2350 Beacon Ave Seattle, WA 98144
- Commercial real estate
- 9,900 SF
- 0.24 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 2350 Beacon Ave
- Year built
- 1958
- Lot size
- 0.24 lot acres
- Property size
- 9,900 SF
- Property type
- Commercial real estate
- APN
- 539360-0403
Description
This exceptional 16-unit apartment building, known as Westward Apartments, presents a compelling investment opportunity in Seattle's desirable Beacon Hill neighborhood. Located at 2350 Beacon Ave S, Seattle, WA 98144, this two-story building boasts 9,900 square feet on a 0.24-acre lot and offers six parking spaces. Built in 1958, the property is currently 100% occupied, generating a substantial Net Operating Income (NOI) of $257,742, representing a 5.5% capitalization rate. The asking price is $4,700,000, or $293,750 per unit. The property is zoned LR3 (M2), offering potential for future development within Seattle's vibrant urban village. Recent exterior renovations and moderate interior upgrades have positioned the property to capture significant rent increases, estimated at $80-$100 per unit monthly. Its prime location near key employment centers, including Downtown Seattle, South Lake Union, Seattle-Tacoma International Airport, the University District, and Rainier Valley, ensures strong tenant demand. The proximity to the Beacon Hill Light Rail Station (a 6-minute walk) further enhances its appeal. This property is an ideal investment for those seeking strong current income with significant upside potential, driven by rising home values and the increasing preference for renting in the Seattle metropolitan area. The property's current rents are slightly below market standards, presenting an immediate opportunity to increase profitability.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Seattle
- County
- King
- State
- Washington
- Longitude
- -122.3155953
- Latitude
- 47.5821198
