3208 Rainier Ave Seattle, WA 98144
- Commercial real estate
- 15,117 SF
Current Use by Public Records
- Wing Stop / Chicken Wings Restaurant
- Southern Rice Apartment / Apartment Building
- Boat Charter / Boat Rental Service
Property Details for 3208 Rainier Ave
- Year built
- 2018
- Property size
- 15,117 SF
- Property type
- Commercial real estate
- APN
- 128230-0260
Description
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.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Seattle
- County
- King
- State
- Washington
- Longitude
- -122.2952998
- Latitude
- 47.5746594
