3208 Rainier AveSeattle, WA 98144

For Sale
$4,450,000

14-unit apartment building, high growth potential.

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional 14-unit apartment building presents a compelling value-add investment opportunity in Seattle's vibrant Rainier Valley neighborhood. Located at 3208 Rainier Ave S, this mixed-use property boasts 15,117 square feet on a 7,520 square foot lot, with a desirable SM-NR 95 (M) zoning designation. Built in 2018, the building features a wood-frame construction and includes 12 apartments and two commercial spaces. The property currently offers a 4.30% cap rate, with a pro-forma cap rate projected at 6.25%, indicating significant upside potential. The asking price is $4,450,000, translating to $295 per square foot and $317,857 per unit. Tenants benefit from a corporate guarantee and franchisee status, providing enhanced security. The property's prime location offers convenient access to major transportation arteries, including I-5 and I-90, as well as the Mt. Baker light rail station (3 blocks away), providing easy commutes to downtown Seattle and the First Hill Medical Community. The spacious apartments feature modern finishes, and the vacant retail units present an opportunity to increase rental income. With only two parking spaces currently available, there is potential for expansion. The King County Assessor's Parcel Number is 128230-0260. This property is an ideal investment for those seeking strong returns and long-term growth in a rapidly developing Seattle neighborhood.

Highlights

  • 2 Commercial Units & 12 Apartments
  • 2 Parking Spaces
  • Built in 2018
  • Wood Frame Construction
  • 13,708 SF (KC Records) / 15,117 SF (Owner Records)
  • 7,523 SF Lot

Property Details for 3208 Rainier Ave

Property type
Multifamily properties, Apartment buildings
Square Feet
15,117 SF
Year Built
2018
Units
14

Location Insight

City
Seattle
County
King
State
Washington
Latitude
47.5746594
Longitude
-122.2952998
3208 Rainier Ave, Seattle, Washington

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3208 Rainier Ave
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