Columbia Place, a 23-unit apartment building positioned on First Hill, one of Seattle’s most charming and convenient neighborhoods for residents who work downtown. The opportunity exists for a new investor to acquire a turn-key asset that has undergone extensive interior and exterior rehabilitation in recent years. Current operations yield an average rent of $1,202 per unit, but market rent comparables suggest that rents can be raised to an average of $1,352 per unit upon lease expiration. Market rents can be captured without capital expenditure as the current ownership purchased the property vacant and thoroughly updated the property throughout. Owner financing may be available to qualified buyers.
MLS# | 2301687 |
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Listing Type | For Sale |
Style | Town House |
Sub-Type | Resale |
Status | Active |
Year | 1907 |
Days On Site | 125 |
Listing Provided By | Blake Investment Advisors | Gabe Blake |
SQ Feet | 7,194 |
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Story(s) | 4 |
Units | 23 |
Acreage | 0.07 |
Property View | Yes |
State | WA |
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County | King |
City | Seattle |
Zip Code | 98104 |
Area | 390 Central Seattle |
Community Name | First Hill |
School District | Seattle |
Listing VS Median (in First Hill) | |
Price: $5,750,000 low | high Med: $585,000 SqFt: 7,194 low | high Med: 881 $ / SqFt: $799 low | high Med: $698 On Site: 125 low | high Med: 281.000000 |