10740 Greenwood Ave, Seattle, WA 98133
- Commercial real estate
- 8,070 SF
Current Use by Public Records
- Commercial real estate
Property Details for 10740 Greenwood Ave
- Year built
- 1974
- Property type
- Commercial real estate
Description
This 7-unit apartment building, located at 10740 Greenwood Ave N, Seattle, WA 98133, presents a compelling value-add investment opportunity. Built in 1974 and renovated in 1995, the property boasts 8,070 square feet on a 7,200 square foot lot, with 6,292 square feet of net rentable space. The building comprises three stories and features a mix of unit sizes: four 2-bedroom/1-bathroom units, two 3-bedroom/2-bathroom units, and one newly renovated studio. Currently 100% occupied by long-term tenants, rents are significantly below market rates, offering substantial upside potential. Amenities include additional storage for each unit, carport parking, and a coin-operated washer/dryer. The property is zoned LR3(M) and benefits from a prime Greenwood location, just a short walk from numerous restaurants, cafes, and shops. Its convenient proximity to public transportation and Carkeek Park further enhances its appeal. The asking price is $1,870,000, representing $267,143 per unit and $231.72 per square foot. The current NOI is $38,590, with a pro-forma NOI of $145,633 and a pro-forma cap rate of 7.79%. This presents a rare chance to acquire a well-located multifamily property with significant potential for increased profitability.
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Location Insight
- Map
- Local Demand
- City
- Seattle
- County
- King
- State
- Washington
- Longitude
- -122.3550624
- Latitude
- 47.7080635
