Courtesy of: David W. Petersen | Paragon Real Estate Advisors
$4,000,000Shoreline, WA 98133
MLS ID: NWM2015248
Year Build: 1963
Property Type: Residential Income
Area: 715 - Richmond Beach/S
Address: 14520 Phinney Avenue N, Shoreline, WA 98133
Conveniently located just North of Seattle City limits, the Highland Terrace Apartments offers a new investor a great value add opportunity with the flexibility of raising below market rents without the hassles and constraints of Seattle Landlord/Tenant laws. This is the first time the property has hit the market in over 15 years. The value add here is to renovate all units with modern finishes, raise rents to market and implement a RUBS program to start billing back tenants for utilities. In current condition, a new investor can raise the units with below market rents, which would get this property to a 5.88% CAP Rate. If a new investor decided to renovate all units, they could get this building to a 6.22% CAP Rate.
From Downtown Seattle, get on I-5 N from 2nd Ave and Cherry St. Follow I-5 N to 5th Ave NE. Take exit 175 from I-5 N. Follow NE 145th St to Phinney Ave N.