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Bittertree Condominums 13310 Greenwood Ave N 8 Unit Apartment Building $2,621,922 CAD ($327,740 CAD/Unit) 5.65% Cap Rate Seattle, WA 98133
Investment Highlights
- Seller financing
- Seven-stall secured under-building parking garage featuring four tandem and three single stalls, plus one additional stall in front of the building
- In-unit washers and dryers in every unit, plus private balconies
- 5 of 8 units have been recently updated with luxury vinyl plank flooring and appliance refreshes
Executive Summary
Bittertree Condominiums is an eight-unit apartment building at 13310 Greenwood Ave N in Seattle’s Greenwood neighborhood. Built in 1996, the property features two large studios, two one-bedroom units, and four two-bedroom units. All units include in-unit washers and dryers, private balconies, and access to a secured garage with eight parking stalls. The building sits on a 6,787 SF LR3 (M) zoned lot on Greenwood Avenue. This is a stabilized asset with upside potential. Five units have been updated with luxury vinyl plank flooring and newer appliances. The remaining three are occupied by long-term tenants with below-market rents, offering an opportunity to increase income through natural turnover. With separate electric meters, water sub-metering, and modern construction, the property offers a low-maintenance, efficient operating profile. Seller financing is available with 30% down and a five-year interest-only term: 5.0% interest in years one and two, and 5.5% in years three through five. The investment delivers a 5.7% cap rate and 7.2% cash-on-cash return at acquisition, increasing to a 6.6% cap rate and 10.2% cash-on-cash return as rents reach market levels.
Financial Summary (Actual - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$218,332
|
$38.71
|
| Other Income |
$13,631
|
$2.42
|
| Vacancy Loss |
$6,960
|
$1.23
|
| Effective Gross Income |
$225,004
|
$39.89
|
| Taxes |
$26,892
|
$4.77
|
| Operating Expenses |
$49,879
|
$8.84
|
| Total Expenses |
$76,770
|
$13.61
|
| Net Operating Income |
$148,233
|
$26.28
|
Financial Summary (Actual - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $218,332 |
| Annual Per SF | $38.71 |
| Other Income (CAD) | |
|---|---|
| Annual | $13,631 |
| Annual Per SF | $2.42 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $6,960 |
| Annual Per SF | $1.23 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $225,004 |
| Annual Per SF | $39.89 |
| Taxes (CAD) | |
|---|---|
| Annual | $26,892 |
| Annual Per SF | $4.77 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $49,879 |
| Annual Per SF | $8.84 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $76,770 |
| Annual Per SF | $13.61 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $148,233 |
| Annual Per SF | $26.28 |
Property Facts
| Price | $2,621,922 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $327,740 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 5.65% | Building Size | 5,640 SF |
| No. Units | 8 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1996 |
| Property Subtype | Apartment | Parking Ratio | 1.18/1,000 SF |
| Zoning | LR3 (M) | ||
| Price | $2,621,922 CAD |
| Price Per Unit | $327,740 CAD |
| Sale Type | Investment |
| Cap Rate | 5.65% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.16 AC |
| Building Size | 5,640 SF |
| No. Stories | 3 |
| Year Built | 1996 |
| Parking Ratio | 1.18/1,000 SF |
| Zoning | LR3 (M) |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | $1,799 CAD | 530 |
| 1+1 | 2 | $2,158 CAD | 650 |
| 2+1 | 4 | $2,571 CAD | 820 |
1 1
Moderately walkable
60/100
Moderately drivable
70/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 083380-0010 | Total Assessment | $359,614 CAD (2025) |
| Land Assessment | $119,316 CAD (2025) | Annual Taxes | $26,892 CAD ($4.77 CAD/SF) |
| Improvements Assessment | $240,298 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
083380-0010
Land Assessment
$119,316 CAD (2025)
Improvements Assessment
$240,298 CAD (2025)
Total Assessment
$359,614 CAD (2025)
Annual Taxes
$26,892 CAD ($4.77 CAD/SF)
Tax Year
2026
Contacts
-
Michael Urquhart -
Ben Douglas -
Brian Platt -
Rowan Davis -
Paragon Real Estate Advisors
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Bittertree Condominums | 13310 Greenwood Ave N
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