4324 36Th Ave Seattle, WA 98199

Property Details for 4324 36Th Ave

Year built

1977

Lot size

0.16 lot acres

Property type

Commercial real estate

APN

423540-0485

Description

This two-story, six-unit apartment building presents a compelling value-add investment opportunity in Seattle's desirable Magnolia neighborhood. Built in 1977, the property boasts 5,750 square feet of net rentable space situated on a 0.16-acre lot. The building features secured access, individual balconies or patios, and covered parking with a 1:1 unit ratio. Each unit includes a washer and dryer. Significant rental upside is projected with minimal updates, offering a strong return on investment. The property is zoned LR3 RC (M) and has an asking price of $1,750,000, representing a price per unit of $291,667. The property's original builder is the current owner. This is a rare chance to acquire a well-maintained multifamily asset with substantial potential for appreciation in a prime Seattle location. The property's strong features, including the 1:1 parking ratio and in-unit laundry, are highly desirable in the current market. The potential for significant rent increases further enhances the investment appeal. This opportunity is ideal for investors seeking a value-add project with immediate upside. The property's location in Magnolia offers convenient access to amenities and excellent transportation links. The 3.30% cap rate presents a solid foundation for future growth. The APN is 423540-0485.