12000 15Th Ave NE Seattle, WA 98125
- Commercial real estate
- 45,579 SF
Current Use by Public Records
- Raleigh Manor / Apartment Building
- June Massage / Massage Therapist
- Gadget Repair / Electronics Repair Shop
- Toy and lego store / Gift Shop
- Garden Spa & Massage / Massage Spa
Property Details for 12000 15Th Ave NE
- Property size
- 45,579 SF
- Property type
- Commercial real estate
Description
Raleigh Manor Apartments, located at 12000 15th Ave NE, Seattle, WA 98125, presents a compelling investment opportunity. This Class C, multifamily apartment building boasts 42 units within a single, four-story structure, totaling 45,579 square feet, with 28,785 net rentable square feet. Built in 2000 and effectively renovated in 2011, the property sits on a 14,400 square foot lot and includes 39 parking spaces. Currently operating at 100% occupancy, the building generates a Net Operating Income (NOI) of $632,990, resulting in a 4.00% cap rate. The asking price is $15,988,000, translating to $380,667 per unit and $350.78 per square foot. The property is zoned LR3RC(M) and benefits from its location in Seattle's Northgate neighborhood, close to Northgate Mall and the Northgate Light Rail Station, providing convenient access to shopping, dining, entertainment, and public transportation. The building features modern amenities and updated appliances, attracting a wide range of tenants. This investment offers a strong potential for future growth due to ongoing development in the Northgate area. The property is a net lease investment.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Seattle
- County
- King
- State
- Washington
- Longitude
- -122.3122332
- Latitude
- 47.7160374
