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2451-2473 Aurora Ave N
Seattle, WA 98109 Queen Anne

$2,800,000

Motel For Sale  •  2,644 Sq Ft

Property Details

  • Property Type Motel
  • Total Building Size 6,764 Sq Ft
  • Lot Size 0.45 ac
  • Building Class C
  • Year Built 1950
  • Cap Rate 8.17 %
  • Tenancy Single
  • Zoning C1-55 (M)
66 Transit Score
69 Walk Score

Description

Hillside Motel + 7 Unit Motel Building in Highly Desirable Queen Anne Neighborhood. Motel - 3,182 SQFT |  7-Plex - 3,582 SQFT | 19,723 SQFT Lot. New MHA Zoning: C1-55 (M) | 3.75 FAR allows for flexible redevelopment options including Multi-Family, Office, Retail, Hotel, Industrial, Etc. Value-Add Opportunity for an investor interested increasing gross revenue through renovations, and reducing expenses through better management. Located in Queen Anne, high visibility location with 229' of Frontage off I-99. NOI: $231,485 | Actual Cap Rate:  8.17% with a lot of upside potential!

Highlights

Ability to Increase Daily Rate & Scheduled Gross Income
Ability to Reduce Expenses through Better Management & Renovations
Great Location in Seattle Core

Property Flyers

Financial Summary (Actual)

Net Operating Income: $228,646 (2018)
Cap Rate: 8.17 %
Total Expenses: $128,858

Major Tenants

Tenant SF Occupied Lease End Date
Hillside Motel

Amenities

  • Bus Line

Public Transportation

Commuter RailDriveWalkDistance
King Street (Seattle) Station Commuter Rail (Sounder South Line) 7 min - 3.5 mi
AirportDriveWalkDistance
Kenmore Air Harbor Inc Airport 27 min - 13.1 mi
Seattle-Tacoma International Airport 28 min - 15.0 mi

Parking Details

Parking Available: No
Reserved: No
Type: Covered
Included in Rent: Yes
Kevin Simpson-Verger 206-946-9425 Simpson Real Estate LLC - KW Commercial
Kevin Simpson-Verger 206-946-9425 Simpson Real Estate LLC - KW Commercial