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Listed by:Blake Investment Advisors • Gabe Blake
$ 3,100,000
Est. payment | /mo
23 Beds
15 Baths
0.45 Acres Lot
$ 3,100,000
Est. payment | /mo
23 Beds
15 Baths
0.45 Acres Lot
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Subdivision Lake City
MLS Listing ID 2503489
Style 56 - 10+ Units
Bedrooms 23
Year Built 1962
Annual Tax Amount $32,031
Lot Size 0.450 Acres
Property Sub-Type Multi Family
Property Description
Capri Apartments is a meticulously maintained 15-unit, courtyard-style apartment community located in the bustling Lake City neighborhood of Northeast Seattle. Originally constructed in 1962, Capri features copper plumbing and has undergone significant capital improvements over the past decade, including a new PVC roof (2024), updated electrical breaker panels (2016), luxury vinyl plank flooring and stone countertops in all units, double-pane vinyl windows, and a renovated exterior staircase, positioning the asset as both a desirable community for residents and a low-maintenance investment for ownership. The property offers an ideal unit mix, comprised of nine 2-bedroom units averaging 783 square feet and five 1-bedroom units averaging 683 square feet. Residents benefit from a central courtyard setting with lush greenery, on-site communal laundry (two washers & two dryers), 14 large storage lockers, and 16 off-street parking stalls available on a first-come, first-served basis. A new investor can capitalize on Capri's current operations, which generate a 5.55% cap rate on in-place income, or execute a value-add business plan by converting the common laundry room into a 16th studio apartment (buyer to verify) and installing ventless, all-in-one washer/dryer combo units in each apartment to capture a 7.01% cap rate post renovation.
Location
State WA
County King
Area 710 - North Seattle
Interior
Flooring Vinyl Plank
Fireplace false
Exterior
Exterior Feature Wood Products
View Y/N No
Roof Type Torch Down
Building
Sewer Sewer Connected
New Construction No
Schools
School District Seattle
Others
Senior Community No
Acceptable Financing Conventional
Listing Terms Conventional
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Cory Williams
Team Leader/Broker | License ID: 108348