Overview

Highlights

• 6 Turn-key Units
• Extensive Capital Improvements completed in 2018
• Fully updated systems: new roof, exterior siding, plumbing and electrical.
• Interior Updates: LVT flooring, stainless steel appliances, kitchen and bath on all units
• Addition rental upside to be realized from below market rents

Description

Situated on the Eastside of Magnolia, this 3800 square foot, 6-unit apartment building is the perfect turnkey investment for both new and experienced investors looking to expand their portfolio into the desirable Magnolia neighborhood. Originally constructed in 1958, the building was extensively renovated in 2018 with close to $200,000 of capital improvements. The renovations included new roof, new full exterior siding, updated plumbing and electrical as well modernizing kitchens, bathrooms and flooring. The unit mix is comprised of an open 1-bedroom, 4 standard 1-bedrooms and a 2-bedroom with a 1 and a half bath. The average 1 bedroom unit size is just under 500 sq/ft with the 2-bedroom unit just over 1000 sq/ft.

Location

Seattle’s Magnolia neighborhood, situated on a peninsula with expansive views of both the Puget Sound, Downtown and Queen Anne, is predominately a residential neighborhood. While quiet and secluded in demeanor, Magnolia offers residents excellent access to amenities, and employers including Expedia’s Interbay campus, Ballard’s charming Old Town District, South Lake Union’s tech and biomed hubs and Downtown Seattle. Within the neighborhood, residents can find a fine selection of restaurants, bars and bakeries within Magnolia Village, Fisherman’s Terminal and along Thorndyke Ave. Grocery options appealing to tenants abound, including Whole Foods, Total Wine, QFC and Metropolitan Market Home to the city’s largest park, Discovery Park, the neighborhood also offers residents great recreational opportunities.

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