15801 4th Ave S - Apartments FOR SALE


Burien, WA 98148
$2,900,000 USD
206-812-9119
15801 4th Ave S, Burien, WA for Sale
$2,900,000 USD
Apartments - FOR SALE
1/27
null | 4.86% Cap Rate

15801 4th Ave S
Burien, WA 98148


HIGHLIGHTS

  • Excellent downtown Burien location
  • Value-add opportunity: Immediate income upside and reposition opportunity
  • Large units: 2 – 2Bd/2Bth (1,500 sqft), 6 – 1Bd’s, and 7 – two-level “townhouse” 1Bd’s
  • In-unit washers and dryers in 4 apartments
  • Territorial and mountain views from upper levels
  • Private and peaceful forest-like setting with beautiful trees and mature landscaping

OVERVIEW

Paragon Real Estate Advisors is pleased to exclusively offer for sale the Burien Sky Apartments; a 15-unit, value-add apartment community located in the heart of Burien. Built in 1967, the Burien Sky Apartments sit on a 19,800 sqft lot surrounded by trees and greenery, offering a peaceful setting just minutes from downtown Burien. The units are large and offer a unique mix with 2 – 2Bd/2Bth units (1,500sqft), 6 – 1Bd flats and 7 – 1Bd “townhouse” style units with two levels of living space. Four of the units have been tastefully updated and feature in-unit washer/dryers. Upper-level units enjoy territorial views to the west. The apartments have functional layouts, abundant storage, complete kitchen appliance packages, and private balconies. The property has been well cared for with little deferred maintenance and managed with a focus on minimal vacancy and turnover. Current rents are well below market, offering immediate upside opportunity of almost 20%. The Burien Sky Apartments offers an investor the opportunity to acquire a well-located apartment community with immediate income upside and potential to add value. New ownership can immediately push income in several ways and take advantage of a strong, rising rental market and has the option to add further value through a renovation and repositioning plan for an even greater return.

FOR SALE DETAILS

PRICE

$2,900,000 USD

PRICE/SF

$203 USD /SF

# OF UNITS

15

PRICE/UNIT

$193,333

CAP RATE

4.86%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Burien Sky Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1967

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.45 AC

LAND SF

19,800 SF

ZONING

RM-24

APN/PARCEL ID

-

ASK ABOUT THIS PROPERTY

Ryan IlesParagon Real Estate AdvisorsMore Info
206-812-9119

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Ryan IlesParagon Real Estate AdvisorsMore Info
206-812-9119

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