2440 Alki Avenue SW, Seattle, WA 98116
- $5,825,000
Listing courtesy of Urban Commercial Partners, LLC. Selling Office: ZNonMember-Office-MLS.
- Sold Price
- $5,825,000
- List Price
- $6,500,000
- Status
- SOLD
- MLS#
- 2484395
- Closing Date
- Jun 09, 2026
- Days on Market
- 35
- Style
- 56 - 10+ Units
- Building Condition
- Very Good
- Annual Tax Ammount
- 45450
- Lot Size (sq ft)
- 9,694
- Sewer
- Sewer Connected
Property Description
Rare opportunity to acquire the Alki Surf Apartments, a trophy waterfront asset in the heart of West Seattle's iconic Alki Beach - one of Seattle's most coveted waterfront corridors with unobstruted west facing views of Puget Sound. First time on the market since the asset was originally developed in 1984. 10 large residential units including (6) 2 bed/2 bath units and (4) 3 bed/2 bath units all with private west-facing balconies. This opportunity offers immediate upside with minimal capital investment. In place rents are approximately 20% below market with additional income growth available through the optimization of utility reimbursement and parking income. Recent Capital Improvements include: New Roof, New Windows, Exterior Paint, New Decks and New Gutters. Must see!
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Additional Information
- List Date
- 2026-05-05 00:00:00
- Community
- Alki
- Net Operating Income
- $273,444
- Gross Adjusted Income
- $398,818
- Gross Scheduled Income
- $415,435
- Total Monthly Income
- $34,620
- Insurance Expenses
- $12,331
- Water/Sewer/Garbage Expenses
- $19,114
- Gross Rent Multiplier
- 15.6
- Total Expenses
- $125,374
- Cap Rate
- 4.21
- Vacancy Rate
- 4
- Total Number of Units
- 10
- Unit Name
- 2440
- Potential Terms
- Cash, Conventional
- Year Built
- 1984
- Waterfront
- Yes
- View
- Sound
- Roof
- Composition
- Other Expenses
- 48479
- Energy Source
- Electric
- School District
- Seattle
- Total Monthly Income
- $34,620
- Gross Scheduled Income
- $415,435
- Vacancy Rate
- 4
- Gross Adjusted Income
- $398,818
- Tax Year
- 2025
- Insurance Expense
- $12,331
- W/S/G Expenses
- $19,114
- Total Expenses
- $125,374
- Net Operating Income
- $273,444
- Gross Rent Multiplier
- 15.6
- Cap Rate
- 4.21
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.