11023 Greenwood Ave N Seattle, WA 98133
- Commercial real estate
Current Use by Public Records
- 11023 Apartments / Apartment Building
Property Details for 11023 Greenwood Ave N
- Year built
- 1977
- Property type
- Commercial real estate
- APN
- 8910500720
Description
This 9-unit apartment building in Seattle's Greenwood neighborhood presents a compelling investment opportunity. Built in 1977, this three-story, 7,953-square-foot building sits on a 7,232-square-foot lot and boasts a 100% occupancy rate, generating a current NOI of $152,494 and a 5.7% cap rate. A pro-forma NOI of $183,800 projects a 6.9% cap rate. The property features a mix of three one-bedroom, one-bathroom units (approximately 627 sq ft each) and six two-bedroom, one-bathroom units (approximately 820 sq ft each), all with spacious balconies. Upgrades include modern vinyl windows. The building also includes 11 parking spaces (1 covered, 10 uncovered) and private storage lockers for each unit. Individual utility metering (water/sewer) is in place. The building's systems are well-maintained, featuring a newer built-up asphalt roof, marble creek siding, and PVC plumbing. Electric baseboard heating is throughout. The property is zoned LR3 and offers easy access to public transportation, dining, and shopping. The asking price is $2,650,000 ($294,444 per unit and $333 per square foot). This is a stabilized investment with significant upside potential in a highly desirable location.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Seattle
- County
- King
- State
- Washington
- Longitude
- -122.35559039779
- Latitude
- 47.709394138132
