3624 Phinney Ave N - Apartments FOR SALE


Seattle, WA 98103
$6,950,000 USD
206-442-2735
3624 Phinney Ave N, Seattle, WA for Sale
$6,950,000 USD
Apartments - FOR SALE
1/35
null | 5.64% Cap Rate

3624 Phinney Ave N
Seattle, WA 98103


HIGHLIGHTS

  • Spacious mix of 1- and 2-bedroom units with fireplaces and decks
  • Washer and dryer hook ups in-unit
  • 1987 construction with vintage finishes
  • Secure parking garage with 24 spaces
  • Management upside to a 5.5%+ Cap Rate
  • Minutes from large tech employers in Fremont

OVERVIEW

CBRE is proud to exclusively offer for sale The Quincy Apartments, an exceptional 22-unit light value-add opportunity located in Seattle’s popular Fremont neighborhood. Built in 1987, the property features a desirable mix of spacious 1- and 2-bedroom layouts with decks and fireplaces, a secure parking garage with 24 spaces, and in-unit washer/dryer hookups. With current rental rates below market, a buyer has the potential to increase NOI and cash flow through improved management. Residents benefit from the proximity to cafes, bars and restaurants on 36th Street, such as Fremont Coffee Company, The George & Dragon, and Local Tide. They can also walk to work at major tech employers located in the neighborhood or catch the RapidRide E Line to Downtown or South Lake Union. On the market for the first time in 30 years, The Quincy presents a unique opportunity to acquire a property of this size and vintage in a premium location.

FOR SALE DETAILS

PRICE

$6,950,000 USD

PRICE/SF

$234 USD /SF

# OF UNITS

22

PRICE/UNIT

$315,909

CAP RATE

5.64%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Quincy Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1987

PARKING SPACES

26

LAND DETAILS

LAND ACRES

0.23 AC

LAND SF

10,019 SF

ZONING

L3, Seattle

APN/PARCEL ID

197220-0480

ASK ABOUT THIS PROPERTY

Peter WrightCBREMore Info
206-442-2735

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Peter WrightCBREMore Info
206-442-2735

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