730 85Th St Seattle, WA 98103
- Commercial real estate
Current Use by Public Records
- Terra Apartments / Apartment Building
Property Details for 730 85Th St
- Year built
- 1971
- Property type
- Commercial real estate
- APN
- 6046401170
Description
This 17-unit apartment building in Seattle's Greenwood neighborhood presents a compelling investment opportunity. The fully renovated, four-story property (14,689 sq ft) sits on an oversized L-shaped lot (14,625 sq ft) and boasts completely updated interiors and mechanical systems, including a modernized elevator and freshly painted exterior. Built in 1971 and extensively renovated in 2017, the building features a mix of one- to four-bedroom units, with the largest units located on the top two floors. The property enjoys a near-perfect Walk Score of 90, placing it just four blocks from Greenwood's vibrant retail core, near North Seattle College, and within two miles of Roosevelt and Northgate Light Rail stations. Currently operating at 100% occupancy, the property offers significant rental upside, with average in-place rents nearly 10% below market rate and the penthouse unit $400 below market. The top-floor unit is ideally suited for owner occupancy or family rental. Amenities include ample parking and in-unit washers and dryers. The property is zoned LR3 (M) and has a Net Operating Income (NOI) of $246,867, with a pro-forma NOI of $304,402 and a pro-forma cap rate of 5.80%. The asking price is $5,250,000, representing a price per unit of $308,823.53. This turnkey asset offers a strong return on investment with potential for further NOI growth.
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
- -122.34821176596
- Latitude
- 47.690620102012
