4803 Henderson StSeattle, WA 98118

Property Details for 4803 Henderson St

Year built

1962

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 39-unit apartment building in Seattle, WA presents a compelling investment opportunity. Located at 4803 S Henderson St, 98118, this stabilized multifamily property boasts 30,891 net rentable square feet across three stories and a basement, situated on a 33,000 sq ft lot. Built in 1962 and renovated in 1995, the property currently enjoys 100% occupancy, generating a strong NOI of $380,554 and a 5.44% cap rate, with a pro-forma cap rate of 7.81%. The asking price is $6,997,000, or $179,410 per unit. The property features 39 parking spaces, potential for additional income through coin-op laundry and 33 potential storage units, and a basement offering value-add potential, such as conversion to studios. Current rents are below market value, with one-bedroom units currently renting for less than the market rate of $1,400 and two-bedroom units below the market rate of $1,900. Its prime location offers easy access to public transportation (blocks from a rail station and bus lines), Lake Washington, Seattle-Tacoma International Airport, Boeing, the Port of Seattle, downtown Seattle, shopping, and dining, including The Landing and Southcenter Mall. The property is also within walking distance of schools. The permitted zoning is NC355 (M). This property is ideal for investors seeking a high-return, well-located asset with significant upside potential. A covered pool is also present, offering potential for restoration and increased rental income. The property's APN is 212370-0355.

Location Insight

City

Seattle

County

King

State

Washington

Latitude

47.5227

Longitude

-122.273

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