Vista | 1018 NE 112th St
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Vista 1018 NE 112th St
9 Unit Block of Flats £2,765,035 (£307,226/Unit) 5.53% Net Initial Yield Seattle, WA 98125
Investment Highlights
- Well-maintained community comprised of an ideal mix of one- and two-bedroom units averaging 862 square feet
- Additional Upside: 2,040-square-foot existing workspace on ground floor offers opportunity to subdivide and convert to additional units
- Twelve underground parking spaces provide the property with a significant market advantage and additional income opportunities
- Commercial Income: Oversized ground-level retail with commercial tenant generating $35K additional income annually
- Amenities: Include in-unit washers and dryers, private balconies in all units, and vinyl plank flooring in select units
- $150K+ spent on renovations & CapEx in last 2 years including 3 balcony replacements, upgrades to signage, & 5-year fire sprinkler recertification
Executive Summary
Vista Apartments is a 10-unit garden-style apartment community in Seattle’s Northgate neighborhood. 12 minutes from downtown, the property provides easy access to a variety of retail and lifestyle amenities, as well as numerous employment opportunities throughout the Puget Sound. Built in 1996, Vista consists of one four-story building with an ideal unit mix of three one-bedroom units, six two-bedroom units, and one oversized live/work space which currently operates as a yoga studio.
New ownership will benefit from recent renovations that have occurred to six of the units by further pushing market rents. Recent upgrades include new plank flooring, stainless-steel appliances, brand-new all white cabinetry, modern light fixtures, granite countertops and water heater replacements. Neighboring properties have proven rent premiums for modern features and finishes with the aforementioned upgrades, attracting the area’s affluent tenant base.
New ownership will benefit from recent renovations that have occurred to six of the units by further pushing market rents. Recent upgrades include new plank flooring, stainless-steel appliances, brand-new all white cabinetry, modern light fixtures, granite countertops and water heater replacements. Neighboring properties have proven rent premiums for modern features and finishes with the aforementioned upgrades, attracting the area’s affluent tenant base.
Data Room Click Here to Access
- Operating and Financials
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | £2,765,035 | Building Class | C |
| Price Per Unit | £307,226 | Lot Size | 0.10 AC |
| Sale Type | Investment | Building Size | 15,191 SF |
| Net Initial Yield | 5.53% | Average Occupancy | 90% |
| No. Units | 9 | Number of Floors | 4 |
| Property Type | Residential | Year Built | 1996 |
| Property Subtype | Apartment | Parking Ratio | 0.79/1,000 SF |
| Apartment Style | Mid Rise |
| Price | £2,765,035 |
| Price Per Unit | £307,226 |
| Sale Type | Investment |
| Net Initial Yield | 5.53% |
| No. Units | 9 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 15,191 SF |
| Average Occupancy | 90% |
| Number of Floors | 4 |
| Year Built | 1996 |
| Parking Ratio | 0.79/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Washer/Dryer
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Security System
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 3 | £1,289 | 665 |
| 2+1 | 6 | £1,667 | 960 |
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Walk Score ®
Walker's Paradise (90)
Bike Score ®
Very Bikeable (79)
PROPERTY TAXES
| Parcel Number | 572450-0575 | Total Assessment | £2,350,280 |
| Land Assessment | £417,125 | Annual Taxes | -£1 (£0.00/sf) |
| Improvements Assessment | £1,933,154 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
572450-0575
Land Assessment
£417,125
Improvements Assessment
£1,933,154
Total Assessment
£2,350,280
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2023
zoning
| Zoning Code | NC340, Seattle |
| NC340, Seattle |
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Vista | 1018 NE 112th St
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