Listed by Lee & Associates, Lee & Associates - Seattle
$10,250,000
Cascade School Apartments
Details
Property Type Multifamily
Sub Type Apartment Building
Net Rentable (SqFt) 32,560
Units 51
Cap Rate 5.77%
NOI $591,059
Occupancy 98%
Pro-Forma Cap Rate 6.51%
Pro-Forma NOI $666,869
Class A
Year Built 1922
Year Renovated 2024
Buildings 1
Stories 1
Acreage 2.000
Parking Spaces 2 per unit
Investment Type Core
Historic Character | Modern Performance | Proven Basis
Investment highlights
Attractive Basis via Historic Incentives - $1.25M in tax credits + 10-year property tax reduction
Efficient Site Access - Four-sided access with dual entry points (SW 2nd & SW 3rd)
Expansion & Value-Add Potential - Existing basketball court offers opportunity for additional unit development (buyer to verify)
Supply-Constrained Market Dynamics - Limited inventory supporting strong occupancy and rent stability
Reduced Near-Term Cap Ex - Recent renovations significantly limit immediate capital requirements
Future Development Potential - 2.08-acre site with additional density potential (buyer to verify)
Listing Contacts
Listed by Lee & Associates, Lee & Associates - Seattle
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$591,059.00
$49,254.92/mo
Valuation Metrics
0
DSCR
5.77%
Cap Rate
5.77%
ROI
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