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Listed by:Paragon Real Estate Advisors • Michael Urquhart
$ 2,550,000
Est. payment | /mo
12 Beds
8 Baths
5,895 SqFt
$ 2,550,000
Est. payment | /mo
12 Beds
8 Baths
5,895 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,895 sqft
Price per Sqft $432
Subdivision Queen Anne
MLS Listing ID 2531266
Style 55 - 5-9 Units
Bedrooms 12
Year Built 1925
Annual Tax Amount $23,139
Lot Size 8,400 Sqft
Property Sub-Type Multi Family
Property Description
Presenting the Fairseas Apartments, an eight unit multifamily property in the North Queen Anne neighborhood of Seattle. The asset delivers a 5.8% current cap rate on day one—a stabilized, high income-producing return in a submarket where most comparable listings are priced at sub-5.25% current yields. Six of the eight units have been fully renovated with market-quality finishes, including four 2BD/1BTH, one 1BD/1BTH, and one 1BD+Den/1BTH. The two original 1BD/1BTH units are occupied by long-term tenants paying below-market rents, representing significant upside to bring them to the same finish and rent tier as the rest of the building—without touching the renovated units or stabilized income. In-place renovated rents already reach $1,800 on the one bedroom, validating the finish level. The building also features a new Durolast roof and a full exterior refresh (paint, lighting, signage) within the last three years. It sits on an 8,400 SF LR3 RC (M) zoned lot with 12 on-site parking stalls in a walkable location: a short walk to Seattle Pacific University, the RapidRide D Line, and the retail and dining on 15th Avenue West, with direct commuter access to South Lake Union, Downtown Seattle, Ballard, and Fremont. North Queen Anne continues to benefit from supply-constrained multifamily stock and durable renter demand tied to SPU, the Fishermen's Terminal maritime cluster, and the Fremont tech corridor.
Location
State WA
County King
Area 700 - Queen Anne/Magnolia
Interior
Flooring Laminate, Vinyl
Fireplace false
Exterior
Exterior Feature Brick, 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
Listing Terms Cash, Conventional
"Three Trees" icon indicates a listing provided courtesy of NWMLS.
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