The Kensington, is 10-unit, three-story apartment building in Seattle's Lake City neighborhood, offered at approximately $214 per square foot. With a in place monthly income of nearly $19,000/mo. Unusually large units set it apart: (6) 2bd/1ba at approx. 1,100 SF and (4) 1bd/1ba at approx. 950 SF, each with a private balcony or patio. The property delivers a 6.20% cap rate today and a 7.54% cap rate at market. Recent capital improvements include a new roof (2023), plumbing upgrades, upgraded common areas, and new storage lockers. The building also has double pane vinyl windows throughout. Only one of the ten units has been renovated, so a buyer has a clear path to growing rents as units turn, with already strong in-place rents of $1,625 to $2,050 against market rents of $1,790 and $2,250 (assuming in-unit washer/dryers). Additional upside comes from charging for the 16 parking spaces and renting out all 9 storage lockers. Large units, a strong cap rate, and ample CapEx improvements all in an attractive and growing market make this a smart investment for anybody looking to expand their portfolio.
| MLS # | 2591168 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1973 |
| Days On Site | 12 |
| Listing Provided By | Opal Blue Real Estate, LLC | Grant Fosheim |
| SQ Feet | 12,566 |
|---|---|
| Story(s) | 3 |
| Units | 10 |
| Zoning | Multi-Family |
| Acreage | 0.29 |
| Property View | Yes |
| Property | 22146 |
|---|
| State | WA |
|---|---|
| County | King |
| City | Seattle |
| Zip Code | 98125 |
| Area | 710 North Seattle |
| Community Name | Lake City |
| School District | Buyer To Verify |
| Elementary School | Buyer To Verify |
| High School | Buyer To Verify |
| Listing VS Median (in Lake City) | |
Price: $2,250,000 low | high Med: $549,975 sqft: 12,566 low | high Med: 1,681 $ / sqft: $179 low | high Med: $330 On site: 12 low | high Med: 59.5 | |
| State | WA |
|---|---|
| County | King |
| City | Seattle |
| Zip Code | 98125 |
| Area | 710 North Seattle |
| Community Name | Lake City |
| School District | Buyer To Verify |
| Elementary School | Buyer To Verify |
| High School | Buyer To Verify |
| Listing VS Median (in Lake City) | |
Price: $2,250,000 low | high Med: $549,975 sqft: 12,566 low | high Med: 1,681 $ / sqft: $179 low | high Med: $330 On site: 12 low | high Med: 59.5 | |