6550 Greeenwood AVE N, Seattle, WA 98103
6550 Greeenwood AVE N, Seattle, WA 98103
6550 Greeenwood AVE N, Seattle, WA 98103
6550 Greeenwood AVE N, Seattle, WA 98103
6550 Greeenwood AVE N, Seattle, WA 98103
6550 Greeenwood AVE N, Seattle, WA 98103
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Michael Green

Michael Green

+1(405) 227-5773
Listed by:Blake Investment Advisors • Gabe Blake
$ 2,800,000
Est. payment | /mo

16 Beds

12 Baths

6,650 Sqft Lot

Save
$ 2,800,000
Est. payment | /mo
Save

16 Beds

12 Baths

6,650 Sqft Lot

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Subdivision Phinney Ridge

MLS Listing ID 2596693

Style 56 - 10+ Units

Bedrooms 16

Year Built 1961

Annual Tax Amount $38,142

Lot Size 6,650 Sqft

Property Sub-Type Multi Family

New Construction No

Property Description

$233K per Unit in "A" Location! | The Phinney Apartments is a 12-unit value-add apartment investment opportunity that will be delivered 75% vacant at closing, providing a rare opportunity for a new investor to sidestep many of Seattle's stringent landlord-tenant regulations and immediately begin renovations on day one. The property is located in the heart of highly desirable Phinney Ridge, just steps from popular neighborhood restaurants and establishments including Red Mill Burgers, El Chupacabra, ThaiKu, Ridgewood Bottle & Tap, GH Pasta & Pizza, and convenient Metro bus service. Supported by a comprehensive renovation budget found in the marketing brochure, a new investor has the potential to achieve a 22.21% leveraged IRR upon sale at the end of Year 3. The unit mix consists of nine one-bedroom units averaging 585 square feet, two two-bedroom units averaging 750 square feet, and one three-bedroom, one-bathroom unit with an additional office, totaling approximately 860 square feet. Each apartment features original 1960's finishes with real hardwood floors underneath the carpeted living spaces. Units 12 & 6 feature in-unit fireplaces. Property amenities include an on-site common laundry room, 12 covered carport parking stalls, and 12 individual storage lockers. The property also features a dedicated maintenance room currently being utilized for owner storage, along with an approximately 400-square-foot bonus room. Come tour!

Location

Province WA

County King

Area 705 - Ballard/Greenlake

Interior

Flooring Hardwood

Fireplace false

Exterior

Exterior Feature Brick

View Y/N No

Roof Type See Remarks

Building

Sewer Sewer Connected

Water Public

New Construction No

Schools

School District Seattle

Others

Senior Community No

Acceptable Financing Conventional

Listing Terms Conventional

Northwest MLS (NWMLS)
"Three Trees" icon indicates a listing provided courtesy of NWMLS.

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6550 Greeenwood AVE N

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