633 W Emerson St - Multi-Family FOR SALE


Seattle, WA 98119
$1,499,000 USD
206-623-8880
633 W Emerson St, Seattle, WA for Sale
$1,499,000 USD
Multi-Family - FOR SALE
1/21
null | 5.11% Cap Rate

633 W Emerson St
Seattle, WA 98119


HIGHLIGHTS

  • Excellent North Queen Anne location
  • 2 blocks from Seattle Pacific University campus
  • 4 units: (3) two-bedroom/one-bathroom and (1) one-bedroom/ one-bathroom
  • Immediate upside in income in current condition with further upside through renovation
  • In-unit laundry in every apartment

OVERVIEW

Built in 1962, the West Emerson Apartments are well positioned on the north slope of Queen Anne and resides on a 4,400 SqFt lot that is zoned LR1 (M) giving it future development potential in an ideal spot that always has rental demand. All the apartments have in-unit laundry, functional layouts, and complete kitchen appliance packages with dishwashers. The interior finishes blending original elements and simple updates that have been done over time. The future owner can capitalize on this and easily modernize the units cosmetically to increase income potential. The unit mix is comprised of 3 – 2Bd/1Bth and 1 – 1Bd/1Bth. Unit A – 2Bd/1Bth – is 850 SqFt and has a fireplace in the unit as well as some charming built-in desks. Unit B – 2Bd/1Bth – is 850 SqFt. Unit C – 2Bd/1Bth – is 700 SqFt and has a private patio that is perfect for BBQing on a nice day. Unit D – 1Bd/.75Bth – is 575 SqFt and has an island kitchen giving it an open and inviting feel. There are 4, off-street parking stalls located on the alley side for tenants’ convenience as well as a storage shed for bikes. The West Emerson Apartments offers a perfect blend of in-city living with a safe, quiet neighborhood feel. Located just a short drive on Highway 99 to downtown and within walking distance of Seattle Pacific University, the Fremont Sunday Market, and the shops atop Queen Anne Hill, this property is ideal for prospective tenants such as students and young professionals. The West Emerson Apartments is a light value-add opportunity that is perfect for an owner-user investor and with Unit C currently vacant, it will make for a seamless transition. It also appeals to investors looking to own a property in a great rental market and reap the benefit of Seattle’s growth in population. Being in the always desirable Queen Anne neighborhood, the units rarely sit vacant for long, giving the future owner peace of mind and steady cashflow that increases year over year.

FOR SALE DETAILS

PRICE

$1,499,000 USD

PRICE/SF

$537 USD /SF

# OF UNITS

4

PRICE/UNIT

$374,750

CAP RATE

5.11%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

West Emerson Apartments

PROPERTY TYPE

Multi-Family

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1962

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.06 AC

LAND SF

2,789 SF

ZONING

LR1 (M)

APN/PARCEL ID

744300-0535

ASK ABOUT THIS PROPERTY

Will DouglasParagon Real Estate AdvisorsMore Info
206-623-8880

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Will DouglasParagon Real Estate AdvisorsMore Info
206-623-8880

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