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Burkewood 5505 NE 65th St 8 Unit Apartment Building $2,275,234 CAD ($284,404 CAD/Unit) 5.29% Cap Rate Seattle, WA 98115
INVESTMENT HIGHLIGHTS
- A+ Hawthorne Hills Location
- Large 6,000 SF Lot
- Higher-end Residential Neighborhood
- All 1 Bed/1 Bath Units
- Potential To Raise Below Market Rents
EXECUTIVE SUMMARY
Burkewood Apartments represents an appealing 8-unit multifamily investment in Seattle’s sought-after Hawthorne Hills neighborhood. This well-maintained property, built in 1956, boasts 8 moderately updated 1BD/1BA units on a 6,000 SF lot zoned NR3, offering future redevelopment potential. Priced at $206,250 per unit, it provides strong value-add opportunities via rent increases—current averages of $1,409 per unit could rise to proforma market levels of $1,550, elevating NOI from $86,662 to $110,933 and the cap rate from 5.29% to 6.72%. The prime location, near Magnuson Park, the Burke-Gilman Trail, University of Washington, Seattle Children’s Hospital, and University Village, drives tenant appeal in a high-demand, supply-limited area with top schools and abundant amenities.
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$185,742
|
$58.04
|
| Other Income |
$4,302
|
$1.34
|
| Vacancy Loss |
$9,502
|
$2.97
|
| Effective Gross Income |
$180,542
|
$56.42
|
| Taxes |
$18,425
|
$5.76
|
| Operating Expenses |
$41,743
|
$13.04
|
| Total Expenses |
$60,168
|
$18.80
|
| Net Operating Income |
$120,374
|
$37.62
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $185,742 |
| Annual Per SF | $58.04 |
| Other Income (CAD) | |
|---|---|
| Annual | $4,302 |
| Annual Per SF | $1.34 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $9,502 |
| Annual Per SF | $2.97 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $180,542 |
| Annual Per SF | $56.42 |
| Taxes (CAD) | |
|---|---|
| Annual | $18,425 |
| Annual Per SF | $5.76 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $41,743 |
| Annual Per SF | $13.04 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $60,168 |
| Annual Per SF | $18.80 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $120,374 |
| Annual Per SF | $37.62 |
PROPERTY FACTS Under Contract
| Price | $2,275,234 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $284,404 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 5.29% | Building Size | 3,200 SF |
| Gross Rent Multiplier | 11.97 | Average Occupancy | 97% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1956 |
| Property Subtype | Apartment | Parking Ratio | 1.56/1,000 SF |
| Zoning | NR3 | ||
| Price | $2,275,234 CAD |
| Price Per Unit | $284,404 CAD |
| Sale Type | Investment |
| Cap Rate | 5.29% |
| Gross Rent Multiplier | 11.97 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 3,200 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built | 1956 |
| Parking Ratio | 1.56/1,000 SF |
| Zoning | NR3 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | $1,920 CAD | 400 |
1 1
Bike Score®
Very Bikeable (79)
PROPERTY TAXES
| Parcel Number | 102504-9209 | Total Assessment | $1,920,371 CAD (2024) |
| Land Assessment | $1,054,299 CAD (2024) | Annual Taxes | $18,425 CAD ($5.76 CAD/SF) |
| Improvements Assessment | $866,072 CAD (2024) | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
102504-9209
Land Assessment
$1,054,299 CAD (2024)
Improvements Assessment
$866,072 CAD (2024)
Total Assessment
$1,920,371 CAD (2024)
Annual Taxes
$18,425 CAD ($5.76 CAD/SF)
Tax Year
2025
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Burkewood | 5505 NE 65th St
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