9226 Fremont AveSeattle, WA 98103

This exceptional 7-unit apartment building, located in Seattle's desirable Greenwood neighborhood at 9226 Fremont Ave N, presents a compelling investment opportunity. Built in 1989 and renovated in 2023, the property boasts a total of 5,475 square feet on a 6,300 square foot lot, with a permitted LR2 zoning designation. The building comprises one 1-bedroom unit and six 2-bedroom/2-bathroom units, averaging 800 square feet each. Three units have already undergone renovations, offering a significant upside for the new owner. Renovating the remaining four units could potentially increase rental income by 20%. Ten parking spaces are available, including six garage spaces. The property currently enjoys 100% occupancy, generating a Net Operating Income (NOI) of $116,126, with a pro-forma NOI of $140,482. The asking price is $2,200,000, representing a current cap rate of 5.20% and a pro-forma cap rate of 6.39%. Conveniently located near Highway 99 and I-5, the property offers easy access to downtown Seattle and surrounding areas. The Greenwood neighborhood provides residents with proximity to numerous restaurants, entertainment venues, Fred Meyer, parks, and schools. This is a rare opportunity to acquire a well-located multifamily property with significant value-add potential in a thriving Seattle market. The property's APN is 312604-9313. In-unit laundry is featured in the renovated units, with a common laundry facility for the others.