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2801 14th Ave W

Seattle, WA 98119

$2,400,000

Apartments For Sale  •  6,400 Sq Ft

Property Details

  • Property Type Apartments
  • Total Building Size 6,400 Sq Ft
  • Lot Size 0.21 ac
  • Building Class C
  • Year Built 1961
  • Cap Rate 3.86 %
  • Zoning L3, Seattle
57 Transit Score
71 Walk Score

Description

The Deauville is an 8 unit apartment building comprised of 8 two bedroom / one bath units. This building boasts several systematic updates, including double pane vinyl windows, new TPO Membrane roof in 2017 and new breezeway railings installed in 2019. The top floor units share territorial views of Interbay and the Puget Sound. Most of the units have received cosmetic upgrades including various styles of oak cabinets in the past 20 years. Currently, 4 units are plumbed for stacked washer dryers (3 units have machines) while the other 4 would be easy additions, with all 8 units having the same floor plan. In addition, the existing laundry room and 2 storage areas, measuring approximately 420 sq ft, would be an ideal area to add a 9th unit to the property. Long term, future redevelopment is likely, given the building sits on a 9,000 sq ft LR3 high density zoned lot. Located just 2 blocks from 15th Ave W, the property is in close proximity to the future Sound Transit Light Rail (2025) and new Expedia campus opening in 2019 (3500+ new employees). Furthermore, the property shares the Armour Street city right of way, which is meticulously landscaped by the owner. This provides residents a park like feel in an urban setting and an amenity to any future redevelopment.

Highlights

9,000 SQ FT Lot primed for Future Redevelopment
4 units with stacked W/D with easy addition of Laundry for 4 remaining units
New TPO Membrane Roof in 2017
Current rents are 35% below market with a market cap rate of 5.86%
Ability to add a 9th Unit
Several units have territorial views of Interbay and Puget Sound

Property Flyers

Financial Summary (Actual)

Net Operating Income: $92,633 (2019)
Cap Rate: 3.86 %
Total Expenses: $49,582

Amenities

  • Laundry Facilities

Public Transportation

Commuter RailDriveWalkDistance
King Street (Seattle) Station Commuter Rail (Sounder South Line) 15 min - 4.6 mi
AirportDriveWalkDistance
Seattle-Tacoma International Airport 26 min - 16.1 mi

Parking Details

Parking Available: No
Reserved: No
Type: Covered
Included in Rent: Yes
Tyler Smith 206-505-9425 Westlake Associates, Inc.
Tyler Smith 206-505-9425 Westlake Associates, Inc.