1018 NE 112th St - Apartments FOR SALE


Seattle, WA 98125
$3,500,000 USD
206-491-2008
1018 NE 112th St, Seattle, WA for Sale
$3,500,000 USD
Apartments - FOR SALE
1/9
null | 5.53% Cap Rate

1018 NE 112th St
Seattle, WA 98125


HIGHLIGHTS

  • Well-maintained community comprised of an ideal mix of one- and two-bedroom units averaging 862 square feet
  • Commercial Income: Oversized ground-level retail with commercial tenant generating $35K additional income annually
  • Additional Upside: 2,040-square-foot existing workspace on ground floor offers opportunity to subdivide and convert to additional units
  • Amenities: Include in-unit washers and dryers, private balconies in all units, and vinyl plank flooring in select units
  • Twelve underground parking spaces provide the property with a significant market advantage and additional income opportunities
  • $150K+ spent on renovations & CapEx in last 2 years including 3 balcony replacements, upgrades to signage, & 5-year fire sprinkler recertification

OVERVIEW

Vista Apartments is a 10-unit garden-style apartment community in Seattle’s Northgate neighborhood. 12 minutes from downtown, the property provides easy access to a variety of retail and lifestyle amenities, as well as numerous employment opportunities throughout the Puget Sound. Built in 1996, Vista consists of one four-story building with an ideal unit mix of three one-bedroom units, six two-bedroom units, and one oversized live/work space which currently operates as a yoga studio. New ownership will benefit from recent renovations that have occurred to six of the units by further pushing market rents. Recent upgrades include new plank flooring, stainless-steel appliances, brand-new all white cabinetry, modern light fixtures, granite countertops and water heater replacements. Neighboring properties have proven rent premiums for modern features and finishes with the aforementioned upgrades, attracting the area’s affluent tenant base.

FOR SALE DETAILS

PRICE

$3,500,000 USD

PRICE/SF

$230 USD /SF

# OF UNITS

9

PRICE/UNIT

$388,889

CAP RATE

5.53%

% LEASED

90%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Vista

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1996

PARKING SPACES

12

LAND DETAILS

LAND ACRES

0.1 AC

LAND SF

4,356 SF

ZONING

NC340, Seattle

APN/PARCEL ID

572450-0575

ASK ABOUT THIS PROPERTY

Chad BlenzBerkadiaMore Info
206-491-2008

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Chad BlenzBerkadiaMore Info
206-491-2008

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