Conrad Condominiums | 11727 93rd Ave NE
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Conrad Condominiums 11727 93rd Ave NE
4 Unit Block of Flats £1,644,930 (£411,232/Unit) 3.89% Net Initial Yield Kirkland, WA 98034
Investment Highlights
- Walking distance to the Juanita Beach Park and Juanita Village!
- Each unit features a covered patio and a storage room
- Washer/Dryer in each unit
- Air Conditioning in each unit
- Spacious 2 bedrooms and 1 bath
- The building includes 5 resident parking spaces
Executive Summary
Located in a prime area with 100% occupancy since 2020, this fourplex offers a fantastic opportunity for significant income growth.
Key Highlights:
* Prime Location: Excellent neighborhood with strong rental demand and walking distance to Juanita Beach Park and Juanita Village.
* Local Favorites: Enjoy the sandy beach, the popular Friday Farmer's Market, and the vibrant Juanita Village with its restaurants and shopping options.
* 100% Occupancy: Consistent rental income since 2020.
* Below Market Rent Rates: Current rents are below market average, offering room for increase.
* Spacious Units: Larger than market average, providing added value and appeal.
* Recent Upgrades: Owners have updated the units and each unit with AC for tenant comfort.
With the potential to raise rents and benefit from the prime location, this property is poised for substantial income growth.
Key Highlights:
* Prime Location: Excellent neighborhood with strong rental demand and walking distance to Juanita Beach Park and Juanita Village.
* Local Favorites: Enjoy the sandy beach, the popular Friday Farmer's Market, and the vibrant Juanita Village with its restaurants and shopping options.
* 100% Occupancy: Consistent rental income since 2020.
* Below Market Rent Rates: Current rents are below market average, offering room for increase.
* Spacious Units: Larger than market average, providing added value and appeal.
* Recent Upgrades: Owners have updated the units and each unit with AC for tenant comfort.
With the potential to raise rents and benefit from the prime location, this property is poised for substantial income growth.
Data Room Click Here to Access
- Offering Memorandum
- Purchase Agreement
- Title and Insurance
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£97,756
|
£26.56
|
| Other Income |
£1,880
|
£0.51
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
£99,636
|
£27.07
|
| Taxes |
£10,517
|
£2.86
|
| Operating Expenses |
£9,879
|
£2.68
|
| Total Expenses |
£20,396
|
£5.54
|
| Net Operating Income |
£79,239
|
£21.53
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | £97,756 |
| Annual Per SF | £26.56 |
| Other Income | |
|---|---|
| Annual | £1,880 |
| Annual Per SF | £0.51 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | £99,636 |
| Annual Per SF | £27.07 |
| Taxes | |
|---|---|
| Annual | £10,517 |
| Annual Per SF | £2.86 |
| Operating Expenses | |
|---|---|
| Annual | £9,879 |
| Annual Per SF | £2.68 |
| Total Expenses | |
|---|---|
| Annual | £20,396 |
| Annual Per SF | £5.54 |
| Net Operating Income | |
|---|---|
| Annual | £79,239 |
| Annual Per SF | £21.53 |
Property Facts
| Price | £1,644,930 | Apartment Style | Low Rise |
| Price Per Unit | £411,232 | Building Class | C |
| Sale Type | Investment | Building Size | 3,680 SF |
| Net Initial Yield | 3.89% | Average Occupancy | 100% |
| Gross Rent Multiplier | 19.55 | Number of Floors | 2 |
| No. Units | 4 | Year Built | 1979 |
| Property Type | Residential | Parking Ratio | 1.63/1,000 SF |
| Property Subtype | Apartment |
| Price | £1,644,930 |
| Price Per Unit | £411,232 |
| Sale Type | Investment |
| Net Initial Yield | 3.89% |
| Gross Rent Multiplier | 19.55 |
| No. Units | 4 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Building Size | 3,680 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built | 1979 |
| Parking Ratio | 1.63/1,000 SF |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Fireplace
- Microwave
- Storage Space
- Washer/Dryer
- Heating
- Kitchen
- High Speed Internet Access
- Refrigerator
- Oven
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Dining Room
- Double Pane Windows
- Family Room
- Patio
- Vinyl Flooring
- Window Coverings
Site Amenities
- Storage Space
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 2+1 | 4 | £1,723 | 920 |
zoning
| Zoning Code | RM |
| RM |
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Conrad Condominiums | 11727 93rd Ave NE
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