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Westwind Apartments 4500 1st Ave 18 Unit Apartment Building $7,337,850 CAD ($407,658 CAD/Unit) 4.94% Cap Rate Seattle, WA 98107
INVESTMENT HIGHLIGHTS
- Excellent upper Fremont location
- A spacious, 1,500-SF penthouse/owner’s unit
- Attractive mid-century design, secured entry and laundry/resident storage room, copper supply plumbing and ITE electrical subpanels
- Large units averaging 860 SF with dishwashers, dining areas, decks with storage space, and many boast views of the ship canal, Ballard, and Magnolia
- 18 off-street parking spaces
EXECUTIVE SUMMARY
Located in Seattle’s desirable upper Fremont neighborhood just a 3-minute walk from Fremont Peak Park and within walking distance of the zoo. On the market for the first time, the property features 1- and 2-bed units plus a 1,500-SF 3-bed/2-bath penthouse (ideal for an owner-occupant). Floorplans average 860 SF. Dining areas, dishwashers, private decks/patios, abundant natural light, and many residents enjoy stunning views of the ship canal, Ballard, and Magnolia. 18 off-street parking spaces, secured entry, a resident laundry and storage room, copper supply plumbing, and updated ITE electrical subpanels. Westwind Apartments offers a 4.9% cap rate on rents as of February 2026 (increases already posted) and current expenses with upside.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$553,678
|
$33.06
|
| Other Income |
$22,162
|
$1.32
|
| Vacancy Loss |
$28,792
|
$1.72
|
| Effective Gross Income |
$547,048
|
$32.66
|
| Taxes |
$65,437
|
$3.91
|
| Operating Expenses |
$118,869
|
$7.10
|
| Total Expenses |
$184,306
|
$11.00
|
| Net Operating Income |
$362,742
|
$21.66
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $553,678 |
| Annual Per SF | $33.06 |
| Other Income (CAD) | |
|---|---|
| Annual | $22,162 |
| Annual Per SF | $1.32 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $28,792 |
| Annual Per SF | $1.72 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $547,048 |
| Annual Per SF | $32.66 |
| Taxes (CAD) | |
|---|---|
| Annual | $65,437 |
| Annual Per SF | $3.91 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $118,869 |
| Annual Per SF | $7.10 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $184,306 |
| Annual Per SF | $11.00 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $362,742 |
| Annual Per SF | $21.66 |
PROPERTY FACTS
| Price | $7,337,850 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $407,658 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.33 AC |
| Cap Rate | 4.94% | Building Size | 16,217 SF |
| Gross Rent Multiplier | 12.7 | No. Stories | 4 |
| No. Units | 18 | Year Built | 1968 |
| Property Type | Multifamily | Parking Ratio | 1.11/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | LR3 (M) | ||
| Price | $7,337,850 CAD |
| Price Per Unit | $407,658 CAD |
| Sale Type | Investment |
| Cap Rate | 4.94% |
| Gross Rent Multiplier | 12.7 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 16,217 SF |
| No. Stories | 4 |
| Year Built | 1968 |
| Parking Ratio | 1.11/1,000 SF |
| Zoning | LR3 (M) |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Storage Space
- Kitchen
- Oven
- Range
- Tub/Shower
- Views
- Deck
- Dining Room
- Patio
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Walking/Biking Trails
- Storage Space
- Public Transportation
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 11 | $2,330 CAD | 780 |
| 2+1 | 6 | $2,766 CAD | 900 |
| 3+2 | 1 | $3,917 CAD | 1,500 |
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PROPERTY TAXES
| Parcel Number | 751750-0535 | Total Assessment | $7,332,112 CAD |
| Land Assessment | $4,752,321 CAD | Annual Taxes | $65,437 CAD ($4.04 CAD/SF) |
| Improvements Assessment | $2,579,791 CAD | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
751750-0535
Land Assessment
$4,752,321 CAD
Improvements Assessment
$2,579,791 CAD
Total Assessment
$7,332,112 CAD
Annual Taxes
$65,437 CAD ($4.04 CAD/SF)
Tax Year
2024
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Westwind Apartments | 4500 1st Ave
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