31-unit multifamily community situated in Seattle's desirable Interbay/ Queen Anne area. Golfcrest offers investors meaningful renovation value-add upside, and seller financing is available for qualified buyers. The proposed seller financing terms are 5% interest-only rate, 25% down payment and a 5-year term. The property is comprised of a diversified unit mix that includes studio, one-bedroom, two-bedroom, and a Penthouse unit, making it well positioned to serve a broad tenant base in one of Seattle's most supply constrained submarkets. Roughly 50% of the units have had the flooring replaced with LVP floors. Replacing the remainder of the flooring and improving the kitchens and bathrooms will result in a significant increase in rent. The property has been owned by the same family for the last 31 years. Ownership has spent over $225K in capital improvements over the last couple of years. These improvements reduce near-term capital expenditure risk while preserving the opportunity for an incoming investor to execute a targeted unit renovation program and capture meaningful rental upside.
| MLS # | 2526962 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Pending |
| Year | 1963 |
| Days On Site | 116 |
| Listing Provided By | Paragon Real Estate Advisors | Ben Douglas |
| SQ Feet | 23,900 |
|---|---|
| Story(s) | 3 |
| Units | 31 |
| Zoning | Multi-Family |
| Acreage | 0.55 |
| Property | 85355 |
|---|
| State | WA |
|---|---|
| County | King |
| City | Seattle |
| Zip Code | 98119 |
| Area | 700 Queen Anne | Magnolia |
| Community Name | Interbay |
| Listing VS Median (in Interbay) | |
Price: $6,000,000 low | high Med: $1,922,500 sqft: 23,900 low | high Med: 4,691 $ / sqft: $251 low | high Med: $400 On site: 116 low | high Med: 40 | |
| State | WA |
|---|---|
| County | King |
| City | Seattle |
| Zip Code | 98119 |
| Area | 700 Queen Anne | Magnolia |
| Community Name | Interbay |
| Listing VS Median (in Interbay) | |
Price: $6,000,000 low | high Med: $1,922,500 sqft: 23,900 low | high Med: 4,691 $ / sqft: $251 low | high Med: $400 On site: 116 low | high Med: 40 | |