Overview

Highlights

• Seller Financing available with 25% down, at 5% Interest only for 5 years.
• Desirable & spacious unit mix including two 1-bedrooms, seven 2-bedrooms, and one 3-bedroom which include garages for off street parking or storage.
• Well-situated nearby amenities & employment drivers.
• Current below market rents provide future rent upside
• Well-maintained pride of ownership buildings, provides future investor with current cashflow and peace of mind for key building systems.

Description

Lee & Associates NW Multifamily Team is pleased to present the exclusive listing of this 10-unit apartment portfolio comprised of three buildings on two large parcels totaling 8,600 square feet of LR2 in Green Lake. Situated only a block away from Green Lake, residents have immediate access to one of Seattle’s most beloved neighborhood areas. In additional to an excellent recreation destination, the location offers easy access to popular local retail and restaurants, with a combined ease of access to Fremont, Ballard, and Downtown Seattle. There is an attractive mix of one, two, and three bedroom units with individual walk-up entry. All units have private washers and dryers. Seven of the units offer a townhome-style unit ranging between 900-1100 square feet in size and have an attached garage, laundry and storage area. There is a private courtyard garden area positioned between the two buildings.

The property has been well-cared for and meticulously maintained. Within the last 10 years, current ownership has replaced all wiring and plumbing for all units, the kitchens and bathrooms have been renovated down to the studs, and all gas furnaces replaced.

A well-positioned asset within the highly desirable Green Lake submarket, this 10-unit portfolio presents buyers with multiple investment strategies, from continuing to run as is, enjoying steady cashflows, realizing current loss-to-lease from current below market rents, or a long-term hold for future redevelopment given the large footprint that is available.

Location

In the heart of Green Lake, a Seattle neighborhood centered around its namesake lake, the properties are located just above the North tip of the lake. Green Lake is a recreational draw for many Seattleites, featuring a paved perimeter trail, play fields, basketball courts, swimming beaches, boat launches and greenspaces. The property is also a short walk from popular Green Lake restaurants and retail, including Shelter Lounge, Lunchbox Lab, Little Red Hen, as well as PCC Market and the public library branch. Green Lake Elementary is also within walking distance.

This central Green Lake location garners a Walkscore of 96. Within walking distance of the Roosevelt Light Rail Station and the Green Lake Park & Ride, the property’s location provides excellent connectivity to Downtown Seattle, the University of Washington and the greater metro area. I-5 on-ramps are also within three blocks of the property. Well-connected, with an excellent amenity base, an appealing environment, the proximity to parks, trails, and quality recreational space makes this a highly desirable offering.

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