Listed by Berkadia, Berkadia Seattle
$3,200,000
Pasadena Place
Details
APN 420740-0551
Property Type Multifamily
Sub Type Apartment Building
Square Footage 8,644
Net Rentable (SqFt) 8,644
Units 8
Beds 22
Cap Rate 6.25%
NOI $199,996
Occupancy 100%
Tenancy Multi
Pro-Forma Cap Rate 6.51%
Pro-Forma NOI $208,173
Year Built 1927
Year Renovated 2008
Buildings 3
Acreage 0.180
Zoning MR (M1)
Parking Spaces 6 spaces
Parking per 1,000 SqFt 0.69
Investment Type Value Add
Sale Condition For sale by owner
22-Bedroom Turnkey Opportunity Near UW Campus
Marketing description
Pasadena Place is a rare eight-unit multifamily opportunity located just minutes from the University of Washington, consisting of five townhomes and one triplex across three buildings. The property offers a desirable mix of spacious 2-, 3-, and 4-bedroom units averaging approximately 1,000 square feet, creating broad rental appeal in a high-demand neighborhood. All units in the triplex and one townhome have been recently renovated, while the remaining townhomes present a clear value-add opportunity through interior upgrades. Pasadena Place offers investors both stable in-place cash flow and future rental upside.
Investment highlights
- Rare Unit Mix Near UW: Pasadena Place features eight units across five townhomes and one triplex, offering a rare mix of 2-, 3-, and 4-bedroom floor plans averaging approximately 1,000 square feet.
- Renovation Upside: All triplex units and one townhome have been recently renovated, while the remaining townhomes offer value-add potential through interior upgrades.
- Stable In-Place Operations: The property benefits from zero delinquency and includes six off-street parking spaces and communal laundry.
- Strong Accessibility: Walk and Bike Scores of 86 and 83, respectively, plus proximity to I-5 and Highway 520, provide convenient access to major area employers.
- Compelling Rental Fundamentals: Strong neighborhood rental demand is supported by 61% renter occupancy within a one-mile radius and median home values nearing $1.2 million.
Listing Contacts
Listed by Berkadia, Berkadia Seattle
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$199,996.00
$16,666.33/mo
Valuation Metrics
0
DSCR
6.25%
Cap Rate
6.25%
ROI
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