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    3208 Rainier Ave Seattle, WA 98144

    Sponsored
    For Sale
    $4,450,000

    14-unit apartment building, high growth potential.

    Property size:
    15,117 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 14-unit apartment building presents a compelling value-add investment opportunity in Seattle's vibrant Rainier Valley neighborhood. Located at 3208 Rainier Ave S, this mixed-use property boasts 15,117 square feet on a 7,520 square foot lot, with a desirable SM-NR 95 (M) zoning designation. Built in 2018, the building features a wood-frame construction and includes 12 apartments and two commercial spaces. The property currently offers a 4.30% cap rate, with a pro-forma cap rate projected at 6.25%, indicating significant upside potential. The asking price is $4,450,000, translating to $295 per square foot and $317,857 per unit. Tenants benefit from a corporate guarantee and franchisee status, providing enhanced security. The property's prime location offers convenient access to major transportation arteries, including I-5 and I-90, as well as the Mt. Baker light rail station (3 blocks away), providing easy commutes to downtown Seattle and the First Hill Medical Community. The spacious apartments feature modern finishes, and the vacant retail units present an opportunity to increase rental income. With only two parking spaces currently available, there is potential for expansion. The King County Assessor's Parcel Number is 128230-0260. This property is an ideal investment for those seeking strong returns and long-term growth in a rapidly developing Seattle neighborhood.

    Property Features for 3208 Rainier Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    15,117 SF

    Building Details

    Year Built
    2018
    Units
    14

    HighLights

    • 2 Commercial Units & 12 Apartments
    • 2 Parking Spaces
    • Built in 2018
    • Wood Frame Construction
    • 13,708 SF (KC Records) / 15,117 SF (Owner Records)
    • 7,523 SF Lot
    Property Profile Location Intelligence

    Current Use by Public Records

    Wing Stop Chicken Wings Restaurant Southern Rice Apartment Apartment Building Boat Charter Boat Rental Service

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.2952998
    Latitude
    47.5746594

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    FAQs

    What type of property is this?
    Multifamily property - 14-unit apartment building, high growth potential.
    Where is this multifamily property located?
    The property is located at 3208 Rainier Ave Seattle, WA.
    What is the asking price?
    The asking price for this property is $4,450,000.
    What are key features of this property?
    This property features: 2 Commercial Units & 12 Apartments; 2 Parking Spaces; Built in 2018
    Request Owner's contact information
    3208 Rainier Ave Seattle, WA 98144
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    Seattle, WA 98144
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3208 Rainier Ave Seattle, WA 98144
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