Bought with Three Keys Real Estate
$2,000,000
$2,050,000
2.4%For more information regarding the value of a property, please contact us for a free consultation.
5,610 SqFt
SOLD DATE : 08/14/2023
Key Details
Sold Price $2,000,000
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 5,610 sqft
Price per Sqft $356
Subdivision Fremont
MLS Listing ID 2136592
Sold Date 08/14/23
Style 55 - 5-9 Units
Year Built 1955
Annual Tax Amount $1,672
Lot Size 6,000 Sqft
Property Description
Loan rates will come down eventually, but in the interim, it's time to be on the lookout for properties w/actual upside potential. Shilo Apartments is an 8-unit building, comprised of (3) 2bd units, (3) 1bd units & (2) roomy studios. Only one unit has been fully remodeled. While other units have been simple improvements like paint & flooring, there exists a very real opportunity for a capable investor to improve this property, & bring rents up to their market potential. The cap rate is currently sitting at 4.75%, but could easily reach 5.5%+ w/fairly modest improvements, or higher if an investor wants to upscale the units or get creative with shorter-term, higher rent leases. Located in Fremont, a couple blocks from shopping & restaurants.
Location
State WA
County King
Area 705 - Ballard/Greenlake
Interior
Interior Features Ceramic Tile, Wall to Wall Carpet
Flooring Ceramic Tile, Vinyl, Carpet
Fireplace false
Exterior
Exterior Feature Brick
Amenities Available Fenced-Partially
Waterfront No
View Y/N No
Roof Type Composition
Building
Lot Description Curbs, Dead End Street, Paved, Sidewalk
Sewer Sewer Connected
Water Public
New Construction No
Schools
School District Seattle
Others
Senior Community No
Acceptable Financing Cash Out, Conventional
Listing Terms Cash Out, Conventional
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