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565-569 Lee St
Seattle, WA 98109
Marguerite Manor · Multifamily Property For Sale
·
11 Units
Investment Highlights
- Prime Queen Anne Location: Proximity to Downtown Seattle, South Lake Union, Major Employers, Retail Amenities, and Recreational Attractions
- Attractive Unit Mix: One-Bedroom and Larger Three-Bedroom Units Averaging 804 SF
- Recent Capital Improvements: New Roof (2019), Retractable Awning (2019), New Decks (2020), and Exterior Residing and Repainting of the Rear Elevation
- Off-Street Parking & Resident Amenities: Eight Dedicated Parking Spaces (Six Open and Two Tandem) Along with On-Site Common Laundry Facilities
Executive Summary
The Lee & Associates NW Multifamily Team is pleased to present Marguerite Manor, an 11-unit apartment community located in Seattle’s highly desirable Queen Anne neighborhood. The property encompasses approximately 7,032 square feet of net rentable area and features a unit mix of ten spacious one-bedroom apartments and one expansive three-bedroom penthouse with sweeping views of the Seattle skyline and Lake Union.
Current ownership has implemented several significant capital improvements in recent years. The building features a durable brick façade along the front elevation, while the rear exterior was extensively rebuilt, resided, and repainted in 2015. Additional exterior upgrades include the installation of a high tech roof in 2019, a retractable awning, and new decks in 2020. Residents benefit from on-site common laundry facilities and dedicated off-street parking consisting of six open stalls and two tandem spaces located at the rear of the property.
Situated within Queen Anne, Marguerite Manor offers investors a combination of stable in-place income, strong renter demand, and long-term appreciation potential. The property’s location, recent capital improvements, and attractive unit configuration position it as a compelling multifamily investment opportunity in one of the Pacific Northwest’s most sought-after urban submarkets.
Current ownership has implemented several significant capital improvements in recent years. The building features a durable brick façade along the front elevation, while the rear exterior was extensively rebuilt, resided, and repainted in 2015. Additional exterior upgrades include the installation of a high tech roof in 2019, a retractable awning, and new decks in 2020. Residents benefit from on-site common laundry facilities and dedicated off-street parking consisting of six open stalls and two tandem spaces located at the rear of the property.
Situated within Queen Anne, Marguerite Manor offers investors a combination of stable in-place income, strong renter demand, and long-term appreciation potential. The property’s location, recent capital improvements, and attractive unit configuration position it as a compelling multifamily investment opportunity in one of the Pacific Northwest’s most sought-after urban submarkets.
Property Facts
| Price Per Unit | $383,088 CAD | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 4.14% | Lot Size | 0.17 AC |
| Gross Rent Multiplier | 13.7 | Building Size | 9,520 SF |
| No. Units | 11 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1963/1990 |
| Property Subtype | Apartment | Parking Ratio | 0.84/1,000 SF |
| Zoning | LR3 (M) | ||
| Price Per Unit | $383,088 CAD |
| Sale Type | Investment |
| Cap Rate | 4.14% |
| Gross Rent Multiplier | 13.7 |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 9,520 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1963/1990 |
| Parking Ratio | 0.84/1,000 SF |
| Zoning | LR3 (M) |
Amenities
Unit Amenities
- Balcony
- Dishwasher
- Fireplace
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Views
- Carpet
- Skylights
- Vinyl Flooring
Site Amenities
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | $2,074 CAD | 498 |
| 3+2 | 1 | $3,940 CAD | 2,048 |
Property Taxes
| Parcel Number | 688990-0005 | Improvements Assessment | $2,106,842 CAD |
| Land Assessment | $2,183,101 CAD | Total Assessment | $4,289,943 CAD |
Property Taxes
Parcel Number
688990-0005
Land Assessment
$2,183,101 CAD
Improvements Assessment
$2,106,842 CAD
Total Assessment
$4,289,943 CAD
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