2414 13Th AveSeattle, WA 98144

Property Details for 2414 13Th Ave

Year built

1954

Lot size

0.14 AC

Property size (Sq ft)

7,575 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a portfolio of three multifamily apartment buildings in Seattle's desirable Beacon Hill neighborhood. The portfolio comprises a total of 50 units, boasting 100% occupancy and a strong net operating income (NOI) of $272,632. The buildings, constructed between 1954 and 1968, underwent extensive renovations in 2017, ensuring modern appeal and efficient operations. The total square footage ranges from 7,575 to 22,400 square feet, situated on lots ranging from 0.14 to 0.24 acres. The properties are zoned LR3 (M2), L-2, Seattle, LR3, offering flexibility and potential for future development. Current rents are below market, presenting a significant opportunity to increase revenue. The portfolio's strategic location provides convenient access to public transportation, major employment centers, and numerous amenities. This value-add investment offers a compelling combination of immediate cash flow and substantial long-term appreciation potential, with a current cap rate of 5.50%. The property includes three separate addresses: 2414 13th Ave S, 1401 S Holgate St, and 2350 Beacon Ave S, all in Seattle, WA 98144, and an additional address at 1306-1308 S Bayview St, Seattle, WA 98144. The portfolio is offered as a 1031 exchange opportunity. The associated APN numbers are 539360-0403, 912200-0230, 912200-0235, 060550-0000.

Location Insight

City

Seattle

County

King

State

Washington

Latitude

47.5814

Longitude

-122.315

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