2629 14th Ave W - Apartments FOR SALE


Seattle, WA 98119- Queen Anne
$6,500,000 USD
206-658-7247
2629 14th Ave W, Seattle, WA for Sale
$6,500,000 USD
Apartments - FOR SALE
1/23
null | 5.07% Cap Rate

2629 14th Ave W
Seattle, WA 98119
Queen Anne


HIGHLIGHTS

  • Seller financing available
  • Value add opportunity
  • Immediate rental upside
  • 23 on-site parking spaces
  • Extensive capital improvements
  • Attactive penthouse unit with views

OVERVIEW

31-unit multifamily community situated in Seattle’s desirable Interbay/ Queen Anne area. Golfcrest offers investors meaningful renovation value-add upside, and seller financing is available for qualified buyers. The proposed seller financing terms are 5% interest-only rate, 25% down payment and a 5-year term. The property is comprised of a diversified unit mix that includes studio, one-bedroom, two-bedroom, and a Penthouse unit, making it well positioned to serve a broad tenant base in one of Seattle’s most supply constrained submarkets. Roughly 50% of the units have had the flooring replaced with LVP floors. Replacing the remainder of the flooring and improving the kitchens and bathrooms will result in a significant increase in rent. The property has been owned by the same family for the last 31 years. Ownership has spent over $225K in capital improvements over the last couple of years. These improvements reduce near-term capital expenditure risk while preserving the opportunity for an incoming investor to execute a targeted unit renovation program and capture meaningful rental upside.

FOR SALE DETAILS

PRICE

$6,500,000 USD

PRICE/SF

$227 USD /SF

# OF UNITS

31

PRICE/UNIT

$209,677

CAP RATE

5.07%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Golf Crest Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1963

PARKING SPACES

23

LAND DETAILS

LAND ACRES

0.55 AC

LAND SF

24,002 SF

ZONING

LR3 (M), Seattle

APN/PARCEL ID

277060-4035

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.