9226 Fremont Ave Seattle, WA 98103
- Commercial real estate
- 5,475 SF
Current Use by Public Records
- Abel Court Apartments / Apartment Building
Property Details for 9226 Fremont Ave
- Year built
- 1989
- Property size
- 5,475 SF
- Property type
- Commercial real estate
- APN
- 312604-9313
Description
This exceptional 7-unit apartment building, located in Seattle's desirable Greenwood neighborhood at 9226 Fremont Ave N, presents a compelling investment opportunity. Built in 1989 and renovated in 2023, the property boasts a total of 5,475 square feet on a 6,300 square foot lot, with a permitted LR2 zoning designation. The building comprises one 1-bedroom unit and six 2-bedroom/2-bathroom units, averaging 800 square feet each. Three units have already undergone renovations, offering a significant upside for the new owner. Renovating the remaining four units could potentially increase rental income by 20%. Ten parking spaces are available, including six garage spaces. The property currently enjoys 100% occupancy, generating a Net Operating Income (NOI) of $116,126, with a pro-forma NOI of $140,482. The asking price is $2,200,000, representing a current cap rate of 5.20% and a pro-forma cap rate of 6.39%. Conveniently located near Highway 99 and I-5, the property offers easy access to downtown Seattle and surrounding areas. The Greenwood neighborhood provides residents with proximity to numerous restaurants, entertainment venues, Fred Meyer, parks, and schools. This is a rare opportunity to acquire a well-located multifamily property with significant value-add potential in a thriving Seattle market. The property's APN is 312604-9313. In-unit laundry is featured in the renovated units, with a common laundry facility for the others.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Seattle
- County
- King
- State
- Washington
- Longitude
- -122.3496926
- Latitude
- 47.6964264
