Bella Marie Apartments
Multifamily | 5.95% CAP | Penthouse Unit
Marketing description
Northmarq is pleased to present Bella Marie, a fully occupied six-unit multifamily property with ground-floor retail located in Phinney Ridge, one of Seattle's most desirable residential neighborhoods.
The property consists of two buildings. The main building, constructed in 1950, houses three one-bedroom apartments, a two-story three-bedroom/two-bath penthouse residence with a private rooftop deck overlooking Green Lake, and ground-floor retail along Phinney Ave. A detached one-bedroom townhome built in 2004 sits atop a three-car garage, offering additional privacy and a differentiated rental experience. The main building has been fully rewired with newer electrical panels, and all windows have been updated to double-pane vinyl throughout.
Offered at a 5.95% in-place capitalization rate with additional upside to market rents, the asset combines stabilized cash flow with an irreplaceable Phinney Ridge location — convenient to Downtown Seattle, South Lake Union, Fremont, and Green Lake, with strong neighborhood walkability and proximity to Woodland Park Zoo.
Investment highlights
- Attractive In-Place Yield: 5.95% in-place cap rate on 100% occupancy, with upside to market rents.
- Diverse Six-Unit Mix: Three one-bedroom apartments, one 1,732 SF three-bedroom/two-bath penthouse with private rooftop deck and Green Lake views, one detached one-bedroom townhome over a three-car garage, and one ground-floor retail unit.
- Irreplaceable Phinney Ridge Location: Positioned on Phinney Ave N at 65th, with easy access to Downtown Seattle, South Lake Union, Fremont, Ballard, and Green Lake.
- Owner-User Optionality: 1,732 SF three-bedroom penthouse with private rooftop deck and Green Lake views offers a rare live/invest opportunity in Phinney Ridge.
- Capital Improvements in Place: Fully rewired main building with newer electrical panels in both structures, plus double-pane vinyl windows throughout — limiting near-term capital exposure.
- Detached 2004 Townhome: A differentiated rental product built 54 years after the main structure, offering privacy and appeal.
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