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31797420
31797427

812 E Gwinn Pl, Seattle, WA 98102

RJ
WA 87080
Westlake Associates, Inc.
AL
WA 21016457
Westlake Associates, Inc.
Listed by Westlake Associates, Inc.
$1,375,000
44 days on market
Updated 37 days ago

Portage Bay Triplex

Details
APN 195970-2250
Property Type Multifamily
Sub Type Apartment Building
Square Footage 3,580
Net Rentable (SqFt) 3,580
Units 3
Cap Rate 4.78%
NOI $65,727
Pro-Forma Cap Rate 5.46%
Pro-Forma NOI $75,063
Price per SqFt $384
Year Built 1904
Year Renovated 2012
Buildings 1
Stories 2
Lot Size (SqFt) 2,891
Zoning NR3
Parking Spaces 2 spaces
Parking Per SqFt 0.56

Multifamily | 3 Units | $458,333/unit

Marketing description

Portage Bay Triplex offers a rare opportunity to own a fully renovated, owner-occupiable property in a prime Seattle location between Portage Bay and Eastlake, combining urban convenience with a residential feel. This 3,850 SF triplex features three spacious 2BR/1BA units (~1,425 SF, 1,200 SF, 995 SF) with strong layouts and livability. Property functions as a triplex but is legally a duplex, the third unit may not meet legal requirements per city records (buyer to verify). Ideal for owner-occupants seeking an alternative to single-family housing—live in one unit while rental income from the others helps offset expenses. Extensively updated in 2012 with new electrical, plumbing, and roof, plus consistent interior finishes throughout, delivering a clean, turnkey asset with minimal immediate capital needs. Retains vintage character not often found in newer construction. Property includes two electric parking stalls and large storage area with potential for added utility. Outdoor space with planter beds offers flexibility for additional amenities. Strong in-place condition with future upside in a highly desirable, centrally located neighborhood. Overall, the Portage Bay Triplex offers a combination of location, unit quality, and flexibility that is increasingly difficult to find in the Seattle market. Whether approached as an owner-occupant opportunity or a long-term hold, the asset provides a strong foundation for both lifestyle and investment performance.

Investment highlights

• 3,850 net rentable square feet

• Three spacious 2-bed, 1-bath units

• Units: 1,425, 1,200, 995 SF

• Ideal first-floor owner-occupant unit

• Walkable neighborhood, strong location

• Interiors renovated to solid 2012 standard

• Fully rewired electrical system

• Fully updated plumbing throughout

• New roof installed in 2012

• New Juliet railings installed

• Two electric car garages

• Large storage between garages

• Space for hot tub or dog run

Listing Contacts

RJ
WA 87080
Westlake Associates, Inc.
AL
WA 21016457
Westlake Associates, Inc.
Listed by Westlake Associates, Inc.

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Loan Amount
$0.00
Annual Debt Service
$--
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Annual Cash Flow
$65,727.00
$5,477.25/mo

Valuation Metrics

0
DSCR
4.78%
Cap Rate
4.78%
ROI

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Additional Information

Name
Reid Jones
License
87080
Brokerage
Westlake Associates
Brokerage Phone
2062509655
Title
Broker
Brokerage Address
1200 Westlake Avenue North
Name
AJ Lachini
License
21016457
Brokerage Phone
2064289901
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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