2350 Beacon AveSeattle, WA 98144

Property Details for 2350 Beacon Ave

Year built

1958

Lot size

0.24 AC

Property size (Sq ft)

9,900 SF

Property type

Apartment buildings

Description

This exceptional 16-unit apartment building, known as Westward Apartments, presents a compelling investment opportunity in Seattle's desirable Beacon Hill neighborhood. Located at 2350 Beacon Ave S, Seattle, WA 98144, this two-story building boasts 9,900 square feet on a 0.24-acre lot and offers six parking spaces. Built in 1958, the property is currently 100% occupied, generating a substantial Net Operating Income (NOI) of $257,742, representing a 5.5% capitalization rate. The asking price is $4,700,000, or $293,750 per unit. The property is zoned LR3 (M2), offering potential for future development within Seattle's vibrant urban village. Recent exterior renovations and moderate interior upgrades have positioned the property to capture significant rent increases, estimated at $80-$100 per unit monthly. Its prime location near key employment centers, including Downtown Seattle, South Lake Union, Seattle-Tacoma International Airport, the University District, and Rainier Valley, ensures strong tenant demand. The proximity to the Beacon Hill Light Rail Station (a 6-minute walk) further enhances its appeal. This property is an ideal investment for those seeking strong current income with significant upside potential, driven by rising home values and the increasing preference for renting in the Seattle metropolitan area. The property's current rents are slightly below market standards, presenting an immediate opportunity to increase profitability.

Location Insight

City

Seattle

County

King

State

Washington

Latitude

47.5821

Longitude

-122.316

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