Highland Terrace Apartments For
14520 Phinney Ave N Shoreline, WA 98133
14520 Phinney Ave N, Shoreline, WA, 98133
$3,500,000
For Sale
$3,500,000
Value-add apartment opportunity near Seattle with below-market rents.
Property Size11,825 SF
Price / SF$295.98
Days on Market139
Property Features for 14520 Phinney Ave N
General Information
- Standard status
- Active
- Size
- 11,825 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1963
Listing agency
WESTLAKE ASSOCIATES, INC.
Listed by
DAVID PETERSEN
Source
Corcoran
Added: Mar 4 Updated: Jul 6 at 10:15AM Checked: Jul 21 at 8:59AM
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 WESTLAKE ASSOCIATES, INC.
Investment Insights
Based on property information with market context.
The Highland Terrace Apartments, situated just north of Seattle city limits, presents an opportunity for investors. This property offers the potential to increase value by renovating units with modern finishes and raising rents to market rates. A further value-add opportunity exists through the implementation of a RUBS program to bill tenants for utilities. The property features ample carport and open parking. Electrical panels have been updated, and a newer TPO roof is in place. There is potential to add in-unit washer and dryers. Upper units include private decks. Each unit has its own hot water tank. A new secured tenant mailbox unit has been installed, and a larger owner storage closet is available on-site. The property size is 11825 square feet.
Key Highlights
- Value‑add opportunity through unit renovations and rent increases.
- Located outside Seattle city limits, avoiding stricter Landlord/Tenant laws.
- Newer TPO roof and updated electrical panels.
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 | $376.0k | $31.80 |
| − Vacancy | −$15.8k | −$1.34 |
| EGI | $360.2k | $30.46 |
| − OpEx | −$162.1k | −$13.71 |
| NOI | $198.1k | $16.76 |
11,825 SF · lease $31.80/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.83M
$2.48M – $3.30M
NOI $198,133 @ 7.0% cap · market cap 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.37M
$2.95M – $3.93M
NOI $235,672 @ 7.0% cap · market cap 6.73%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Value-add apartment opportunity near Seattle with below-market rents.
Where is this apartment building located?
The property is located at 14520 Phinney Ave N Shoreline, WA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Value‑add opportunity through unit renovations and rent increases.; Located outside Seattle city limits, avoiding stricter Landlord/Tenant laws.; Newer TPO roof and updated electrical panels.
