4511 SW Lander Street, Seattle WA, 98116
(Active)
$1,235,000
|
|
MLS# 2133436
Last Updated: 5/17/2024 12:23 AM
Description for
4511 SW Lander Street
Seattle, WA 98116
An opportunity for an investor to acquire an existing triplex zoned NR3, offering the ability to build a 1,000-square-foot DADU on the west side of the lot, increasing the stabilized cap rate to 9.28%. Current operations at the North Admiral Triplex produce an average monthly rent of $1,617 per unit. This submarket can support a higher rent of $2,550 per unit. A new buyer can realize this upside on the Triplex by fully renovating each unit and installing washers and dryers in the apartments, with a proposed cost of $150,000. The proposed ADU (buyer to verify feasibility) can achieve a rent of $3,600 and the proposed cost to construct is $350,000. Upon completion of the DADU, the new income stream equates to a 9.28% Capitalization Rate.
Price
$1,235,000
North Admiral
King
2133436
Active
Description
An opportunity for an investor to acquire an existing triplex zoned NR3, offering the ability to build a 1,000-square-foot DADU on the west side of the lot, increasing the stabilized cap rate to 9.28%. Current operations at the North Admiral Triplex produce an average monthly rent of $1,617 per unit. This submarket can support a higher rent of $2,550 per unit. A new buyer can realize this upside on the Triplex by fully renovating each unit and installing washers and dryers in the apartments, with a proposed cost of $150,000. The proposed ADU (buyer to verify feasibility) can achieve a rent of $3,600 and the proposed cost to construct is $350,000. Upon completion of the DADU, the new income stream equates to a 9.28% Capitalization Rate.
Listing Information
| Property Type: Triplex, Multi-Family, 2 Story | ||
| 0.12 Acres | 1910 | 2 |
| Wood | Residential | |
North Admiral
Sewer Connected
Neighborhood
School Information
| District: Seattle | ||
| Lafayette | Madison Mid | West Seattle High |
Room Information
Interior Features
Gas Heat, Electric Heating,
Forced Air
Exterior / Lot Features
3 Parking Spaces,
Wood
Composition
Driving Directions
Take West Seattle bridge west & turn north onto SW Admiral Way. Turn left on 45th Ave SW and then turn right on SW Lander St. Home in on left.
Financial Considerations
| 9276202420 |
| $7,584 |
Conventional
Listing Price History
Seattle Real Estate
Seattle is located in Washington. Seattle, Washington 98116 has a population of 758,862.
The median household income in Seattle, Washington 98116 is $125,385. The median household income for the surrounding county is $102,088 compared to the national median of $66,222. The median age of people living in Seattle 98116 is 41 years.
Data provided below are primarily sourced from Public Records data.
Nearby Recent Sales (Sourced from Public Records)
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Price History
| Date | Event | Price | Source |
|---|---|---|---|
| 6/29/2023 | Active | $1,235,000 USD |
|
Tax History (Sourced from Public Records)
| year | Property Taxes | Change | Tax Assessment | Change |
|---|---|---|---|---|
| 2023 | $7,914 USD | - | $893,000 USD | - |
| 2022 | $7,914 USD | 7.21% | $893,000 USD | 22.33% |
| 2021 | $7,382 USD | 8.53% | $730,000 USD | - |
| 2020 | $6,802 USD | 10.39% | $730,000 USD | 6.88% |
| 2019 | $6,162 USD | -0.48% | $683,000 USD | - |