Multifamily
The Penrith
4708 22nd Ave NE, Seattle, WA 98105
Listing Price: $3,650,000
Investment Overview
The Penrith, located in the University District, offers a vibrant and diverse atmosphere with a range of amenities and job opportunities. With the University of Washington just 0.4 miles away, residents benefit from all there is to offer at University Village (120+ shops & restaurants) and “The Ave” which is famous for its food scene, coffee and nightlife. The University District also offers great transit options, with the U District Light Rail Station just 0.7 miles away with convenient access to Seattle. The University District has 50,097 total students enrolled with 71% of them living in off campus housing. As it continues to grow, the university is projected to have a population of 80,479 by 2028. Recently UW’s Master plan was approved by the Seattle City Council and calls for up to 6,000,000 square feet of new construction over the next 10 years. With over 1M+ square feet of office space and 150K of Biotech/Life Science Labs, the university offers excellent access to employers aside from all Seattle has to offer. The Penrith has been exceptionally maintained with all 15 units offering efficient layouts. Interior unit finishes consist of luxury vinyl plank flooring, fermica countertops, white appliances, matching bathroom vanities and new bathtub/tile surround. Laundry facilities are located on site and the property offers 14 off street parking spaces. The Fountain presents an opportunity for an incoming investor to further light renovations and increase parking revenue.
The Penrith
Investment Highlights
- Well-maintained building with ability to capture rental upside through furthering unit renovations and increasing parking and storage income.
- Studio and one-bedroom units, averaging 452 square feet. Units feature separate living and dining areas with vinyl plank flooring throughout and updated kitchens.
- Ample off street parking, 14 off street parking spaces accommodating nearly 1:1 unit parking ratio.
- On site laundry available for all tenants and 15 individual storage units
- The Penrith sits on oversized 7,384 square foot lot of LR3 (M) zoned land
Exclusively Listed By
Financing By
Listing Price: $3,650,000
Investment Highlights
- Well-maintained building with ability to capture rental upside through furthering unit renovations and increasing parking and storage income.
- Studio and one-bedroom units, averaging 452 square feet. Units feature separate living and dining areas with vinyl plank flooring throughout and updated kitchens.
- Ample off street parking, 14 off street parking spaces accommodating nearly 1:1 unit parking ratio.
- On site laundry available for all tenants and 15 individual storage units
- The Penrith sits on oversized 7,384 square foot lot of LR3 (M) zoned land
Investment Overview
The Penrith, located in the University District, offers a vibrant and diverse atmosphere with a range of amenities and job opportunities. With the University of Washington just 0.4 miles away, residents benefit from all there is to offer at University Village (120+ shops & restaurants) and “The Ave” which is famous for its food scene, coffee and nightlife. The University District also offers great transit options, with the U District Light Rail Station just 0.7 miles away with convenient access to Seattle. The University District has 50,097 total students enrolled with 71% of them living in off campus housing. As it continues to grow, the university is projected to have a population of 80,479 by 2028. Recently UW’s Master plan was approved by the Seattle City Council and calls for up to 6,000,000 square feet of new construction over the next 10 years. With over 1M+ square feet of office space and 150K of Biotech/Life Science Labs, the university offers excellent access to employers aside from all Seattle has to offer. The Penrith has been exceptionally maintained with all 15 units offering efficient layouts. Interior unit finishes consist of luxury vinyl plank flooring, fermica countertops, white appliances, matching bathroom vanities and new bathtub/tile surround. Laundry facilities are located on site and the property offers 14 off street parking spaces. The Fountain presents an opportunity for an incoming investor to further light renovations and increase parking revenue.
Exclusively Listed By
Financing By
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