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Shorewood Place 1031 SW 122nd St 17 Unit Apartment Building $5,506,616 CAD ($323,919 CAD/Unit) 5.52% Cap Rate Seattle, WA 98146
Investment Highlights
- Convenient Burien location - Immediate access to RapidRide H line to downtown Seattle, shops, restaurants, and grocery
- In-unity laundry in 8 units, large backyards with most units
- Rent and other income upside – Large undeveloped yard space for significant potential storage income
- Excellent unit mix consisting mostly of 1979 construction, 2- and 3-bedroom units, some townhomes, with consistently large floor plans
- 896-SF average unit size and ample off-street parking
- Potential to completely redevelop, add a building, add bedrooms to existing units, and/or convert the garage into an ADU unit (buyer to verify)
Executive Summary
Convenient Burien location. Immediate access to RapidRide H line to downtown Seattle, shops, restaurants, and grocery. Excellent unit mix consisting mostly of 1979 construction, 2- and 3-bedroom units, some townhomes, with consistently large floor plans. In-unity laundry in 8 units, large backyards with most units. 896-SF average unit size. Ample off-street parking. Rent and other income upside – Large undeveloped yard space for significant potential storage income. Potential to completely redevelop, add a building, add bedrooms to existing units, and/or convert the garage into an ADU unit (Buyer to verify). 1.45-acre lot zoned R4. Constructed between 1954 and 1979.
Financial Summary (Actual - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$473,580
|
$29.81
|
| Other Income |
$50,167
|
$3.16
|
| Vacancy Loss |
$26,188
|
$1.65
|
| Effective Gross Income |
$497,560
|
$31.32
|
| Taxes |
$53,989
|
$3.40
|
| Operating Expenses |
$139,386
|
$8.77
|
| Total Expenses |
$193,374
|
$12.17
|
| Net Operating Income |
$304,185
|
$19.15
|
Financial Summary (Actual - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $473,580 |
| Annual Per SF | $29.81 |
| Other Income (CAD) | |
|---|---|
| Annual | $50,167 |
| Annual Per SF | $3.16 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $26,188 |
| Annual Per SF | $1.65 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $497,560 |
| Annual Per SF | $31.32 |
| Taxes (CAD) | |
|---|---|
| Annual | $53,989 |
| Annual Per SF | $3.40 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $139,386 |
| Annual Per SF | $8.77 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $193,374 |
| Annual Per SF | $12.17 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $304,185 |
| Annual Per SF | $19.15 |
Property Facts
| Price | $5,506,616 CAD | Apartment Style | Garden |
| Price Per Unit | $323,919 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 1.45 AC |
| Cap Rate | 5.52% | Building Size | 15,238 SF |
| Gross Rent Multiplier | 10.5 | No. Stories | 2 |
| No. Units | 17 | Year Built | 1979 |
| Property Type | Multifamily | Parking Ratio | 1.97/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R4 | ||
| Price | $5,506,616 CAD |
| Price Per Unit | $323,919 CAD |
| Sale Type | Investment |
| Cap Rate | 5.52% |
| Gross Rent Multiplier | 10.5 |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 1.45 AC |
| Building Size | 15,238 SF |
| No. Stories | 2 |
| Year Built | 1979 |
| Parking Ratio | 1.97/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R4 |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $1,564 CAD | 309 |
| 1+1 | 2 | $2,053 CAD | 658 |
| 2+1 | 7 | $2,316 CAD | 881 |
| 2+1.5 | 5 | $2,268 CAD | 979 |
| 3+1.5 | 1 | $2,979 CAD | 1,080 |
| 3+2 | 1 | $3,264 CAD | 1,469 |
Moderately walkable
60/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 374460-0340 | Total Assessment | $4,554,459 CAD (2025) |
| Land Assessment | $1,447,892 CAD (2025) | Annual Taxes | $53,989 CAD ($3.54 CAD/SF) |
| Improvements Assessment | $3,106,568 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
374460-0340
Land Assessment
$1,447,892 CAD (2025)
Improvements Assessment
$3,106,568 CAD (2025)
Total Assessment
$4,554,459 CAD (2025)
Annual Taxes
$53,989 CAD ($3.54 CAD/SF)
Tax Year
2026
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Shorewood Place | 1031 SW 122nd St
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