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The Strand 221 Belmont Ave E 18 Unit Apartment Building $4,426,848 CAD ($245,936 CAD/Unit) 5.88% Cap Rate Seattle, WA 98102
INVESTMENT HIGHLIGHTS
- Pride of Ownership Asset
- Value Add Opportunity
- Premier Capitol Hill location
- Classic brick façade with timeless character,
- Potential to Add Units
- Acquire below replacement cost
EXECUTIVE SUMMARY
18-unit multifamily property located in the heart of Capitol Hill. Significant recent upgrades—including new electrical service mains and subpanels (2013) and high-efficiency tankless water heaters (2022). Offered at just $177,778/unit and $368/SF, The Strand represents a compelling basis play in the heart of Capitol Hill. The property delivers a current 5.9% cap rate, giving investors durable in-place income along with the upside potential of interior enhancements and rent growth in one of Seattle’s most sought-after rental markets. The Strand offers a rare opportunity to secure a character-rich asset at an attractive cost basis and benefit from continued appreciation in one of Seattle’s most resilient, high-demand submarkets.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$260,167
|
$17.99
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $260,167 |
| Annual Per SF | $17.99 |
PROPERTY FACTS
| Price | $4,426,848 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $245,936 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 5.88% | Building Size | 8,700 SF |
| Gross Rent Multiplier | 9.95 | No. Stories | 3 |
| No. Units | 18 | Year Built | 1928 |
| Property Type | Multifamily | Parking Ratio | 0.57/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | MR (M) | ||
| Price | $4,426,848 CAD |
| Price Per Unit | $245,936 CAD |
| Sale Type | Investment |
| Cap Rate | 5.88% |
| Gross Rent Multiplier | 9.95 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 8,700 SF |
| No. Stories | 3 |
| Year Built | 1928 |
| Parking Ratio | 0.57/1,000 SF |
| Zoning | MR (M) |
AMENITIES
UNIT AMENITIES
- Storage Space
- Heating
- Oven
- Range
- Walk-In Closets
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Wi-Fi
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 18 | $1,871 CAD | 450 - 550 |
1 1
Walk Score®
Walker's Paradise (97)
Transit Score®
Excellent Transit (88)
Bike Score®
Very Bikeable (78)
PROPERTY TAXES
| Parcel Number | 684820-0610 | Improvements Assessment | $2,781,108 CAD |
| Land Assessment | $2,696,832 CAD | Total Assessment | $5,477,940 CAD |
PROPERTY TAXES
Parcel Number
684820-0610
Land Assessment
$2,696,832 CAD
Improvements Assessment
$2,781,108 CAD
Total Assessment
$5,477,940 CAD
CONTACTS
-
Michael Urquhart -
Ben Douglas -
Brian Platt -
Eric Smith -
Paragon Real Estate Advisors
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The Strand | 221 Belmont Ave E
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