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Listed by:Paragon Real Estate Advisors • Michael Urquhart
$ 2,425,000
Est. payment /mo
Active
1401 W Bertona ST Seattle, WA 98119
12 Beds
8 Baths
5,895 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,895 sqft
Price per Sqft $411
Subdivision Queen Anne
MLS Listing ID 2531266
Style 55 - 5-9 Units
Bedrooms 12
Year Built 1925
Annual Tax Amount $23,139
Lot Size 8,400 Sqft
Property Sub-Type Multi Family
Property Description
The asset delivers a 6.15% current cap rate on day one providing a stabilized, high income-producing return in a submarket where most comparable listings are priced at sub-5.25% current yields. Six of the eight units have been fully renovated with market-quality finishes, the building has a new Durolast roof, and received a full exterior refresh (paint, lighting, and signage) within the last three years. The building consists of six renovated units including four 2BD/1BTH residences, one 1BD/1BTH, and one 1BD+Den/1BTH and two original 1BD/1BTH units currently occupied by long-term tenants paying below-market rents. The two original units represent significant upside for a new owner to bring these final two units to the same finish level and rent tier as the rest of the building, without touching the renovated units or any stabilized income. In-place renovated rents at Fairseas already reach $1,800 on the one bedroom, validating the finish level and rental capability. The property sits on an 8,400 square foot LR3 RC (M) zoned lot with 12 on-site parking stalls in a walkable North Queen Anne location: short walk to Seattle Pacific University, the RapidRide D Line, and the retail and dining on 15th Avenue West, with direct commuter access to South Lake Union, Downtown Seattle, Ballard, and Fremont.
Location
State WA
County King
Area 700 - Queen Anne/Magnolia
Interior
Flooring Laminate, Vinyl
Fireplace false
Exterior
Exterior Feature Brick, Wood Products
View Y/N No
Roof Type Flat
Building
Sewer Sewer Connected
Water Public
New Construction No
Schools
School District Seattle
Others
Senior Community No
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
"Three Trees" icon indicates a listing provided courtesy of NWMLS.