3500 W Government Way, Seattle, WA 98199

$1,850,000
6,465
SqFt

Listing courtesy of Windermere Real Estate Co.. Selling Office: Heaton Dainard, LLC.

Sold Price
$1,850,000
List Price
$1,995,000
Status
SOLD
MLS#
1254041
Closing Date
Jun 22, 2018
Days on Market
55
Style
55 - 5-9 Units
Finished SqFt
6,465
Area Total SqFt
6465
Annual Tax Ammount
15062
Lot Size (sq ft)
7,792
Sewer
Sewer Connected

Property Description

This well-built 1950s 8-plex is in a stellar location! Tenants have easy access to downtown by bus, car or bicycle and can stroll across the Locks to enjoy Ballard restaurants. Discovery Park, with its 534 wooded acres and saltwater beaches, is just 1 block away. There are five 2-bdrm units and three 1-bdrm units with an average size of 735 sq ft. Units have ample storage and off-street parking. Low rents plus large units equals tremendous upside potential.

Additional Information

List Date
2018-04-28 00:00:00
Community
Magnolia
Net Operating Income
$78,569
Gross Adjusted Income
$109,956
Gross Scheduled Income
$112,200
Total Monthly Income
$9,325
Insurance Expenses
$2,619
Water/Sewer/Garbage Expenses
$12,907
Gross Rent Multiplier
18
Total Expenses
$31,387
Cap Rate
3.94
Vacancy Rate
2
Total Number of Units
8
Unit Name
3500
Potential Terms
Cash Out
Year Built
1959
Roof
Torch Down
Electric Expenses
799
School District
Seattle
Elementary School
Lawton
Middle School
Mc Clure Mid
High School
Ballard High
Total Monthly Income
$9,325
Gross Scheduled Income
$112,200
Vacancy Rate
2
Gross Adjusted Income
$109,956
Tax Year
2017
Insurance Expense
$2,619
W/S/G Expenses
$12,907
Total Expenses
$31,387
Net Operating Income
$78,569
Gross Rent Multiplier
18
Cap Rate
3.94
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