The Val Anne
49 Unit Apartment Building | $17,350,000 ($354,082/Unit) | 4.18% Cap Rate | Seattle, WA 98109
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $17,350,000
- Property Type
-
Multifamily
- Square Feet
- 34,018 SF
Listing Contacts
Cathy Jeney
Verified Profile
- Property Info
Property Overview
Amazing opportunity to acquire a 49 unit, fully renovated trophy asset with value-add opportunities. Built in 1958 and extensively renovated in 2019, the Val Anne offers highly sought after classic mid-century modern units which appeal to young urban professionals. Great unit mix of Studio, 1BD, 2BD and 2 penthouse units. 19 units have views of the City Skyline and Puget Sound, in addition 9 units enjoy private balconies. The two Penthouse units are in a league of their own with sweeping views of the city and sound. This is an exceptional opportunity for a new investor to acquire a top-quality investment that will continue to appreciate over time. Currently the rents are approximately 10% below market rates. Seller is offering $2,000,000 of favorable preferred equity, interest only to approved buyer that is co-terminus with the assumable, existing mortgage.
Property Details
- Class
- C
- Year Built/Renovated
- 1958/2019
- Stories
- 5
- Lot Size (sq. ft)
- 17,860 SF
- Units
- 49
Highlights
- Exceptionally popular Queen Anne location
- Trophy asset with multiple value-add opportunities
- Extensive renovations to both the exterior and interior
- Two stunning penthouse units with sweeping views
- On site parking with covered and surface spaces
- Multiple value-add opportunities
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