8523 23rd Avenue NE, Seattle, WA 98115

$1,940,000

Listing courtesy of Blake Investment Advisors. Selling Office: Windermere Real Estate Central.

Sold Price
$1,940,000
List Price
$2,000,000
Status
SOLD
MLS#
2197876
Closing Date
Apr 01, 2024
Days on Market
212
Style
54 - 4-Plex
Building Condition
Very Good
Annual Tax Ammount
9655
Lot Size (sq ft)
6,260
Sewer
Sewer Connected

Property Description

SELLER FINANCING with POSITIVE LEVERAGE ~ Investors can acquire a well-maintained asset with improvements that combine to create a turnkey investment and durable income stream via attractive purchasing terms offered by the seller. Terms include a 25% down payment, a 4.5% rate with interest-only payments, and a 7-year term. Improvements like ductless mini-split heat pumps, which are significantly more efficient and provide heat and air conditioning to the units. A new 25-year roof was placed in service 5 years ago, new water heaters, and a hot water circulation pump create ready-to-use hot water on-demand saving time and money. Opportunity exists to institute utility bill back and install washers and dryers in the units to increase rents.

Additional Information

List Date
2023-09-02 00:00:00
Community
Wedgwood
Net Operating Income
$90,401
Gross Adjusted Income
$112,320
Gross Scheduled Income
$114,000
Total Monthly Income
$9,500
Insurance Expenses
$1,764
Water/Sewer/Garbage Expenses
$9,000
Total Expenses
$21,919
Cap Rate
4.5
Vacancy Rate
2
Total Number of Units
4
Unit Name
8523
Potential Terms
Owner Financing
Year Built
1970
Roof
Composition
Other Expenses
1500
Energy Source
Electric
School District
Seattle
Total Monthly Income
$9,500
Gross Scheduled Income
$114,000
Vacancy Rate
2
Gross Adjusted Income
$112,320
Tax Year
2023
Insurance Expense
$1,764
W/S/G Expenses
$9,000
Total Expenses
$21,919
Net Operating Income
$90,401
Cap Rate
4.5
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