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Listed by:Paragon Real Estate Advisors • Ben Douglas
$1,100,000
Est. payment /mo
8 Beds
7 Baths
4,358 SqFt
New
4526 S Henderson ST Seattle, WA 98118
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Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 4,358 sqft
Price per Sqft $252
Subdivision Dunlap
MLS Listing ID 2534478
Style 55 - 5-9 Units
Bedrooms 8
Year Built 1978
Annual Tax Amount $15,770
Lot Size 5,715 Sqft
Property Sub-Type Multi Family
Property Description
The property is positioned just south of Columbia City and within the broader Rainier Valley submarket, served by the Sound Transit Link light rail and direct bus access to downtown Seattle. The offering is an operational value-add opportunity. The asset has been updated over the years and does not require a large capital investment to perform. Current scheduled rents sit below market and the property does not currently bill back utilities to tenants. A new ownership group can grow income through natural lease turnover and the implementation of a utility recapture program, lifting NOI from $58,979 to $73,386 without renovation expense. The Henderson 7-Unit is priced at $1,100,000, or $157,143 per unit and $252 per rentable square foot, reflecting a 6.0% current cap rate and a 7.4% market cap rate. The asset offers an investor a meaningful cap rate spread, durable in-place income on a 1978 wood-frame building that has been fully updated over the last five years.
Location
State WA
County King
Area 385 - Sodo/Beacon Hill
Interior
Flooring Laminate
Fireplace false
Exterior
Exterior Feature Wood Products
View Y/N No
Roof Type Composition
Building
Sewer Sewer Connected
Water Public
New Construction No
Schools
School District Seattle
Others
Senior Community No
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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