Seaview 6 & Townhomes Development 7013 Seaview Ter SW 6 Unit Block of Flats £2,216,617 (£369,436/Unit) 4.91% Net Initial Yield Seattle, WA 98136
INVESTMENT HIGHLIGHTS
- Exceptional development opportunity - 5 townhomes
- Beautiful water/sound views
- Balconies and patios
- Great Income and cash flow
- Tastefully renovated units (4)
- 100% occupied
EXECUTIVE SUMMARY
Truly a one-of-kind investment/development property in highly sought after W. Seattle area. This rare 6-unit turnkey investment has water views & gorgeous sunsets along with strong cash flow. Located in West Seattle’s highly desirable Gatewood area, the Seaview Terrace Apts is a perfect mix of studios/1-bed/2-bed/3-bed units. Each with own unique floor plan. Four units have been renovated with updated baths, kitchen, stainless app & new floors. W/D in all units except for small non-conforming studio. Very strong occupancy in a high demand rental mkt with room to increase rents to market.
In addition, there is exceptional development opportunity to build 5-townhomes on the parcel. Plans for five 3-bed townhomes with individual garages. Perfect turnkey income property with six units or build five townhomes while maintaining income from existing 6-units. Close to Alki Beach, parks, Seattle College, The Junction, and short commute to downtown Seattle. Near rapid transit, eateries, shopping and much more. Contact LA for more information.
In addition, there is exceptional development opportunity to build 5-townhomes on the parcel. Plans for five 3-bed townhomes with individual garages. Perfect turnkey income property with six units or build five townhomes while maintaining income from existing 6-units. Close to Alki Beach, parks, Seattle College, The Junction, and short commute to downtown Seattle. Near rapid transit, eateries, shopping and much more. Contact LA for more information.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
£135,024
|
£48.92
|
| Other Income |
£8,759
|
£3.17
|
| Vacancy Loss |
£7,189
|
£2.60
|
| Effective Gross Income |
£136,594
|
£49.49
|
| Taxes |
£13,862
|
£5.02
|
| Operating Expenses |
£13,988
|
£5.07
|
| Total Expenses |
£27,849
|
£10.09
|
| Net Operating Income |
£108,745
|
£39.40
|
PROPERTY FACTS
| Price | £2,216,617 |
| Price Per Unit | £369,436 |
| Sale Type | Investment |
| Net Initial Yield | 4.91% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 4,490 SF |
| Average Occupancy | 100% |
| Number of Floors | 3 |
| Year Built | 1901 |
SITE AMENITIES
- Wi-Fi
- Fiber Optic Internet
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | Avg. Rent.Mo | SF |
|---|---|---|---|
| 2+1 | 2 | £1,968 | 1,100 - 1,200 |
| 3+2 | 1 | £2,121 | 1,000 |
| 1+1 | 1 | £1,525 | 620 |
| Studios | 2 | £1,539 | 120 - 400 |
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ZONING
| Zoning Code | LR3 (M) (Zoning LR3) |
