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Miller Park 4-Unit 228 21st Ave E 4 Unit Apartment Building $2,663,667 CAD ($665,917 CAD/Unit) 4.37% Cap Rate Seattle, WA 98112
Investment Highlights
- Prime Miller Park Location
- Triplex + Detached Accessory Dwelling Unit (DADU)
- Wall-Mounted Mini-Split Heating & Cooling Systems
- New Construction Completed in 2024
- Rooftop Solar Panels
- Full Appliance Packages in All Units
Executive Summary
Offered in the desirable Miller Park neighborhood, this newly constructed four-unit property presents a rare opportunity to acquire a modern, low maintenance asset in one of the city’s most walkable and bike-friendly locations. Completed in 2024, the property consists of a triplex and detached accessory dwelling unit (DADU), providing a versatile investment with strong rental appeal and owner-occupancy potential.
Units are well designed with each residence featuring a full appliance package including refrigerator, oven, over-range microwave, dishwasher, and full-size washer and dryer. Wall-mounted mini-split systems provide efficient heating and cooling, while rooftop solar panels enhance energy efficiency and long-term operating performance.
All three units within the triplex were newly leased in early 2026.
NWMLS #2533245
Units are well designed with each residence featuring a full appliance package including refrigerator, oven, over-range microwave, dishwasher, and full-size washer and dryer. Wall-mounted mini-split systems provide efficient heating and cooling, while rooftop solar panels enhance energy efficiency and long-term operating performance.
All three units within the triplex were newly leased in early 2026.
NWMLS #2533245
Financial Summary (Pro Forma - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$171,546
|
$47.52
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$5,146
|
$1.43
|
| Effective Gross Income |
$166,399
|
$46.09
|
| Taxes |
$33,882
|
$9.39
|
| Operating Expenses |
$16,117
|
$4.46
|
| Total Expenses |
$49,998
|
$13.85
|
| Net Operating Income |
$116,401
|
$32.24
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $171,546 |
| Annual Per SF | $47.52 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $5,146 |
| Annual Per SF | $1.43 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $166,399 |
| Annual Per SF | $46.09 |
| Taxes (CAD) | |
|---|---|
| Annual | $33,882 |
| Annual Per SF | $9.39 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $16,117 |
| Annual Per SF | $4.46 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $49,998 |
| Annual Per SF | $13.85 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $116,401 |
| Annual Per SF | $32.24 |
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | - | 889 |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Strong public transit
80/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 095500-0265 | Total Assessment | $3,428,387 CAD (2025) |
| Land Assessment | $1,685,789 CAD (2025) | Annual Taxes | $33,882 CAD ($9.39 CAD/SF) |
| Improvements Assessment | $1,742,598 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
095500-0265
Land Assessment
$1,685,789 CAD (2025)
Improvements Assessment
$1,742,598 CAD (2025)
Total Assessment
$3,428,387 CAD (2025)
Annual Taxes
$33,882 CAD ($9.39 CAD/SF)
Tax Year
2026
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Miller Park 4-Unit | 228 21st Ave E
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