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4401 Aurora Ave N

Seattle, WA 98103

$2,350,000

Motel For Sale  •  8,122 Sq Ft

Property Details

  • Property Type Motel
  • Total Building Size 8,122 Sq Ft
  • Lot Size 0.31 ac
  • Building Class C
  • Year Built 1956
  • Cap Rate 5.14 %
  • Tenancy Single
  • Zoning LRC-RC/C1-40
64 Transit Score
90 Walk Score

Description

The property offers an investor or developer the opportunity to own a 13,000+ square foot rectangular lot that is ripe for development or hold for future development. The property currently operates as the Park Plaza Motel. This motel leases to residents who want to stay for short periods of stay longer than one week. The motel currently nets over $120,000 per year with a full time manager on site. The property is well located on the southern part of Aurora Avenue in the Fremont neighborhood. The lot is a corner parcel zoned LR3-RC and C1-40’ with views towards South Lake Union and downtown Seattle.

Highlights

Existing 14 room motel, two bedroom manager’s apartment, and office
Two buildings consisting of approximately 5,582 square feet
One story- wood frame construction
14 parking spaces
Motel completely renovated (2011)
New roofs, exterior paint flooring and bathrooms (2011)

Property Flyers

Financial Summary (Actual)

Net Operating Income: $120,872 (2017)
Cap Rate: 5.14 %

Major Tenants

Tenant SF Occupied Lease End Date
Park Plaza Motel 0 SF

Amenities

  • Bus Line

Public Transportation

Commuter RailDriveWalkDistance
King Street (Seattle) Station Commuter Rail (Sounder South Line) 13 min - 5.0 mi
AirportDriveWalkDistance
Seattle-Tacoma International Airport 24 min - 16.5 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 16
Type: Surface
Included in Rent: Yes
David Petersen 206-623-8880 Paragon Real Estate Advisors
David Petersen 206-623-8880 Paragon Real Estate Advisors