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Northgate 1527 NE 150th St 6 Unit Apartment Building $2,235,456 CAD ($372,576 CAD/Unit) 5.97% Cap Rate Seattle, WA 98155
Investment Highlights
- Seller financing available
- Renovation value-add opportunity
- 5 Townhome units featuring 3 bedroom, 1.5 bathroom layouts averaging 1,116 SF plus a detached 857 SF SFH
- All units have in-unit W/D
Executive Summary
Financials listed are Proforma. Shoreline Townhomes + SFH is a 6-unit investment opportunity located at 1527–1529 NE 150th Street in Shoreline, Washington. The property includes five 3-bedroom, 1.5-bathroom townhome units and one detached 2-bedroom, 1-bathroom single-family home, totaling 6,437 rentable square feet. Seller financing is available to qualified buyers at an attractive 4.5% interest-only rate with a 5-year term and 25% down payment. The investment presents a compelling value-add opportunity through a renovation program combined with favorable financing. Current rents average $1,101 per unit, approximately 50% below market rates for comparable Shoreline properties. By implementing upgrades and leveraging Washington State RCW statutes (59.18.200, 59.18.650, 59.18.440), tenants may be relocated with proper 120-day notice for permitted renovations. Upon completion, projected rents could increase scheduled gross income by over 90% at stabilized market levels. The property benefits from a strong location within Shoreline, with proximity to highly regarded schools including Shorecrest High School, Kellogg Middle School, Briarcrest Elementary, and Shoreline Christian School, all within one mile. This location supports long-term tenant demand and sustained rental growth.
Financial Summary (Pro Forma - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$217,957
|
$33.86
|
| Other Income |
$17,604
|
$2.73
|
| Vacancy Loss |
$11,778
|
$1.83
|
| Effective Gross Income |
$223,783
|
$34.77
|
| Taxes |
$24,906
|
$3.87
|
| Operating Expenses |
$63,263
|
$9.83
|
| Total Expenses |
$88,169
|
$13.70
|
| Net Operating Income |
$135,614
|
$21.07
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $217,957 |
| Annual Per SF | $33.86 |
| Other Income (CAD) | |
|---|---|
| Annual | $17,604 |
| Annual Per SF | $2.73 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $11,778 |
| Annual Per SF | $1.83 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $223,783 |
| Annual Per SF | $34.77 |
| Taxes (CAD) | |
|---|---|
| Annual | $24,906 |
| Annual Per SF | $3.87 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $63,263 |
| Annual Per SF | $9.83 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $88,169 |
| Annual Per SF | $13.70 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $135,614 |
| Annual Per SF | $21.07 |
Property Facts
| Price | $2,235,456 CAD | Building Class | C |
| Price Per Unit | $372,576 CAD | Lot Size | 0.37 AC |
| Sale Type | Investment | Building Size | 6,437 SF |
| Cap Rate | 5.97% | Average Occupancy | 97% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1977 |
| Property Subtype | Apartment | Parking Ratio | 1.86/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | NR1 | ||
| Price | $2,235,456 CAD |
| Price Per Unit | $372,576 CAD |
| Sale Type | Investment |
| Cap Rate | 5.97% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.37 AC |
| Building Size | 6,437 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built | 1977 |
| Parking Ratio | 1.86/1,000 SF |
| Zoning | NR1 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | $2,794 CAD | 857 |
| 3+1.5 | 5 | $3,074 CAD | 1,116 |
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 367050-0095 | Total Assessment | $2,097,137 CAD (2025) |
| Land Assessment | $1,472,746 CAD (2025) | Annual Taxes | $24,906 CAD ($3.87 CAD/SF) |
| Improvements Assessment | $624,391 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
367050-0095
Land Assessment
$1,472,746 CAD (2025)
Improvements Assessment
$624,391 CAD (2025)
Total Assessment
$2,097,137 CAD (2025)
Annual Taxes
$24,906 CAD ($3.87 CAD/SF)
Tax Year
2026
Contacts
-
Ben Douglas -
Michael Urquhart -
Brian Platt -
Rowan Davis -
Paragon Real Estate Advisors
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Northgate | 1527 NE 150th St
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