4324 36Th AveSeattle, WA 98199

For Sale
$1,750,000

Six-unit apartment building, high potential

Overview

Added:
Dec 11, 2024
Days on market:
94
This two-story, six-unit apartment building presents a compelling value-add investment opportunity in Seattle's desirable Magnolia neighborhood. Built in 1977, the property boasts 5,750 square feet of net rentable space situated on a 0.16-acre lot. The building features secured access, individual balconies or patios, and covered parking with a 1:1 unit ratio. Each unit includes a washer and dryer. Significant rental upside is projected with minimal updates, offering a strong return on investment. The property is zoned LR3 RC (M) and has an asking price of $1,750,000, representing a price per unit of $291,667. The property's original builder is the current owner. This is a rare chance to acquire a well-maintained multifamily asset with substantial potential for appreciation in a prime Seattle location. The property's strong features, including the 1:1 parking ratio and in-unit laundry, are highly desirable in the current market. The potential for significant rent increases further enhances the investment appeal. This opportunity is ideal for investors seeking a value-add project with immediate upside. The property's location in Magnolia offers convenient access to amenities and excellent transportation links. The 3.30% cap rate presents a solid foundation for future growth. The APN is 423540-0485.

Highlights

  • Significant rental upside potential (18-20%) with minor renovations.
  • In-unit washer/dryer hookups.
  • Secure building access and private balconies/patios.
  • Covered parking with one space per unit.
  • Original owner/developer.

Property Details for 4324 36Th Ave

Property type
Multifamily properties, Apartment buildings
Year Built
1977
Stories
2
Lot Size (sq. ft)
6,970 SF
Units
6

Location Insight

City
Seattle
County
King
State
Washington
Latitude
47.6592263
Longitude
-122.4033003
4324 36Th Ave, Seattle, Washington

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4324 36Th Ave
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