Multifamily

Capitol Hill 6

210 23rd Ave E, Seattle, WA 98112

Listing Price: $2,200,000

Cap Rate
3.65%
Number of Units
6
GRM
17.50
Occupancy
95.0%
Price/Unit
$366,667
Price/Gross SF
$458.33
Gross SF
4,800

Investment Overview

The Cap Hill 6 offers an investor to acquire a significant Value-Add opportunity in the very desirable Capitol Hill neighborhood. The property has received no major updates since construction in 1991, allowing an investor to capitalize on the assets potential through unit renovations and the potential to convert the current storage and covered parking area to additional unit(s) - buyer to verify.

Being located in Capitol Hill, one of the strongest multifamily markets in the Greater Puget Sound, the property attracts tenants drawn to city living combined with the ease of commute as the property is located on a principal arterial, with direct access to the University of Washington and the Seattle Central Business District.

The property currently offers two secured under building tandem parking spaces, along with four secured detached covered parking spaces, with individual electric garage doors, allowing the property to capitalize on the strong tenant demand for in city parking. Also located under the building are four large walk-in storage closets, providing tenants additional space to store belongings.

A significant opportunity lies in converting the basement, under building parking and storage areas into additional unit(s) buyer to verify. A sister building three parcels to north recently converted this space to a large 1,200 square foot 3-bedroom/3-bath unit, while still offering four income generating covered parking spaces on the property.

Investment Highlights

  • Prime Capitol Hill Location
  • Potential to add additional unit(s)
  • All units original 1991 finishes

Exclusively Listed By

  • Kellan Moll

    First Vice President Investments

    Email Kellan

    License(s): WA: 111361

    Seattle

  • Scott Morasch

    First Vice President Investments

    Email Scott

    License(s): WA: 4731

    Seattle

  • Taylor Wyman

    Associate

    (206) 826-5697

    Email Taylor

    License(s): WA: 113007

    Seattle

Listing Price: $2,200,000

Cap Rate
3.65%
Number of Units
6
GRM
17.50
Occupancy
95.0%
Price/Unit
$366,667
Price/Gross SF
$458.33
Gross SF
4,800

Investment Highlights

  • Prime Capitol Hill Location
  • Potential to add additional unit(s)
  • All units original 1991 finishes

Investment Overview

The Cap Hill 6 offers an investor to acquire a significant Value-Add opportunity in the very desirable Capitol Hill neighborhood. The property has received no major updates since construction in 1991, allowing an investor to capitalize on the assets potential through unit renovations and the potential to convert the current storage and covered parking area to additional unit(s) - buyer to verify.

Being located in Capitol Hill, one of the strongest multifamily markets in the Greater Puget Sound, the property attracts tenants drawn to city living combined with the ease of commute as the property is located on a principal arterial, with direct access to the University of Washington and the Seattle Central Business District.

The property currently offers two secured under building tandem parking spaces, along with four secured detached covered parking spaces, with individual electric garage doors, allowing the property to capitalize on the strong tenant demand for in city parking. Also located under the building are four large walk-in storage closets, providing tenants additional space to store belongings.

A significant opportunity lies in converting the basement, under building parking and storage areas into additional unit(s) buyer to verify. A sister building three parcels to north recently converted this space to a large 1,200 square foot 3-bedroom/3-bath unit, while still offering four income generating covered parking spaces on the property.

Exclusively Listed By

  • Kellan Moll

    First Vice President Investments

    Email Kellan

    License(s): WA: 111361

    Seattle

  • Scott Morasch

    First Vice President Investments

    Email Scott

    License(s): WA: 4731

    Seattle

  • Taylor Wyman

    Associate

    (206) 826-5697

    Email Taylor

    License(s): WA: 113007

    Seattle

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