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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 | $316,633 CAD | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.43% | Lot Size | 0.40 AC |
| Gross Rent Multiplier | 9.7 | Building Size | 12,162 SF |
| No. Units | 15 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 1.48/1,000 SF |
| Zoning | R48 | ||
| Price Per Unit | $316,633 CAD |
| Sale Type | Investment |
| Cap Rate | 6.43% |
| Gross Rent Multiplier | 9.7 |
| 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 | $2,559 CAD | 700 |
| 2+1 | 4 | $2,816 CAD | 900 |
| 3+1 | 1 | $3,257 CAD | 1,000 |
Property Taxes
| Parcel Number | 182604-9228 | Improvements Assessment | $3,213,401 CAD |
| Land Assessment | $956,651 CAD | Total Assessment | $4,170,052 CAD |
Property Taxes
Parcel Number
182604-9228
Land Assessment
$956,651 CAD
Improvements Assessment
$3,213,401 CAD
Total Assessment
$4,170,052 CAD
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