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4315 Woodland Park Ave - Wallingford Development Site
10 Unit Apartment Building Offered at $2,500,000 at a 2.77% Cap Rate in Seattle, WA
|Price||$2,500,000||Apartment Style||Low Rise|
|Price Per Unit||$250,000||Building Class||C|
|Sale Type||Investment||Lot Size||0.17 AC|
|Cap Rate||2.77%||Building Size||4,024 SF|
|Gross Rent Multiplier||21.04||No. Stories||2|
|No. Units||10||Year Built||1901|
|Property Type||Multifamily||Opportunity Zone||No|
About 4315 Woodland Park Ave , Seattle, WA 98103
This site boasts a 7,500 square foot lot zoned LR2(M), a Walk Score of 92, and is located within the Wallingford Residential UV. Existing improvements include a 9-unit apartment building and a small single-family house. Multiple attractive investment approaches. Asset can be run as-is and land banked for future redevelopment. Most of the leases are MTM giving the opportunity to raise the current income immediately, or an investor may decide to pursue entirely redeveloping the property. Potential to build 42 SEDU units. (Buyer to Verify)
Financial Summary (Actual - 2019)
|Annual||Annual Per SF|
|Gross Rental Income||-||-|
|Effective Gross Income||-||-|
|Net Operating Income||$69,241||$17.21|
King Street (Seattle) Station Commuter Rail (Sounder South Line)
|11 min drive||5.0 mi|
Kenmore Air Harbor Inc Airport
|23 min drive||11.1 mi|
Seattle-Tacoma International Airport
|31 min drive||17.5 mi|
|Parcel Number||569450-1100||Improvements Assessment||$415,500 (2018)|
|Land Assessment||$1,162,500 (2018)||Total Assessment||$1,578,000 (2018)|
|Zoning Code||LR2 (M) Res UV|
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