3625 Beach Drive SW, Seattle, WA 98116

$6,500,000
10,295
SqFt

Listing courtesy of Westlake Associates, Inc..

List Price
$6,500,000
Status
ACTIVE
MLS#
1903718
Price Change
▼ $300,000 1653530295
Days on Market
109
Style
56 - 10+ Units
Finished SqFt
10,295
Area Total SqFt
10295
Lot Size (sq ft)
42,193

Property Description

The property, consisting of eight spacious 1-bedunits and five 2-bed units, underwent a total interior and exterior renovation in 2020 and was fully leased in the spring of 2021. Interior unit renovations (in 12 of 13 units) include granite countertops in kitchens and bathrooms, stainless steel appliances, luxury plank flooring, in-unit laundry, double pane windows, electrical panel upgrades, new lighting fixtures, and updated pex plumbing supply lines. Exterior updates include new pilings, siding, resurfaced patios, steel railing systems, walkways, roofing, and paint. The property has four covered parking spaces and one additional off-street parking stall which provide additional income. Unobstructed views of Puget Sound & Olympic Mts.

Additional Information

List Date
2022-03-18 23:38:09
Community
Beach Drive
Potential Terms
Cash Out
Year Built
1954
Waterfront
Yes
View
Mountain(s), Sound
Roof
Flat
Site Features
Patio
Heating/Cooling Type
Baseboard
Other Expenses
50621
Energy Source
Electric
School District
Seattle
Total Monthly Income
$34,221
Gross Scheduled Income
$410,652
Vacancy Rate
4
Gross Adjusted Income
$394,226
Tax Year
2021
Insurance Expense
$14,633
W/S/G Expenses
$15,600
Total Expenses
$120,949
Net Operating Income
$273,277
Gross Rent Multiplier
16.64
Cap Rate
4.2
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