2321 NE 55th Street, Seattle, WA 98105
- $2,250,000
Listing courtesy of Lee & Associates Commercial RE. Selling Office: WeLakeside.
- Sold Price
- $2,250,000
- List Price
- $2,350,000
- Status
- SOLD
- MLS#
- 2030689
- Closing Date
- Jul 17, 2023
- Days on Market
- 89
- Style
- 55 - 5-9 Units
- Annual Tax Ammount
- 21604
- Lot Size (sq ft)
- 7,675
- Sewer
- Sewer Connected
Property Description
Situated across the street from Ravenna Park on a 7,675 sf LR3 RC (M) zone lot, the Parkway offers a diverse unit mix of four 2-beds, three 1-beds and one studio unit. These classic mid-century floorplans feature an average unit size of 731 sf. The building has received updates over the years including a full tile roof replacement and vinyl window replacements. Onsite parking to accommodate six vehicles includes four secured garage spaces. Potential to incorporate the current garage spaces into rentable square footage may exist. Ideally situated near work, school and play, the Parkway appeals to multiple investment strategies including value add repositions, adding net rentable, development potential, & opportunities abound.
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Additional Information
- List Date
- 2023-04-19 00:00:00
- Community
- Ravenna
- Net Operating Income
- $122,630
- Gross Adjusted Income
- $163,077
- Gross Scheduled Income
- $171,660
- Total Monthly Income
- $15,613
- Insurance Expenses
- $3,200
- Water/Sewer/Garbage Expenses
- $9,600
- Gross Rent Multiplier
- 13.7
- Total Expenses
- $56,143
- Cap Rate
- 5.22
- Vacancy Rate
- 5
- Total Number of Units
- 8
- Unit Name
- 2321
- Potential Terms
- Cash Out, Conventional
- Year Built
- 1955
- View
- Mountain(s), Partial, Territorial
- Roof
- Tile
- Other Expenses
- 21739
- Energy Source
- Electric, Natural Gas
- School District
- Seattle
- Elementary School
- Seattle Public Sch
- Middle School
- Seattle Public Sch
- High School
- Seattle Public Sch
- Total Monthly Income
- $15,613
- Gross Scheduled Income
- $171,660
- Vacancy Rate
- 5
- Gross Adjusted Income
- $163,077
- Tax Year
- 2023
- Insurance Expense
- $3,200
- W/S/G Expenses
- $9,600
- Total Expenses
- $56,143
- Net Operating Income
- $122,630
- Gross Rent Multiplier
- 13.7
- Cap Rate
- 5.22
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