22819 15Th Ave, Bothell, WA 98021

Property Details for 22819 15Th Ave

Year built

1977

Property type

Commercial real estate

APN

00414500000201

Description

This exceptional 4-unit apartment building presents a compelling investment opportunity in Bothell, WA's desirable Canyon Park submarket. Located at 22819 15th Ave SE, 98021, this property boasts a total of 3,724 square feet on a 13,632 square foot lot. Built in 1977, the two-story building features four units, each offering approximately 875 square feet of living space with two bedrooms and one bathroom. Each unit includes private decks or patios. The property's current Net Operating Income (NOI) is $61,067, yielding a 3.70% cap rate. However, a pro-forma NOI of $86,119 projects a 5.22% cap rate, suggesting significant upside potential through cosmetic upgrades. The asking price is $1,650,000, or $412,500 per unit, and the price per square foot is $443.07. The property benefits from its proximity to major transportation arteries (I-405 and I-5), providing easy access to Kirkland, Bellevue, Lynnwood, and Seattle. Furthermore, its location places it within walking distance of various retail establishments, restaurants, and entertainment options. The property is situated within the highly-rated Northshore School District, adding to its appeal. This well-maintained asset, owned for an extended period, offers an excellent opportunity for both investors and owner-occupants seeking a stable and potentially high-return investment in a thriving location. The property's APN is 00414500000201.

Location Insight

City

Bothell

County

Snohomish

State

Washington

Longitude

-122.21305876

Latitude

47.79101392

Property Visit Statistics

• Visits by month
  6.0k
• Visitors by month
  5.2k
• Avg Time on site
  18 min