4511 SW Lander Street, Seattle, WA 98116
- $1,235,000
Listing courtesy of Blake Investment Advisors.
- List Price
- $1,235,000
- Status
- ACTIVE
- MLS#
- 2133436
- Days on Market
- 278
- Style
- 53 - Tri-plex
- Annual Tax Ammount
- 7584
- Lot Size (sq ft)
- 5,400
- Sewer
- Sewer Connected
- Bank Owned
- Yes
Property Description
An opportunity for an investor to acquire an existing triplex zoned NR3, offering the ability to build a 1,000-square-foot DADU on the west side of the lot, increasing the stabilized cap rate to 9.28%. Current operations at the North Admiral Triplex produce an average monthly rent of $1,617 per unit. This submarket can support a higher rent of $2,550 per unit. A new buyer can realize this upside on the Triplex by fully renovating each unit and installing washers and dryers in the apartments, with a proposed cost of $150,000. The proposed ADU (buyer to verify feasibility) can achieve a rent of $3,600 and the proposed cost to construct is $350,000. Upon completion of the DADU, the new income stream equates to a 9.28% Capitalization Rate.
Additional Information
- List Date
- 2023-07-24 19:11:08
- Community
- North Admiral
- Net Operating Income
- $51,682
- Gross Scheduled Income
- $68,780
- Total Monthly Income
- $5,350
- Insurance Expenses
- $1,262
- Water/Sewer/Garbage Expenses
- $6,533
- Total Expenses
- $18,360
- Cap Rate
- 4.18
- Vacancy Rate
- 2
- Total Number of Units
- 3
- Unit Name
- 4511
- Potential Terms
- Conventional
- Year Built
- 1910
- Roof
- Composition
- Other Expenses
- 2981
- Energy Source
- Electric, Natural Gas
- School District
- Seattle
- Elementary School
- Lafayette
- Middle School
- Madison Mid
- High School
- West Seattle High
- Total Monthly Income
- $5,350
- Gross Scheduled Income
- $68,780
- Vacancy Rate
- 2
- Tax Year
- 2022
- Insurance Expense
- $1,262
- W/S/G Expenses
- $6,533
- Total Expenses
- $18,360
- Net Operating Income
- $51,682
- Cap Rate
- 4.18
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