14020 SE 8th St - Apartments FOR SALE


Bellevue, WA 98007- Southeast Bellevue
$3,250,000 USD
206-658-7247
14020 SE 8th St, Bellevue, WA for Sale
$3,250,000 USD
Apartments - FOR SALE
1/11
null | 3.5% Cap Rate

14020 SE 8th St
Bellevue, WA 98007
Southeast Bellevue


HIGHLIGHTS

  • Seller is offering financing at30% down, 5% interest-only, on a five-year term. Qualified buyers only. Personal gurantee must be signed by buyer.
  • 3 of the 6 units have been renovated, demonstrating a proven rent premium over the unrenovated units.
  • Market rate parking in the Eastgate submarket is $50 per space per month, representing $7,800 in uncaptured annual income available to a new owner
  • All units share a consistent 894-square-foot, 2 Bed / 2 Bathroom floor plan, providing uniform operating efficiency and strong appeal.
  • Water meters are all separately metered with their own shutoffs. Tenants pay for their water consumption and owner pays for garbage collection.

OVERVIEW

Opportunity for seller financing for qualified buyers and buyers personally guaranteeing the loan. The terms are 30% down, 5% interest-only on a five-year term Built in 1987 and situated on a 13,500 square foot lot zoned R-20, the Bellevue 6-Unit consists of six spacious two-bedroom, two-bathroom units averaging 894 square feet each. Three of the six units have been fully renovated with modern finishes, and the three unrenovated units present a clearly defined path to value through targeted interior upgrades estimated at $30,000 per unit. The property includes 13 dedicated parking spaces, a highly sought-after amenity in the Eastside rental market, and tenants pay their own water and sewer, keeping utility expenses and management complexity low for the ownership. The property’s Eastgate location places residents within minutes of Bellevue College, the Eastgate Park and Ride, and Interstate 90. The Bellevue 6-Unit is positioned as a renovation value-add acquisition with an execution plan already partially underway. Renovated units are currently leased at $2,095 to $2,250 per month against a market rate of $2,600 per unit. The three unrenovated units are currently leased at an average of $1,990 per month and are expected to achieve $2,600 following renovation at an estimated cost of $30,000 per unit.

FOR SALE DETAILS

PRICE

$3,250,000 USD

PRICE/SF

$606 USD /SF

# OF UNITS

6

PRICE/UNIT

$541,667

CAP RATE

3.5%

% LEASED

95%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Bellevue 6-Unit

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1987

PARKING SPACES

13

LAND DETAILS

LAND ACRES

0.31 AC

LAND SF

13,499 SF

ZONING

R20, Bellevue

APN/PARCEL ID

342505-9181

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 Notice.