7-unit apartment building | 1,300sqft, 2 bed/1.75 bath
1,300sqft units and a well kept building in a desirable neighborhood!
Marketing description
100% Occupied Seven-Unit in Magnolia
Well-maintained seven-unit apartment building in the heart of Magnolia, Seattle. Built in 1968 and continually upgraded, the property features modernized systems including updated plumbing, electrical, roofing, siding, decks, and windows. All units have new Square D panels and individually metered utilities; hot water usage is metered and used for all W/S/G bill back, keeping operating expenses low (approx. 20%). Current gross income is $217,080, operating at a 5.56% cap rate, with room to trend toward 6.5%+ as rents are brought to market.
Each two-bed, 1.75-bath unit offers approximately 1,200–1,300 SF, well above the area average, with select interiors featuring new LVP flooring and modern lighting. The property runs efficiently as a stabilized income asset. There is plenty of precedent for condo sales as most of this community has already been split up and sold to individual owners. Buy as a single apartment building today and decide later if a condo conversion pencils out for the exit.
We are happy to offer a seller financing option to an experienced operator that can show a good track record and bring a strong down payment.
Investment highlights
Solid building envelope:
Hardie plank siding
vinyl windows
certified roof
Recently rebuilt decks all around
Rent-ready Units
New floors, paint, trim, fixtures in units that have turned over
regularly inspected units with long-term tenants (10+ years)
Lots of windows, spacious units, plenty of parking, great views!
Separately metered utilities and individual storage/parking
Water heaters in basement have individual meters and are easy to access
electric meters also in basement
plenty of storage closets and parking spaces below units
underutilized garage space and utility closets
Convert to condos with minimal construction cost
No elevators
Comps supporting recent condo sales of 500k-700k+
No HOA but residents have access to amenities across the street
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