1822 S King St - Apartments FOR SALE


Seattle, WA 98144- Atlantic
$1,650,000 USD
425-444-6501
1822 S King St, Seattle, WA for Sale
$1,650,000 USD
Apartments - FOR SALE
1/12
null | 4.98% Cap Rate

1822 S King St
Seattle, WA 98144
Atlantic


HIGHLIGHTS

  • Excellent location in Seattle’s desirable Central District
  • Walker’s Paradise score of 94 – close to Downtown, a mile from Pill Hill hospitals, 1.25 miles from Lumen Field, less than 2 miles from Pike Place
  • Walking distance from Jackson Street buses (0.1 mile), First Hill Streetcar (0.4 mile), light rail station (0.5 mile), King Street Station (1 mile)
  • Fully renovated units as of 2020 (updated kitchens/baths, in-unit laundry, dishwashers, and digital Wi-Fi locks); Renovated down to studs in 2001
  • Excellent unit mix of three 1-bedroom and one 2-bedroom units
  • Beautiful landscaping/gardens including private patio & raised planters for each unit, & an edible garden with cherries, plums, gooseberries, jasmine

OVERVIEW

This well-located fourplex presents a compelling opportunity to acquire a turnkey multifamily asset in Seattle’s highly desirable Central District. The property benefits from an outstanding urban setting with a Walker’s Paradise walk score of 94, placing residents within easy reach of Downtown Seattle, major hospitals, neighborhood restaurants and shops, and convenient transit options. Constructed in 1988 and with a full-gut renovation in 2001, the building features modern systems, updated siding, and upgraded exterior stairs. The property offers an attractive and efficient unit mix consisting of three one-bedroom units and one two-bedroom unit, appealing to a wide range of renters seeking quality housing in a central location. The upper units each have two operable skylights and views of Downtown Seattle, the Olympics, and the Stadium. Each unit has been fully renovated with contemporary finishes, including updated kitchens and bathrooms, and the convenience of in-unit laundry. Three of the four units also offer dishwashers. Each unit has its own private patio, providing desirable outdoor space rarely found in similar properties. Additional amenities include four off-street parking spaces, further enhancing tenant appeal in this walkable neighborhood. Notably, the property has demonstrated success as a short-term rental, with one of the one-bedroom units currently furnished and achieving stable income diversification. This presents a proven model for additional income generation across other units, while also offering flexibility for a future owner to pursue a mix of short-term and long-term rental strategies. With strong in-place operations, additional upside through the implementation of utility bill-backs, and a proven alternative short-term rental income strategy, the property offers investors both stability and future income growth potential in one of Seattle’s most sought-after neighborhoods.

FOR SALE DETAILS

PRICE

$1,650,000 USD

PRICE/SF

$637 USD /SF

# OF UNITS

4

PRICE/UNIT

$412,500

CAP RATE

4.98%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1988

PARKING SPACES

4

LAND DETAILS

LAND ACRES

0.11 AC

LAND SF

4,749 SF

ZONING

LR1 (M)

APN/PARCEL ID

331950-1365

ASK ABOUT THIS PROPERTY

Dan SwansonKidder MathewsMore Info
425-444-6501

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Dan SwansonKidder MathewsMore Info
425-444-6501

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