourplex offers an attractive combination of current income and future upside. Unit 3 has recently become vacant, creating an excellent owner-user opportunity for a buyer looking to occupy one unit while benefiting from rental income from the remaining three. The property is already operating well, while additional upside exists through the potential to implement utility bill-backs, providing a clear path to further increase income and improve overall operating performance.

FOR SALE DETAILS

PRICE

$995,000 USD

PRICE/SF

$456 USD /SF

# OF UNITS

4

PRICE/UNIT

$248,750

CAP RATE

5.45%

% LEASED

96%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Dravus Fourplex

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1953

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.08 AC

LAND SF

3,598 SF

ZONING

L3, Seattle

APN/PARCEL ID

197220-5980

ASK ABOUT THIS PROPERTY

Will DouglasParagon Real Estate AdvisorsMore Info
206-457-6775

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Will DouglasParagon Real Estate AdvisorsMore Info
206-457-6775

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.