Provided by NWMLS, Listed by Westlake Associates, Inc.
Active
14520 Phinney Avenue N
Shoreline WA, 98133
$4,000,000
$328.89 per sqft
Active
12,162 sqft
Multi-family
Built in 1963
Conveniently located just North of Seattle City limits, the Highland Terrace Apartments offers a new investor a great value add opportunity with the flexibility of raising below market rents without the hassles and constraints of Seattle Landlord/Tenant laws. This is the first time the property has hit the market in over 15 years. The value add here is to renovate all units with modern finishes, raise rents to market and implement a RUBS program to start billing back tenants for utilities. In current condition, a new investor can raise the units with below market rents, which would get this property to a 6.01% CAP Rate. If a new investor decided to renovate all units, they could get this building to a 6.25% CAP Rate.
2036170
MLSⓇ ID
February 14, 2023
Listed
April 20, 2023
Updated
Map
14520 Phinney Avenue N
Shoreline WA, 98133
Interior Features
Total Stories
2
Fireplace
No
Cooling
Yes
Cooling Description
None
Heating
Yes
Heating Description
Forced Air
Exterior/Building Features
Lot Size
0.4 acres
Exterior Features
Brick
Architectual Style
Multi Family
Roof
Flat
Sewer
Sewer Connected
School Information
High School
Shoreline
Other Property Details
Area Name
715 - Richmond Beach/S
Taxes
$35,869
Tax Frequency
Annually
Garage
No
Parking
No
Parking Total
18
View
No
County
King
Pool
No
The IDX display contains information sourced from the Northwest Multiple Listing Service as of 4/20/2023. This data is intended solely for personal, non-commercial use and is not to be utilized for any other purposes except to identify potential properties for purchase. Although the MLS data displayed is typically considered reliable, it is not guaranteed to be accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and are advised to conduct their own investigations or seek professional assistance. Other sources besides the Listing Agent may have contributed to the MLS data presented. Unless expressly specified in writing, the Broker/Agent has not confirmed any information obtained from external sources. The Broker/Agent may or may not have acted as the Listing and/or Selling Agent and cannot guarantee the accuracy of property locations displayed on any map. Any compensation offers are solely made to participants of the MLS where the listing is registered.
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Data last updated on 4/20/2023 at 5:32 PM UTC