Conrad Condominiums
4 Unit Apartment Building | $2,200,000 ($550,000/Unit) | 3.71% Cap Rate | Kirkland, WA 98034
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $2,200,000
- Property Type
-
Multifamily
- Square Feet
- 3,680 SF
Listing Contacts
April Jeong-Callies
Verified Profile
- Property Info
Property Overview
Located in a prime area with 100% occupancy since 2020, this fourplex offers a fantastic opportunity for significant income growth.
Key Highlights:
* Prime Location: Excellent neighborhood with strong rental demand and walking distance to Juanita Beach Park and Juanita Village.
* Local Favorites: Enjoy the sandy beach, the popular Friday Farmer's Market, and the vibrant Juanita Village with its restaurants and shopping options.
* 100% Occupancy: Consistent rental income since 2020.
* Below Market Rent Rates: Current rents are below market average, offering room for increase.
* Spacious Units: Larger than market average, providing added value and appeal.
* Recent Upgrades: Owners have updated the units and each unit with AC for tenant comfort.
With the potential to raise rents and benefit from the prime location, this property is poised for substantial income growth.
Key Highlights:
* Prime Location: Excellent neighborhood with strong rental demand and walking distance to Juanita Beach Park and Juanita Village.
* Local Favorites: Enjoy the sandy beach, the popular Friday Farmer's Market, and the vibrant Juanita Village with its restaurants and shopping options.
* 100% Occupancy: Consistent rental income since 2020.
* Below Market Rent Rates: Current rents are below market average, offering room for increase.
* Spacious Units: Larger than market average, providing added value and appeal.
* Recent Upgrades: Owners have updated the units and each unit with AC for tenant comfort.
With the potential to raise rents and benefit from the prime location, this property is poised for substantial income growth.
Property Details
- Class
- C
- Year Built
- 1979
- Stories
- 2
- Units
- 4
Highlights
- Walking distance to the Juanita Beach Park and Juanita Village!
- Air Conditioning in each unit
- Each unit features a covered patio and a storage room
- Spacious 2 bedrooms and 1 bath
- Washer/Dryer in each unit
- The building includes 5 resident parking spaces
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