4704-4708 22nd Ave NE - Apartments FOR SALE


Seattle, WA 98105- University District
$3,650,000 USD
509-850-7651
4704-4708 22nd Ave NE, Seattle, WA for Sale
$3,650,000 USD
Apartments - FOR SALE
1/11
null | 5.03% Cap Rate

4704-4708 22nd Ave NE
Seattle, WA 98105
University District


HIGHLIGHTS

  • Well-maintained asset with light value-add opportunity: Well-maintained building with ability to capture rental upside through unit renovations
  • On-site Laundry and Storage: On site laundry available for all tenants and 15 individual storage units
  • Ample off-street parking: 14 off street parking spaces, accommodating nearly 1:1 unit parking ratio.
  • Expansive oversized lot: The Penrith sits on 7,384 square feet of LR3 (M) zoned land
  • Excellent University District Location: 0.4 miles to University of Washington, 0.7 miles to University Light Rail Station

OVERVIEW

The Penrith, located in the University District, offers a vibrant and diverse atmosphere with a range of amenities and job opportunities. With the University of Washington just 0.4 miles away, residents benefit from all there is to offer at University Village (120+ shops & restaurants) and “The Ave” which is famous for its food scene, coffee and nightlife. The University District also offers great transit options, with the U District Light Rail Station just 0.7 miles away with convenient access to Seattle. The University District has 50,097 total students enrolled with 71% of them living in off campus housing. As it continues to grow, the university is projected to have a population of 80,479 by 2028. Recently UW’s Master plan was approved by the Seattle City Council and calls for up to 6,000,000 square feet of new construction over the next 10 years. With over 1M+ square feet of office space and 150K of Biotech/Life Science Labs, the university offers excellent access to employers aside from all Seattle has to offer. The Penrith has been exceptionally maintained with all 15 units offering efficient layouts. Interior unit finishes consist of luxury vinyl plank flooring, fermica countertops, white appliances, matching bathroom vanities and new bathtub/tile surround. Laundry facilities are located on site and the property offers 14 off street parking spaces. The Penrith presents an opportunity for an incoming investor to further light renovations and increase parking revenue.

FOR SALE DETAILS

PRICE

$3,650,000 USD

PRICE/SF

$501 USD /SF

# OF UNITS

15

PRICE/UNIT

$243,333

CAP RATE

5.03%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Penrith Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1956

PARKING SPACES

14

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,405 SF

ZONING

L3

APN/PARCEL ID

092504-9388

ASK ABOUT THIS PROPERTY

Jake MorseMarcus & MillichapMore Info
509-850-7651

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Jake MorseMarcus & MillichapMore Info
509-850-7651

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