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13310 Greenwood Ave N - Bittertree Condominums 8 Unit Apartment Building Offered at $2,647,618 CAD at a 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 |
$220,035
|
$32.42
|
| Other Income |
$13,738
|
$2.02
|
| Vacancy Loss |
$7,014
|
$1.03
|
| Effective Gross Income |
$226,758
|
$33.41
|
| Taxes |
$27,101
|
$3.99
|
| Operating Expenses |
$50,268
|
$7.41
|
| Total Expenses |
$77,369
|
$11.40
|
| Net Operating Income |
$149,389
|
$22.01
|
Financial Summary (Actual - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $220,035 |
| Annual Per SF | $32.42 |
| Other Income (CAD) | |
|---|---|
| Annual | $13,738 |
| Annual Per SF | $2.02 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $7,014 |
| Annual Per SF | $1.03 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $226,758 |
| Annual Per SF | $33.41 |
| Taxes (CAD) | |
|---|---|
| Annual | $27,101 |
| Annual Per SF | $3.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $50,268 |
| Annual Per SF | $7.41 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $77,369 |
| Annual Per SF | $11.40 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $149,389 |
| Annual Per SF | $22.01 |
Property Facts
| Price | $2,647,618 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $330,952 CAD | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 6,787 SF |
| Cap Rate | 5.65% | No. Stories | 3 |
| No. Units | 8 | Year Built | 1996 |
| Property Type | Multifamily | Parking Ratio | 1.18/1,000 SF |
| Zoning | LR3 (M) | ||
| Price | $2,647,618 CAD |
| Price Per Unit | $330,952 CAD |
| Sale Type | Investment |
| Cap Rate | 5.65% |
| No. Units | 8 |
| Property Type | Multifamily |
| Apartment Style | Low-Rise |
| Lot Size | 0.16 AC |
| Building Size | 6,787 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 | $1,816 CAD | 530 |
| 1+1 | 2 | $2,180 CAD | 650 |
| 2+1 | 4 | $2,596 CAD | 820 |
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Moderately walkable
60/100
Moderately drivable
70/100
Some public transit
40/100
Fairly bikeable
50/100
Contacts
-
Michael Urquhart -
Ben Douglas -
Brian Platt -
Rowan Davis -
Paragon Real Estate Advisors
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13310 Greenwood Ave N - Bittertree Condominums
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