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Multifamily

The Surf

3035 64th Ave SW, Seattle, WA 98116

Listing Price: $2,100,000

Cap Rate
3.03%
Number of Units
8
Occupancy
95.0%
Price/Unit
$262,500
Price/Gross SF
$470.85
Gross SF
4,460

Investment Overview

Marcus & Millichap, Inc., as the exclusive listing broker, is pleased to present the opportunity to acquire The Surf Apartments, an eight-unit multifamily asset in West Seattle. The property is ideally located just blocks from Alki beach and within a three-minute walk to several dining and nightlife establishments. Built in 1957, the quaint building features a brick façade, covered catwalk to the second-story homes, and signage reminiscent of mid-century modern design. All units are open one-bedroom floor plans averaging ±495 square feet and are ideally primed for a cosmetic value-add renovation opportunity which could allow rental premiums over current in-place rents.

Investment Highlights

  • Incredible location: just half a block from Alki Beach and amenities
  • Value-add opportunity: ability to increase revenue by renovating and bringing rents to market rate
  • Rare offering: high barrier-to-entry location with extremely limited supply
  • Well-maintained asset with brick façade and charming beachside ambience
  • Water Taxi connectivity: convenient access to downtown Seattle with a 10-minute water taxi ride
  • Affluent neighborhood with average household incomes $153k within 0.5 miles

Exclusively Listed By

Financing By

  • Tammy Linden

    Vice President Capital Markets

    Direct:

    Email Tammy

    Seattle, WA

Listing Price: $2,100,000

Cap Rate
3.03%
Number of Units
8
Occupancy
95.0%
Price/Unit
$262,500
Price/Gross SF
$470.85
Gross SF
4,460

Investment Highlights

  • Incredible location: just half a block from Alki Beach and amenities
  • Value-add opportunity: ability to increase revenue by renovating and bringing rents to market rate
  • Rare offering: high barrier-to-entry location with extremely limited supply
  • Well-maintained asset with brick façade and charming beachside ambience
  • Water Taxi connectivity: convenient access to downtown Seattle with a 10-minute water taxi ride
  • Affluent neighborhood with average household incomes $153k within 0.5 miles

Investment Overview

Marcus & Millichap, Inc., as the exclusive listing broker, is pleased to present the opportunity to acquire The Surf Apartments, an eight-unit multifamily asset in West Seattle. The property is ideally located just blocks from Alki beach and within a three-minute walk to several dining and nightlife establishments. Built in 1957, the quaint building features a brick façade, covered catwalk to the second-story homes, and signage reminiscent of mid-century modern design. All units are open one-bedroom floor plans averaging ±495 square feet and are ideally primed for a cosmetic value-add renovation opportunity which could allow rental premiums over current in-place rents.

Exclusively Listed By

Financing By

  • Tammy Linden

    Vice President Capital Markets

    Direct:

    Email Tammy

    Seattle, WA

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