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    Lake City Multifamily Investment Opportunity Title is generated by Realmo AI

    12348 33rd Ave NE, Seattle, WA 98125

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    For Sale
    $1,920,000

    8-unit multifamily property in North Seattle's Lake City neighborhood.

    Type:Commercial
    Property size:
    5,875 SF
    Price / SF:
    $326/SF
    Added:
    Aug 18, 2025
    Days on Market:
    322
    Last Refresh:
    May 11 at 12:11 am

    Property Features for 12348 33rd Ave NE

    General Information

    Standard status
    Active
    Size
    5,875 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1967

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    BRIAN PLATT

    Listing office PARAGON REAL ESTATE ADVISORS

    Listing date Aug 18, 2025

    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

    • Attractive seller financing available: $600,000 down, interest‑only payments for 5 years.
    • Strong unit mix: five 1BD/1BTH and three 2BD/1BTH apartments.
    • Multiple income streams: apartments, storage lockers, off‑street parking, and on‑site laundry.
    • Excellent Walk Score of 89: immediate access to local amenities and parks.
    • All units feature a full appliance package and a deck or balcony.
    • 12 off‑street parking spaces.

    Overview

    The Woodhaven Apartments present an opportunity to acquire an 8-unit multifamily asset located in the Lake City neighborhood of North Seattle. The property features a unit mix of five 1-bedroom, 1-bathroom apartments and three 2-bedroom, 1-bathroom apartments. Additional amenities include eight storage lockers, twelve off-street parking spaces, and an owned on-site laundry room, providing multiple income streams. Each unit is equipped with a full appliance package, including electric ranges, dishwashers, and refrigerators, and also features a deck or balcony. The property has a Walk Score of 89 and a Transit Score of 56, offering residents access to local amenities, RapidRide bus lines, and parks.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    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.

    Component $ $/SF
    Gross rent $197.4k $33.60
    − Vacancy −$7.9k −$1.34
    EGI $189.5k $32.26
    − OpEx −$85.3k −$14.52
    NOI $104.2k $17.74
    5,875 SF · lease $33.60/SF/yr · vacancy 4.00% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $1.49M
    $1.30M – $1.74M (±1% cap)
    NOI $104,227 @ 7.0% cap · market cap 5.43%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Specialty Retail
    $1.90M
    $1.66M – $2.21M (±1% cap)
    NOI $132,663 @ 7.0% cap · market cap 6.91%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Barber Shop Hotel & Motel (Bike/Boat/Book/etc) Store Clothing & Fashion Store (Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store Tech Support Center Bakery Skin Care Clinic HVAC Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.292
    Latitude
    47.7188

    FAQs

    What type of property is this?
    Apartment building - 8-unit multifamily property in North Seattle's Lake City neighborhood.
    Where is this apartment building located?
    The property is located at 12348 33rd Ave NE Seattle, WA.
    What is the asking price?
    The asking price for this property is $1,920,000.
    What are key features of this property?
    This property features: Attractive seller financing available: $600,000 down, interest‑only payments for 5 years.; Strong unit mix: five 1BD/1BTH and three 2BD/1BTH apartments.; Multiple income streams: apartments, storage lockers, off‑street parking, and on‑site laundry.
    More about this property
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