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4022-4028 California Ave
Seattle, WA 98116
Multifamily Property For Sale
·
16 Units
INVESTMENT HIGHLIGHTS
- Rare opportunity to acquire a fully stabilized asset in a market with limited multifamily inventory
- Significant upside potential through modern in-unit updates
- Well-maintained building grounds that enhance curb appeal
- Strong rental demand driven by West Seattle’s growing popularity among families and young professionals
- Low maintenance design with with newer windows and electrical service
- Classic mid-century charm with modern finishes that attract quality tenants
EXECUTIVE SUMMARY
The Monterey Apartments offer a rare opportunity to acquire a 16-unit multifamily asset in the heart of West Seattle, just two blocks from the vibrant Junction on California Avenue. It is uncommon for a high-performing, stabilized property like this to become available in one of Seattle’s most dynamic and sought-after neighborhoods. West Seattle continues to experience steady growth while maintaining the character and charm that make it one of the city’s most desirable communities. The Monterey represents an opportunity to enter this competitive market for under $220,000 per unit. The asset provides investors with strong in-place cash flow and the potential to add further value through the installation of in-unit washer and dryers. Originally constructed in 1954, The Monterey Apartments have undergone extensive renovations. Most of the sixteen units have been thoughtfully updated with modern kitchens featuring quartz countertops, stylish backsplashes, laminate hardwood flooring, and stainless steel appliances. Bathrooms have been refreshed with new shower surrounds and updated flooring, while additional interior upgrades include new wall heaters and premium carpeting. The exterior has also been significantly improved with a fresh, contemporary paint scheme, new entry doors, and updated wood siding at both the front and rear of the building. System upgrades include a new electrical main connection and a replaced sewer line. The Monterey Apartments combine mid-century architecture with modern finishes and proven operational performance, offering an exceptional investment opportunity in one of Seattle’s most enduring rental markets.
PROPERTY FACTS
| Price Per Unit | $293,538 CAD | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.57% | Lot Size | 0.13 AC |
| Gross Rent Multiplier | 11.47 | Building Size | 9,668 SF |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1954 |
| Property Subtype | Apartment | Parking Ratio | 1.77/1,000 SF |
| Zoning | L3 RC | ||
| Price Per Unit | $293,538 CAD |
| Sale Type | Investment |
| Cap Rate | 5.57% |
| Gross Rent Multiplier | 11.47 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 9,668 SF |
| No. Stories | 2 |
| Year Built | 1954 |
| Parking Ratio | 1.77/1,000 SF |
| Zoning | L3 RC |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 16 | - | - |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $2,096,349 CAD | |
| Land Assessment | $2,902,637 CAD | Total Assessment | $4,998,986 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$2,902,637 CAD
Improvements Assessment
$2,096,349 CAD
Total Assessment
$4,998,986 CAD
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