2414 13Th AveSeattle, WA 98144

Property Details for 2414 13Th Ave

Year built

1968

Lot size

0.14 AC

Property size (Sq ft)

22,400 SF

Property type

Apartment buildings

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.

Location Insight

City

Seattle

County

King

State

Washington

Latitude

47.5814

Longitude

-122.316

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