Listing ID: 1947804
Sold For: $1,800,000
Status: Closed
Address: 1401 W Bertona Street 1-8
Unit Number: 1-8
City: Seattle
State: Washington
Postal Code: 98119
SqFt: 7,125
Acres: 0.193
County: King
Seattle
WA
98119
Positioned in Seattle’s desirable North Queen Anne neighborhood, Fairseas Apartments is within walking distance of Seattle Pacific University and is an easy commute to South Lake Union and Downtown Seattle with their many prestigious employers. Fairseas' Apartments’ 8 units offer a new investor the likely opportunity for meaningful upside in the form of increased rents, charging for parking, and increased monthly charges for laundry and utilities. With desirable features including 13 parking spaces, on-site laundry, storage, and several remodeled units, combined with its North Queen Anne location and income and management upside, the Fairseas Apartments is an excellent investment opportunity.
Primary Features
County:
King
Price Reduction Date:
2022-11-30T19:14:56+00:00
Property Sub Type:
Multi-Family
Property Type:
Residential Income
Subdivision:
Queen Anne
Year Built:
1925
Interior
Building Area Units:
Square Feet
Furnished:
Unfurnished
Interior Features:
Forced Air
Living Area Units:
Square Feet
Stories Total:
3
External
Elevation Units:
Feet
Exterior Features:
Brick, Metal/Vinyl, Wood
Lot Features:
Alley, Curbs, Paved, Sidewalk
Lot Size Square Feet:
8400
Lot Size Units:
Square Feet
MLS Lot Size Source:
county records
Number Of Units Total:
8
Open Parking Spaces:
13
Parking Total:
13
Parking Uncovered Spaces:
13
Roof:
Flat
Sewer:
Sewer Connected
Structure Type:
Multi Family
Style Code:
56 - 10+ Units
Units Below Grade:
false
Units In Building Total:
8
Water Sewer Garbage:
10234
Water Source:
Public
Location
Building Area Total:
7125
Building Name:
Fairseas Apartments
Country:
US
Elementary School:
Frantz Coe Elementary
High School:
Lincoln High
High School District:
Seattle
Middle Or Junior School:
Mc Clure Mid
MLS Area Major:
_700QueenAnneMagnolia
View:
Partial, Territorial
Waterfront:
no
Zoning Class:
Multi-Family
Zoning Jurisdiction:
City
Additional
Amenities:
Coin Op Laundry,Storage
Mls Status:
Sold
Offers:
Seller intends to review offers upon receipt
Possible Use:
Multi-Family
Power Production Type:
Electric
Preliminary Title Ordered:
yes
Show Map Link:
yes
Financial
Buyer Financing:
Not Disclosed
Cap Rate:
4.2
Gross Adjusted Income:
154047
Gross Rent Multiplier:
12.3
Gross Scheduled Income:
162155
Insurance Expense:
10883
Leasable Area:
6550
Leasable Area Units:
Square Feet
Leased Items:
None
Net Operating Income:
84472
Other Expense:
29659
Possession:
Closing, Tenant's Rights
Sale Type:
MLS
Seller Disclosure:
Not Provided
Special Listing Conditions:
None
Tax Annual Amount:
21534
Tax Year:
2022
Total Expenses:
72310
Total Monthly Income:
13513
Vacancy Rate:
5
Zoning Info
Area Info
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