2251 NE Blakeley St - Apartments FOR SALE


Seattle, WA 98105
$4,300,000 USD
425-444-6501
2251 NE Blakeley St, Seattle, WA for Sale
$4,300,000 USD
Apartments - FOR SALE
1/22
null | 4.2% Cap Rate

2251 NE Blakeley St
Seattle, WA 98105


HIGHLIGHTS

  • Excellent Ravenna location steps to the UW and University Village Shopping Center, with direct access to the Burke Gilman Trail and a quiet feel
  • 1987 construction with 10 off-street and 8 covered parking spaces
  • All large one-bedroom units with decks/patios, dining areas, and dishwashers
  • Well maintained property with ability to add laundry (buyer to verify) and cosmetically update the units
  • Real stucco siding with pitched composition roof
  • Attractive, low-maintenance landscaping and secured entry with functional intercom

OVERVIEW

On the market for the first time in 25 years, Trailwood Apartments is conveniently located in Seattle’s desirable Ravenna neighborhood steps to the University of Washington and University Village. The community boasts 17 spacious one-bedroom homes. With a Very Walkable walk score of 89, Trailwood Apartments is well positioned near a variety of community amenities. University Village, with its ±125 retailers and restaurants, is within walking distance, while the Burke Gilman Trail is immediately outside the side door. Three bus routes have stops within a 10-minute walk and take riders to Bothell, Kenmore, Lake Forest Park, and a variety of Seattle neighborhoods including Green Lake, Lake City, Roosevelt, the University District, and Wedgwood. U-District Station, just 1.2 miles away, offers residents access to an abundance of other bus routes as well as the Link light rail 1 line with current service to Downtown, the Seattle Tacoma International Airport, and Green Lake, all the way up to Lynnwood, approximately 7.5 miles north of Seattle’s city limits. In addition to its desirable location surrounded by shops, restaurants, transit, and recreation, residents of Trailwood Apartments enjoy a quiet, residential home environment at the end of a tree-lined cul-de-sac. Constructed in 1987, Trailwood Apartments is comprised of 17 one-bedroom/one-bathroom homes, each boasting a spacious floor plan, a deck or patio, a dishwasher and garbage disposal, multiple closets, and sufficient space for new ownership to install in-unit laundry (buyer to verify). Residents benefit from a total of 18 off-street parking spaces, of which 8 are covered, an on-site laundry facility, storage lockers, and large tenant and/or owner storage with bathroom. The property features stucco siding, a pitched composition roof, and attractive, low-maintenance landscaping. Trailwood Apartments is well maintained and profitable in its current operations. However, there does remain value-add potential for a new operator. Simply by charging for parking and storage, and by performing basic cosmetic updates, a new owner can potentially achieve upside in the ±25% range. With its excellent Ravenna location, well-maintained units, and potential for upside, Trailwood Apartments is an incredibly appealing investment opportunity.

FOR SALE DETAILS

PRICE

$4,300,000 USD

PRICE/SF

$276 USD /SF

# OF UNITS

17

PRICE/UNIT

$252,941

CAP RATE

4.2%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Trailwood Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1987

PARKING SPACES

17

LAND DETAILS

LAND ACRES

0.29 AC

LAND SF

12,632 SF

ZONING

LR3 (M), Seattle

APN/PARCEL ID

092504-9405,092504-9432

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.