1018 112Th St Seattle, WA 98125

This exceptional 96-unit apartment building in Seattle's Northgate neighborhood presents a compelling investment opportunity. Built in 1996, this four-story building boasts 9,605 net rentable square feet situated on a 0.1-acre lot. The property features a mix of unit types, including one-bedroom, two-bedroom units, and a sizable live/work space currently operating as a yoga studio, generating supplemental commercial income. Recent renovations to six units, including new flooring, stainless-steel appliances, updated cabinetry, and granite countertops, have enhanced the property's appeal and rental potential. Twelve secured underground parking spaces provide a significant competitive advantage. The building benefits from its proximity to the Northgate light rail station, Interstate 5, and the Northgate Mall redevelopment, offering convenient access to various amenities and employment centers. Significant capital expenditures totaling over $150,000 have been made in the last two years, encompassing balcony replacements, signage upgrades, fire sprinkler recertification, and common area renovations, minimizing deferred maintenance. The property's strong financial performance is reflected in its Net Operating Income (NOI) of $193,593 and a 5.53% cap rate. The asking price is $3,500,000. The property is zoned NC3-55 (M) and has a King County APN of 572450-0575. The existing workspace offers potential for conversion into additional residential units, further increasing the property's value. This turnkey opportunity provides immediate income and significant upside potential.