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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

Executive Summary

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). Owner Financing available with 30% down, 4.5% interest only for a 2-5 year term.

Property Facts

  • Listing ID: 18904813
  • Date Created: 3/18/2020
  • Last Updated:

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 - -
Other Income - -
Vacancy Loss - -
Effective Gross Income - -
Net Operating Income $69,241 $17.21
Walk Score ®
Walker's Paradise (93)
Bike Score ®
Very Bikeable (80)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

Transportation

Commuter Rail

King Street (Seattle) Station Commuter Rail (Sounder South Line)
Central Puget Sound Regional Transit Authority Rail
11 min drive 5.0 mi

airplane iconAirport

Kenmore Air Harbor Inc Airport
23 min drive 11.1 mi
Seattle-Tacoma International Airport
31 min drive 17.5 mi

PROPERTY TAXES

zoning

Zoning Code LR2 (M) Res UV

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