8630 Rainier Ave S - Apartments FOR SALE


Seattle, WA 98118- Dunlap
$4,375,000 USD
425-444-6501
8630 Rainier Ave S, Seattle, WA for Sale
$4,375,000 USD
Apartments - FOR SALE
1/32
null | Request Cap Rate

8630 Rainier Ave S
Seattle, WA 98118
Dunlap


HIGHLIGHTS

  • Very walkable Rainier Beach location near parks, transit, restaurants, a Rite Aid, a Safeway grocery store, and a brand new Starbucks (opening 2025)
  • Affordably priced at $265 per foot and under $200,000 per unit
  • 16 one-bedroom and 7 two-bedroom units with a variety of updates and features including updated kitchens and baths, dishwashers, and decks or patios
  • Desirable features including a newer roof, secured entry, updated dual-pane windows, central gas heat & hot water, an elevator (not currently working)
  • Value-add opportunity – Potential for a 6%+ cap rate after renovations

OVERVIEW

With a “Very Walkable” walk score of 84, Beach Court is positioned in Rainier Beach across the street from the Rainier Beach Community Center and pool, a 4-minute walk from the Rainier Beach Playfield, and a 7-minute walk from the brand-new Rainier Beach High School. Other recreational spaces within a half mile include Be’er Sheva Park, Pritchard Island Beach, and Lake Washington. A variety of restaurants are within three quarters of a mile, and a Rite Aid, Safeway, and brand new Starbucks (opening 2025) are within an 8-minute walk to the south. Boeing Field is just 10 minutes away by car. Stops for two bus routes are within a couple hundred feet and provide service to Capitol Hill, the Chinatown/International District, Columbia City, and Downtown Seattle, while Rainier Beach Station, with its local bus routes and regional light rail service to the Seattle Tacoma International Airport, the University of Washington, Downtown Seattle, and Lynnwood, is just 4 minutes away by bicycle. Interstate 5, just a mile west of the property, provides residents of Beach Court convenient access to the rest of the Puget Sound region. Built in 1960, Beach Court is comprised of 16 one-bedroom apartments and 7 two-bedroom/one-bathroom homes. Tenants benefit from updated kitchens and baths, dishwashers, central gas heat and hot water, 14 off-street and 8 covered parking spaces, an on-site laundry facility, a deck or patio for each unit, tenant storage, and a large common front yard with barbecue. Additionally, the property features a newer roof, an elevator (not currently functional), secured entry, and low maintenance landscaping. Beach Court, priced at $265 per square foot and under $200,000 per unit, is an excellent option for a value-add purchaser. The potential exists to further update and/or add laundry and rent the units at pro forma levels and to stabilize expenses to achieve an all-in mid 6%+ cap rate. Given the likely income produced, a competent management company and site manager could efficiently and effectively operate the property on behalf of the new ownership. With its walkable location and strong upside potential, Beach Court is an outstanding opportunity. Available for sale individually, or as a portfolio with 10500 51st Ave S and/or 8340 Rainier Ave S. All financials are market figures.

FOR SALE DETAILS

PRICE

$4,375,000 USD

PRICE/SF

$199 USD /SF

# OF UNITS

23

PRICE/UNIT

$190,217

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Beach Court Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1960

PARKING SPACES

22

LAND DETAILS

LAND ACRES

0.45 AC

LAND SF

19,602 SF

ZONING

NC2-55 (M), Seattle

APN/PARCEL ID

352404-9109

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 Policy.