Quincy Apartments | 3624 Phinney Ave N
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Quincy Apartments 3624 Phinney Ave N
22 Unit Block of Flats £5,443,935 (£247,452/Unit) 5.64% Net Initial Yield Seattle, WA 98103
Investment Highlights
- Spacious mix of 1- and 2-bedroom units with fireplaces and decks
- 1987 construction with vintage finishes
- Management upside to a 5.5%+ Cap Rate
- Washer and dryer hook ups in-unit
- Secure parking garage with 24 spaces
- Minutes from large tech employers in Fremont
Executive Summary
CBRE is proud to exclusively offer for sale The Quincy Apartments, an exceptional 22-unit light value-add opportunity located in Seattle’s popular Fremont neighborhood. Built in 1987, the property features a desirable mix of spacious 1- and 2-bedroom layouts with decks and fireplaces, a secure parking garage with 24 spaces, and in-unit washer/dryer hookups. With current rental rates below market, a buyer has the potential to increase NOI and cash flow through improved management.
Residents benefit from the proximity to cafes, bars and restaurants on 36th Street, such as Fremont Coffee Company, The George & Dragon, and Local Tide. They can also walk to work at major tech employers located in the neighborhood or catch the RapidRide E Line to Downtown or South Lake Union. On the market for the first time in 30 years, The Quincy presents a unique opportunity to acquire a property of this size and vintage in a premium location.
Residents benefit from the proximity to cafes, bars and restaurants on 36th Street, such as Fremont Coffee Company, The George & Dragon, and Local Tide. They can also walk to work at major tech employers located in the neighborhood or catch the RapidRide E Line to Downtown or South Lake Union. On the market for the first time in 30 years, The Quincy presents a unique opportunity to acquire a property of this size and vintage in a premium location.
Property Facts Under Contract
| Price | £5,443,935 | Building Class | C |
| Price Per Unit | £247,452 | Lot Size | 0.23 AC |
| Sale Type | Investment | Building Size | 23,693 SF |
| Net Initial Yield | 5.64% | Average Occupancy | 100% |
| No. Units | 22 | Number of Floors | 3 |
| Property Type | Residential | Year Built/Renovated | 1987/2001 |
| Property Subtype | Apartment | Parking Ratio | 1.1/1,000 SF |
| Apartment Style | Low Rise |
| Price | £5,443,935 |
| Price Per Unit | £247,452 |
| Sale Type | Investment |
| Net Initial Yield | 5.64% |
| No. Units | 22 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 23,693 SF |
| Average Occupancy | 100% |
| Number of Floors | 3 |
| Year Built/Renovated | 1987/2001 |
| Parking Ratio | 1.1/1,000 SF |
Unit Amenities
- Balcony
- Fireplace
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Security System
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 13 | - | 844 |
| 2+1.5 | 9 | - | 1,000 |
Walk Score ®
Walker's Paradise (96)
Bike Score ®
Very Bikeable (88)
PROPERTY TAXES
| Parcel Number | 197220-0480 | Improvements Assessment | £3,519,367 |
| Land Assessment | £1,684,095 | Total Assessment | £5,203,462 |
PROPERTY TAXES
Parcel Number
197220-0480
Land Assessment
£1,684,095
Improvements Assessment
£3,519,367
Total Assessment
£5,203,462
zoning
| Zoning Code | L3, Seattle |
| L3, Seattle |
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Quincy Apartments | 3624 Phinney Ave N
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