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Listed by:Paragon Real Estate Advisors • Ben Douglas
$ 6,500,000
Est. payment | /mo
36 Beds
37 Baths
23,900 SqFt
$ 6,500,000
Est. payment | /mo
36 Beds
37 Baths
23,900 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 23,900 sqft
Price per Sqft $271
Subdivision Interbay
MLS Listing ID 2526962
Style 56 - 10+ Units
Bedrooms 36
Year Built 1963
Annual Tax Amount $85,355
Lot Size 0.551 Acres
Property Sub-Type Multi Family
Property Description
31-unit multifamily community situated in Seattle's desirable Interbay/ Queen Anne area. Golfcrest offers investors meaningful renovation value-add upside, and seller financing is available for qualified buyers. The proposed seller financing terms are 5% interest-only rate, 25% down payment and a 5-year term. The property is comprised of a diversified unit mix that includes studio, one-bedroom, two-bedroom, and a Penthouse unit, making it well positioned to serve a broad tenant base in one of Seattle's most supply constrained submarkets. Roughly 50% of the units have had the flooring replaced with LVP floors. Replacing the remainder of the flooring and improving the kitchens and bathrooms will result in a significant increase in rent. The property has been owned by the same family for the last 31 years. Ownership has spent over $225K in capital improvements over the last couple of years. These improvements reduce near-term capital expenditure risk while preserving the opportunity for an incoming investor to execute a targeted unit renovation program and capture meaningful rental upside.
Location
State WA
County King
Area 700 - Queen Anne/Magnolia
Interior
Flooring Vinyl Plank
Fireplace false
Exterior
Exterior Feature Cement/Concrete, Stone, Wood, Wood Products
View Y/N No
Roof Type Flat
Building
Sewer Sewer Connected
Water Public
New Construction No
Schools
School District Seattle
Others
Senior Community No
Acceptable Financing Cash, Conventional, Owner Will Carry
Listing Terms Cash, Conventional, Owner Will Carry
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