1146 91St St Seattle, WA 98103
- Commercial real estate
Current Use by Public Records
- Commercial real estate
Property Details for 1146 91St St
- Year built
- 1986
- Property type
- Commercial real estate
- APN
- 952410-0185
Description
This exceptional 11-unit apartment building presents a compelling value-add investment opportunity in Seattle's desirable Northgate neighborhood. Built in 1986 and fully renovated in 2010, the property boasts 8,115 square feet of net rentable space situated on a 7,520 square foot lot. The building features a mix of unit sizes: two 2-bedroom/2-bathroom units averaging 1,050 square feet, eight 1-bedroom/1-bathroom units averaging 702 square feet, and one studio unit of 400 square feet. Each unit includes updated interiors with newer cabinets, stone countertops, stainless steel appliances, partial laminate hardwood flooring, and walk-in closets. Additional amenities include in-unit washer/dryers, private balconies/patios, and 10 off-street parking spaces. The property enjoys a strong location near schools, Green Lake Park, Northgate Station, and major transportation arteries, including I-5. The current Net Operating Income (NOI) is $150,284, with a pro-forma NOI of $175,545, resulting in a current cap rate of 5.46% and a pro-forma cap rate of 6.38%. The asking price is $2,750,000, or $250,000 per unit. The property is zoned LR3 (M) - Urban Village. This well-maintained property offers a stable income stream with significant upside potential in a high-demand area. The building's proximity to amenities, schools, and transportation makes it highly attractive to a diverse tenant base. This is a rare opportunity to acquire a renovated multifamily property in a prime Seattle 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
- -122.3424852
- Latitude
- 47.6950851
