Multifamily
Fountain Apartments
715 N 95th St, Seattle, WA 98103
Listing Price: $2,100,000
Investment Overview
The Fountain Apartments are located in a quiet, residential pocket North of Seattle’s desirable neighborhood, Greenwood. Originally constructed in 1988, The Fountain Apartments has been carefully maintained and updated to ensure that it is a desirable community for tenants and a low-maintenance asset for ownership. Comprised of four 520 SF one-bedrooms and four 795 SF two-bedrooms, the property offers a range of living spaces that have strong historical occupancy. Greenwood is one of Seattle’s vibrant, walkable and community oriented neighborhoods offering unmatched access to 620,000+ jobs at companies such as Amazon, Google, Expedia, Meta, Microsoft as well as some of the largest hospitals on the West Coast including Swedish Hospital, UW Medical Center, Harborview Medical Center, and more. The Fountain Apartments has been exceptionally maintained including a new roof replaced in the last 5 years, renovated common areas, and 6 of 8 units having undergone complete renovations. The interior of the units offer spacious layouts, with select units having decks. Interior unit renovations consist of luxury vinyl plank flooring, quartz countertops, undermount sinks, stainless steel appliances, matching bathroom vanities and new bathtub/tile surround. The Fountain presents an opportunity for an incoming investor to finish the remaining two units and stabilize above a 6.5% cap rate.
Fountain Apartments
Investment Highlights
- Light value-add opportunity: Well-maintained building with ability to capture rental upside through renovating last 2 units.
- Strong unit mix: Spacious one- and two-bedroom units, averaging 658 square feet. Units feature separate living and dining areas, decks in select units, and multiple skylights.
- Ample off-street parking: 8 off street garage parking spaces, accommodating a 1:1 unit parking ratio.
- Capex upgrades: Roof was replaced 5 years ago.
- Excellent proximity to Seattle and North Greenwood: 1.1 miles to Fred Meyer & 0.6 miles from Trader Joe's, 0.2 miles from Rapid Ride Bus Stop with access to Downtown Seattle, 1.2 miles to Green Lake, 1.9 miles to Carkeek Park, 7 miles to Downtown Seattle
Exclusively Listed By
Listing Price: $2,100,000
Investment Highlights
- Light value-add opportunity: Well-maintained building with ability to capture rental upside through renovating last 2 units.
- Strong unit mix: Spacious one- and two-bedroom units, averaging 658 square feet. Units feature separate living and dining areas, decks in select units, and multiple skylights.
- Ample off-street parking: 8 off street garage parking spaces, accommodating a 1:1 unit parking ratio.
- Capex upgrades: Roof was replaced 5 years ago.
- Excellent proximity to Seattle and North Greenwood: 1.1 miles to Fred Meyer & 0.6 miles from Trader Joe's, 0.2 miles from Rapid Ride Bus Stop with access to Downtown Seattle, 1.2 miles to Green Lake, 1.9 miles to Carkeek Park, 7 miles to Downtown Seattle
Investment Overview
The Fountain Apartments are located in a quiet, residential pocket North of Seattle’s desirable neighborhood, Greenwood. Originally constructed in 1988, The Fountain Apartments has been carefully maintained and updated to ensure that it is a desirable community for tenants and a low-maintenance asset for ownership. Comprised of four 520 SF one-bedrooms and four 795 SF two-bedrooms, the property offers a range of living spaces that have strong historical occupancy. Greenwood is one of Seattle’s vibrant, walkable and community oriented neighborhoods offering unmatched access to 620,000+ jobs at companies such as Amazon, Google, Expedia, Meta, Microsoft as well as some of the largest hospitals on the West Coast including Swedish Hospital, UW Medical Center, Harborview Medical Center, and more. The Fountain Apartments has been exceptionally maintained including a new roof replaced in the last 5 years, renovated common areas, and 6 of 8 units having undergone complete renovations. The interior of the units offer spacious layouts, with select units having decks. Interior unit renovations consist of luxury vinyl plank flooring, quartz countertops, undermount sinks, stainless steel appliances, matching bathroom vanities and new bathtub/tile surround. The Fountain presents an opportunity for an incoming investor to finish the remaining two units and stabilize above a 6.5% cap rate.
Exclusively Listed By
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