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Miller Park 4-Unit 228 21st Ave E 4 Unit Apartment Building $2,619,986 CAD ($654,996 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 |
$168,733
|
$46.74
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$5,062
|
$1.40
|
| Effective Gross Income |
$163,671
|
$45.34
|
| Taxes |
$33,326
|
$9.23
|
| Operating Expenses |
$15,852
|
$4.39
|
| Total Expenses |
$49,179
|
$13.62
|
| Net Operating Income |
$114,492
|
$31.72
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $168,733 |
| Annual Per SF | $46.74 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $5,062 |
| Annual Per SF | $1.40 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $163,671 |
| Annual Per SF | $45.34 |
| Taxes (CAD) | |
|---|---|
| Annual | $33,326 |
| Annual Per SF | $9.23 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $15,852 |
| Annual Per SF | $4.39 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $49,179 |
| Annual Per SF | $13.62 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $114,492 |
| Annual Per SF | $31.72 |
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 | $3,354,301 CAD (2025) |
| Land Assessment | $1,649,360 CAD (2025) | Annual Taxes | $33,326 CAD ($9.23 CAD/SF) |
| Improvements Assessment | $1,704,941 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
095500-0265
Land Assessment
$1,649,360 CAD (2025)
Improvements Assessment
$1,704,941 CAD (2025)
Total Assessment
$3,354,301 CAD (2025)
Annual Taxes
$33,326 CAD ($9.23 CAD/SF)
Tax Year
2026
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Miller Park 4-Unit | 228 21st Ave E
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