Renovated 11-Unit Villa Maria
1146 91st St, Seattle, WA 98103
Tastefully renovated 11-unit property near Green Lake.
Type:Commercial
Property size:
8,115 SFPrice / SF:
$280/SF- Added:
- Jul 9, 2024
- Days on Market:
- 679
- Last Refresh:
- Apr 5 at 8:45 pm
Property Features for 1146 91st St
General Information
- Standard status
- Active
- Size
- 8,115 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1986
Listing agent RYAN ILES
Listing office PARAGON REAL ESTATE ADVISORS (206) 623-8880
Listing date Jul 9, 2024
Source Corcoran
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of PARAGON REAL ESTATE ADVISORS
HighLights
- Tastefully renovated 11‑unit apartment building.
- Located steps away from Robert Eagle Staff Middle School and Cascadia Elementary School.
- Walking distance or short drive to North Seattle College, Northgate Station, and Green Lake.
- Abundance of surrounding amenities and recreational opportunities.
- Centrally located between Aurora Avenue and I‑5 for easy commuting.
- Built in 1986 on a 7,250 SqFt lot.
Overview
The Villa Maria Apartments, built in 1986, feature 11 units and are located just north of Green Lake. The property is situated on a 7,250 SqFt lot, steps away from the newly built Robert Eagle Staff Middle School and Cascadia Elementary School. North Seattle College, Northgate Station, and Green Lake are within walking distance or a short drive, offering an abundance of surrounding amenities and recreational opportunities. The location is centrally located between Aurora Avenue and I-5, providing convenient access to other parts of the city. The property size is 8,115 SqFt.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$1.44M
NOI $129,474 @ 9.00% cap · cautious / downside scenario
Moderate
$1.85M
NOI $129,474 @ 7.00% cap · market / base-case scenario
Aggressive
$2.59M
NOI $129,474 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $248.3k | $30.60 |
| − Vacancy | −$12.9k | −$1.59 |
| EGI | $235.4k | $29.01 |
| − OpEx | −$105.9k | −$13.05 |
| NOI | $129.5k | $15.95 |
8,115 SF · lease $30.60/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$1.85M
$1.62M – $2.16M
NOI $129,474 @ 7.0% cap · market cap 5.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.28M
$2.87M – $3.83M
NOI $229,622 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Seattle
- County
- King
- State
- Washington
- Longitude
- -122.342
- Latitude
- 47.6951
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Tastefully renovated 11-unit property near Green Lake.
Where is this apartment building located?
The property is located at 1146 91st St Seattle, WA.
What is the asking price?
The asking price for this property is $2,275,000.
What are key features of this property?
This property features: Tastefully renovated 11‑unit apartment building.; Located steps away from Robert Eagle Staff Middle School and Cascadia Elementary School.; Walking distance or short drive to North Seattle College, Northgate Station, and Green Lake.
