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14520 Phinney Ave N
Shoreline, WA 98133
Highland Terrace Apartments · Multifamily Property For Sale
·
15 Units
INVESTMENT HIGHLIGHTS
- Excellent Value-Add Opportunity
- Newer TPO Roof
- Potential to convert some One-Bedroom Units into Two-Bedroom Units
- Updated Electrical Panels
- Potential to add Washer/Dryer to Most Units
- Low Maintenance Building
EXECUTIVE SUMMARY
DO NOT DISTURB TENANTS
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. There’s also great potential to add in-unit washers and dryers in the large existing closets which almost all back up to the plumbing in the bathrooms.
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. There’s also great potential to add in-unit washers and dryers in the large existing closets which almost all back up to the plumbing in the bathrooms.
PROPERTY FACTS
| Price Per Unit | $322,789 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.40 AC |
| No. Units | 15 | Building Size | 12,162 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1963 |
| Apartment Style | Low-Rise | Parking Ratio | 1.48/1,000 SF |
| Zoning | R48 | ||
| Price Per Unit | $322,789 CAD |
| Sale Type | Investment |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.40 AC |
| Building Size | 12,162 SF |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.48/1,000 SF |
| Zoning | R48 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 10 | $2,608 CAD | 700 |
| 2+1 | 4 | $2,871 CAD | 900 |
| 3+1 | 1 | $3,320 CAD | 1,000 |
PROPERTY TAXES
| Parcel Number | 182604-9228 | Improvements Assessment | $3,251,358 CAD |
| Land Assessment | $967,951 CAD | Total Assessment | $4,219,309 CAD |
PROPERTY TAXES
Parcel Number
182604-9228
Land Assessment
$967,951 CAD
Improvements Assessment
$3,251,358 CAD
Total Assessment
$4,219,309 CAD
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