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33285922
33285923

228 21st Avenue East, Seattle, WA 98112

MW
WA WA 50224
Westlake Associates, Inc.
Listed by Westlake Associates, Inc.
$1,900,000
1 day on market
Updated 1 day ago

Miller Park Fourplex

Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 3,554
Net Rentable (SqFt) 3,554
Units 4
Cap Rate 4.37%
NOI $83,029
Pro-Forma Cap Rate 4.73%
Pro-Forma NOI $89,816
Price per SqFt $535
Year Built 2024
Buildings 1
Lot Size (SqFt) 4,200
Zoning LR1(M1)

4 Units | All 2 Bed/1 Bath

Marketing description

Offered in the desirable Miller Park neighborhood, this newly constructed four-unit property presents a rare opportunity to acquire a modern, low-maintenance asset in one of the city’s most walkable and bike-friendly locations. Completed in 2024, the property consists of a triplex and detached accessory dwelling unit (DADU), providing a versatile investment with strong rental appeal and owner-occupancy potential.

Units are well designed with each residence featuring a full appliance package including refrigerator, oven, over-range microwave, dishwasher, and full-size washer and dryer. Wall-mounted mini-split systems provide efficient heating and cooling, while rooftop solar panels enhance energy efficiency and long-term operating performance.

All three units within the triplex were newly leased in early 2026, demonstrating strong tenant demand. The detached DADU is currently vacant, offering flexibility for an owner-occupant or the opportunity to lease at market rates and maximize income. Two of the triplex units are designated as Mandatory Housing Affordability (MHA) units with rent and tenant qualification requirements, while the remaining two units operate without affordability restrictions.

Combining new construction, sustainable features, and an exceptional urban location, this property offers investors a compelling blend of stable income, minimal maintenance, and long-term appreciation potential.

Investment highlights

+ Prime Miller Park Location

+ New Construction Completed in 2024

+ Triplex + Detached Accessory Dwelling Unit (DADU)

+ Rooftop Solar Panels

+ Wall-Mounted Mini-Split Heating & Cooling Systems

+ Full Appliance Packages in All Units

+ All Triplex Units Newly Leased in Early 2026

+ Vacant DADU Offers Owner-Occupancy or Additional Rental Income Opportunity

Listing Contacts

MW
WA WA 50224
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
$83,029.00
$6,919.08/mo

Valuation Metrics

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DSCR
4.37%
Cap Rate
4.37%
ROI

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Additional Information

Name
Matt Weber
License
WA 50224
Brokerage
Westlake Associates Inc
Title
Broker
Brokerage Address
1200 Westlake Ave N
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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