315 Summit Avenue E, Seattle, WA 98102
- $3,147,000
- 8,540
- SqFt
Listing courtesy of Paragon Real Estate Advisors. Selling Office: Paragon Real Estate Advisors.
- Sold Price
- $3,147,000
- List Price
- $3,100,000
- Status
- SOLD
- MLS#
- 1938451
- Closing Date
- Jun 10, 2022
- Days on Market
- 4
- Style
- 56 - 10+ Units
- Finished SqFt
- 8,540
- Area Total SqFt
- 8540
- Annual Tax Ammount
- 35464
- Lot Size (sq ft)
- 7,200
- Sewer
- Sewer Connected
Property Description
Built in 1930, Summit Crest offers classic brick construction including old-world charm, gleaming hardwood floors and 8 garage spaces. The unit mix of 5 studio units and 9 one-bedroom units meets the desired unit type for the for the typical Capitol Hill population. In recent years six units have been renovated, achieving market rents. Summit Crest offers an investor the likely potential for income upside by increasing rents to market levels or renovating the remaining units to today’s standards for even higher returns. This investment is a great opportunity for a prospective buyer to own a classic brick building in an A+ location.
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Additional Information
- List Date
- 2022-06-06 00:00:00
- Community
- Capitol Hill
- Net Operating Income
- $121,884
- Gross Adjusted Income
- $221,730
- Gross Scheduled Income
- $233,400
- Total Monthly Income
- $19,450
- Insurance Expenses
- $5,774
- Water/Sewer/Garbage Expenses
- $25,018
- Gross Rent Multiplier
- 13
- Total Expenses
- $99,846
- Cap Rate
- 3.93
- Vacancy Rate
- 5
- Total Number of Units
- 14
- Unit Name
- 315
- Potential Terms
- Cash Out, Conventional, Owner Financing
- Year Built
- 1930
- Roof
- Flat
- Other Expenses
- 33590
- Energy Source
- Electric
- School District
- Seattle
- Total Monthly Income
- $19,450
- Gross Scheduled Income
- $233,400
- Vacancy Rate
- 5
- Gross Adjusted Income
- $221,730
- Tax Year
- 2022
- Insurance Expense
- $5,774
- W/S/G Expenses
- $25,018
- Total Expenses
- $99,846
- Net Operating Income
- $121,884
- Gross Rent Multiplier
- 13
- Cap Rate
- 3.93
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