Provided by NWMLS, Listed by David Petersen, Paragon Real Estate Advisors

14520 Phinney Avenue N

Shoreline, WA, 98133

$4,000,000

$328 per ft²
$4,000,000
$328 per ft²
Active
Active
 - For Sale
carpenters-square
12,162 ft²
property_type
Multi-family
calendar
Built 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 5.88% CAP Rate. If a new investor decided to renovate all units, they could get this building to a 6.22% CAP Rate.
MLS® ID:
2015248
Listed:
11/7/22
Updated:
12/5/22
Windermere Real Estate GH LLC
Adam Cobb

Interior Features

Total Bedrooms
0
Total Bathrooms
0
Interior Features
Forced Air

Exterior/Building Features

Lot Size
0.4 acres lot
Exterior Features
Brick
Architectural Style
Multi Family
Roof
Torch Down
Sewer
Sewer Connected

School Information

High School
Shoreline

Other Property Details

Area Name
715 - Richmond Beach/S
Taxes
$35869
Tax Frequency
per YEAR
Garage
No
Parking
N
Parking Total
18.0
View
N
County
King
Utilities
Sewer Connected, Electricity Available
Pool
No
Total Stories
2

Provided by NWMLS, Listed by David Petersen, Paragon Real Estate Advisors

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Data last updated 9:11 AM UTC, 12/5/22

Windermere Real Estate GH LLC
Adam Cobb
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