12000 15Th AveSeattle, WA 98125

For Sale
$15,988,000
Prime Seattle location, high occupancy.

Overview

Added:
Dec 11, 2024
Days on market:
126
Raleigh Manor Apartments, located at 12000 15th Ave NE, Seattle, WA 98125, presents a compelling investment opportunity. This Class C, multifamily apartment building boasts 42 units within a single, four-story structure, totaling 45,579 square feet, with 28,785 net rentable square feet. Built in 2000 and effectively renovated in 2011, the property sits on a 14,400 square foot lot and includes 39 parking spaces. Currently operating at 100% occupancy, the building generates a Net Operating Income (NOI) of $632,990, resulting in a 4.00% cap rate. The asking price is $15,988,000, translating to $380,667 per unit and $350.78 per square foot. The property is zoned LR3RC(M) and benefits from its location in Seattle's Northgate neighborhood, close to Northgate Mall and the Northgate Light Rail Station, providing convenient access to shopping, dining, entertainment, and public transportation. The building features modern amenities and updated appliances, attracting a wide range of tenants. This investment offers a strong potential for future growth due to ongoing development in the Northgate area. The property is a net lease investment.

Highlights

  • 12000 15th Ave NE, Seattle, WA 98125, Northgate neighborhood; near new Northgate Light Rail Station.
  • Multiple family units and three ground-floor retail stores provide diversified income.
  • High occupancy due to Seattle's strong rental market and desirable location.
  • Recently updated units with modern amenities, secure parking, on-site laundry, and pet-friendly options.
  • High foot traffic and visibility for ground-floor retail spaces.
  • Northgate's ongoing development projects promise future value appreciation.

Property Details for 12000 15Th Ave

Property type
Apartment buildings
Square Feet
45,579 SF
Class
C
Buildings
1
Stories
4
Units
42

Location Insight

City
Seattle
County
King
State
Washington
Latitude
47.7160374
Longitude
-122.3122332
12000 15Th Ave, Seattle, Washington

FAQs

What type of property is this?
Apartment building - Prime Seattle location, high occupancy.
Where is the apartment building located?
The property is located at 12000 15Th Ave Seattle, WA.
What is the asking price?
The asking price for this property is $15,988,000.
What are key features of this property?
This property features: 12000 15th Ave NE, Seattle, WA 98125, Northgate neighborhood; near new Northgate Light Rail Station.; Multiple family units and three ground-floor retail stores provide diversified income.; High occupancy due to Seattle's strong rental market and desirable location.
How can I contact the broker?
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12000 15Th Ave
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