12348 33rd Ave NE - Apartments FOR SALE


Seattle, WA 98125- Lake City
$1,920,000 USD
206-658-7247
12348 33rd Ave NE, Seattle, WA for Sale
$1,920,000 USD
Apartments - FOR SALE
1/19
null | 5.13% Cap Rate

12348 33rd Ave NE
Seattle, WA 98125
Lake City


HIGHLIGHTS

  • SELLER FINANCING TERMS - $600k down payment, 5% IO for years 1-2 & 5.5% IO for years 3-5 years, 5 year term
  • Current 5.4% cash-on-cash return
  • 9.1% market cash-on-cash return
  • Vaulted ceilings
  • 5 – 1BD/1BTH and 3 – 2BD/1BTH units
  • 8 storage lockers and 12 parking spots

OVERVIEW

Paragon Real Estate Advisors is pleased to present the Woodhaven Apartments, an opportunity to acquire an 8-unit multifamily asset in the heart of North Seattle’s Lake City neighborhood. There is attractive seller financing available: $600,000 down, 5.0% interest only for years 1 to 2, and 5.5% interest only for years 3 to 5 on a five year term. The property features a strong unit mix of five 1BD/1BTH and three 2BD/1BTH apartments, plus 8 storage lockers, 12 off-street parking spaces, and an owned on-site laundry room—offering multiple income streams. All units feature a full appliance package with electric ranges, dishwashers, and refrigerators, as well as a deck or balcony. With a Walk Score of 89 and a Transit Score of 56, residents enjoy immediate access to local amenities, RapidRide bus lines, parks, and neighborhood retail, making it an appealing option for renters seeking a connected urban lifestyle. The property’s existing infrastructure including Square D electrical panels, dishwashers, and electric ranges provides a solid foundation for new ownership to execute either a renovation-based value-add strategy or a simpler operational improvement plan focused on rental optimization and efficiency. Whether you choose to modernize units to achieve higher rents or simply stabilize operations, Woodhaven Apartments offers both immediate in-place income and significant long-term upside, all supported by favorable seller-backed financing that minimizes capital outlay and enhances cash flow potential.

FOR SALE DETAILS

PRICE

$1,920,000 USD

PRICE/SF

$250 USD /SF

# OF UNITS

8

PRICE/UNIT

$240,000

CAP RATE

5.13%

% LEASED

95%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Woodhaven Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1967

PARKING SPACES

12

LAND DETAILS

LAND ACRES

0.15 AC

LAND SF

6,600 SF

ZONING

LR3 (M)

APN/PARCEL ID

882290-0025

ASK ABOUT THIS PROPERTY

Ben DouglasParagon Real Estate AdvisorsMore Info
206-658-7247

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Ben DouglasParagon Real Estate AdvisorsMore Info
206-658-7247

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