Bought with Realogics Sotheby's Int'l Rlty
$1,800,000
$2,000,000
10.0%For more information regarding the value of a property, please contact us for a free consultation.
6,835 SqFt
SOLD DATE : 08/23/2024
Key Details
Sold Price $1,800,000
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 6,835 sqft
Price per Sqft $263
Subdivision Magnolia
MLS Listing ID 2233647
Sold Date 08/23/24
Style 55 - 5-9 Units
Year Built 1968
Annual Tax Amount $18,621
Lot Size 7,650 Sqft
Property Description
Enjoy cashflow & stability while planning future development upside! Current financials of this building are above average for comps but the differentiating quality of this opportunity is found in the extraordinary upside. 6-unit building (five are 2bedrooms) w/ addtl SFH (2bds/1ba) sits on a 7,650 sqft street-to-street lot w/ coveted LR-3 zoning. Three viable upside options: 1) add rental units or build/sell townhomes where SFH currently sits; 2) expand existing units into under-utilized interior space (there are two large interior staircases, one could be repurposed to pick up an entire bedroom on three units); and 3) align rents with market-rate. Loads of off-street parking. Close commute to high-income jobs + Whole Foods & Trader Joe's.
Location
State WA
County King
Area 700 - Queen Anne/Magnolia
Interior
Interior Features Wall to Wall Carpet
Flooring Vinyl, Carpet
Fireplace Yes
Exterior
Exterior Feature Metal/Vinyl
Waterfront No
View Y/N Yes
View Territorial
Roof Type See Remarks
Building
Sewer Sewer Connected
Water Public
New Construction No
Schools
Elementary Schools Magnolia Elementary
Middle Schools Mc Clure Mid
High Schools Ballard High
School District Seattle
Others
Senior Community No
Acceptable Financing Cash Out, Conventional
Listing Terms Cash Out, Conventional
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