2414 13Th Ave Seattle, WA 98144
- Commercial real estate
- 22,400 SF
- 0.14 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 2414 13Th Ave
- Year built
- 1968
- Lot size
- 0.14 lot acres
- Property size
- 22,400 SF
- Property type
- Commercial real estate
- APN
- 912200-0230, 912200-0235
Description
This exceptional 17-unit apartment building, located at 2414 13th Ave S in Seattle, WA 98144, presents a compelling investment opportunity. Built in 1968 and extensively renovated in 2017, the property boasts 22,400 square feet across four stories and sits on a 0.14-acre lot. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $272,632, resulting in a 5.5% capitalization rate. Each of the 17 units offers significant value at an asking price of $294,118 per unit, totaling $5,000,000. The property includes 17 parking spaces and is zoned LR3. Its prime location offers a 5-minute walk to the Beacon Hill Light Rail Station, providing unparalleled access to major Seattle employment hubs including Downtown, South Lake Union, Seattle-Tacoma International Airport, the University District, and Rainier Valley. The building's recent renovations, coupled with rents slightly below market standards, present a significant value-add opportunity with potential for substantial rent increases. The property's location in a rapidly appreciating market, combined with the "renting for longer" trend, further enhances its long-term investment potential. The LR3 zoning also allows for potential future development opportunities, adding to the overall value proposition. The property's APN is 912200-0230, 912200-0235.
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
- -122.3157017
- Latitude
- 47.5814048
