West Mercer Portfolio
6 Unit Apartment Building | $2,100,000 ($350,000/Unit) | Seattle, WA 98119
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $2,100,000
- Property Type
-
Multifamily
- Square Feet
- 3,794 SF
Listing Contacts
Will Douglas
Verified Profile
Ryan Iles
Verified Profile
- Property Info
Property Overview
Paragon Real Estate Advisors is excited to present the exclusive listing of the West Mercer Portfolio, an ideally positioned Fourplex and Duplex (non-conforming) on the west slope of Queen Anne. Just a short drive to Downtown Seattle and conveniently located next to Kinnear Park, allowing tenants to enjoy the city lifestyle while also being able to escape into the PNW’s beauty within minutes.
The Fourplex was completely rebuilt in the early 2000’s and is on a 3,003 SqFt lot that is zoned MR(M), allowing for development potential to the future buyer. The units are in good condition and have been well cared for since their reconstruction. The Fourplex consists of 3 – 2Bd/1Bth units that average 683 SqFt and 1 – 1Bd/1Bth unit that is 450 SqFt. In the rear of the property is a backyard that is fully fenced and perfect for relaxing outside during the Seattle summers. The two upper units have their own private deck and have views of the Puget Sound. All the apartments come fully equipped with a complete kitchen appliance package, in-unit washer/dryer and hardwood floors. Very little deferred maintenance on the property and the units would benefit from an interior update to achieve even greater rents.
The Duplex (non-conforming) is on a 3,292 SqFt lot that is also zoned MR (M) and was built in 1931. The building consists of a large 1Bd/1Bth unit that is 1,000 SqFt and Studio unit that is 450 SqFt. The Studio is the top floor unit and has a full kitchen appliance package, hardwood floors, a private deck with views of the Puget Sound and a large closet. The large 1Bd/1Bth unit has been well kept and is prime for updates to achieve higher rents. Additionally, there is a fenced backyard that is for the tenant’s enjoyment.
The subject property provides an investor with the opportunity to acquire a property with huge development potential, with the two parcels combining for 6,295 SqFt of well-positioned and well-zoned land prime for growth in an ever-expanding Seattle market. Also, an investor can get attractive financing by putting different mortgages on each property allowing for tons of flexibility. Don’t miss out on the possibility to own a well-located property with lots of opportunity and flexibility in a commuter tenant’s dream spot!
The Fourplex was completely rebuilt in the early 2000’s and is on a 3,003 SqFt lot that is zoned MR(M), allowing for development potential to the future buyer. The units are in good condition and have been well cared for since their reconstruction. The Fourplex consists of 3 – 2Bd/1Bth units that average 683 SqFt and 1 – 1Bd/1Bth unit that is 450 SqFt. In the rear of the property is a backyard that is fully fenced and perfect for relaxing outside during the Seattle summers. The two upper units have their own private deck and have views of the Puget Sound. All the apartments come fully equipped with a complete kitchen appliance package, in-unit washer/dryer and hardwood floors. Very little deferred maintenance on the property and the units would benefit from an interior update to achieve even greater rents.
The Duplex (non-conforming) is on a 3,292 SqFt lot that is also zoned MR (M) and was built in 1931. The building consists of a large 1Bd/1Bth unit that is 1,000 SqFt and Studio unit that is 450 SqFt. The Studio is the top floor unit and has a full kitchen appliance package, hardwood floors, a private deck with views of the Puget Sound and a large closet. The large 1Bd/1Bth unit has been well kept and is prime for updates to achieve higher rents. Additionally, there is a fenced backyard that is for the tenant’s enjoyment.
The subject property provides an investor with the opportunity to acquire a property with huge development potential, with the two parcels combining for 6,295 SqFt of well-positioned and well-zoned land prime for growth in an ever-expanding Seattle market. Also, an investor can get attractive financing by putting different mortgages on each property allowing for tons of flexibility. Don’t miss out on the possibility to own a well-located property with lots of opportunity and flexibility in a commuter tenant’s dream spot!
Property Details
- Class
- C
- Year Built
- 1931
- Stories
- 2
- Lot Size (sq. ft)
- 6,098 SF
- Units
- 6
Highlights
- Excellent Queen Anne location
- Fourplex and Duplex (permitted SFR) on two separate parcels
- Development Potential – High density MR (M) zoning
- Easy access to the Downtown CBD, Ballard, and Seattle City Center
- 85 Walk Score and 95 Bike Score
- Walking distance to Kinnear Park and Myrtle Edwards Park
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