8520 16th Avenue NW, Seattle, WA 98117

$1,250,000
2,040
SqFt

Listing courtesy of CENTURY 21 North Homes Realty. Selling Office: John L. Scott Woodinville.

Sold Price
$1,250,000
List Price
$1,350,000
Status
SOLD
MLS#
1718816
Closing Date
Aug 01, 2022
Days on Market
85
Style
54 - 4-Plex
Building Condition
Fair
Finished SqFt
2,040
Area Total SqFt
2040
Annual Tax Ammount
9814
Lot Size (sq ft)
7,500
Sewer
Sewer Connected

Property Description

DRIVE BY ONLY. DO NOT DISTURB TENANTS. value in land. 4-plex sitting on double lot with split zoning. north parccel LR2, south parcel NC3P-55. Price includes both lots and must be sold together. As per review by architect you could build 8 townhomes w/garages-OR- 4 townhomes and 26 one bed flats and 1 commercial unit -OR- 4 townhomes and 19 flats. All plans conform with current zoning. Building is fully rented and rents are below market. Provides income stream while doing your design and permits. Best option is probably 8 townhomes. View of Olympic mountains from 2nd story. Near transit hub. New mixed use building going in on 15th NW will upgrade neighborhood.

Additional Information

List Date
2022-05-08 00:00:00
Community
Crown Hill
Net Operating Income
$24,734
Gross Adjusted Income
$44,580
Gross Scheduled Income
$44,580
Total Monthly Income
$3,715
Insurance Expenses
$1,532
Water/Sewer/Garbage Expenses
$8,000
Gross Rent Multiplier
31
Total Expenses
$19,846
Cap Rate
2
Total Number of Units
4
Unit Name
8520
Potential Terms
Cash Out, Conventional
Year Built
1956
Roof
Flat
Electric Expenses
500
Energy Source
Electric
School District
Seattle
Total Monthly Income
$3,715
Gross Scheduled Income
$44,580
Gross Adjusted Income
$44,580
Tax Year
2020
Insurance Expense
$1,532
W/S/G Expenses
$8,000
Total Expenses
$19,846
Net Operating Income
$24,734
Gross Rent Multiplier
31
Cap Rate
2
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