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608 W Emerson St
Seattle, WA 98119
Emerson Apartments · Multifamily Property For Sale
·
10 Units
INVESTMENT HIGHLIGHTS
- Property Delivered Vacant
- Prime Queen Anne Location
- Updated Interiors
EXECUTIVE SUMMARY
• Property Delivered Vacant – The property is being listed 100% vacant, providing an excellent opportunity to renovate all 10 units with modern finishes and achieve higher rents.
• Prime Queen Anne Location – Located along W Emerson St in North Queen Anne, walking distance from Seattle Pacific University.
• Desirable Unit Mix – Features a mix of 2-bedroom and 3-bedroom units totaling 7,650 net rentable square feet.
• Attractive Price – The asset stabilizes to a 7.42% cap on cost and a 9.42% cash on cash return at $2.875M ($287,500 per unit, $376 per square foot).
• Strong Amenities – The property includes a laundry facility, balconies with views, 9 parking spaces, mature landscaping, and storage space.
• Updated Interiors – All units were renovated in 2016, including updated kitchens with new finishes and fully upgraded bathrooms with modern fixtures and motion-sensor fans.
• Prime Queen Anne Location – Located along W Emerson St in North Queen Anne, walking distance from Seattle Pacific University.
• Desirable Unit Mix – Features a mix of 2-bedroom and 3-bedroom units totaling 7,650 net rentable square feet.
• Attractive Price – The asset stabilizes to a 7.42% cap on cost and a 9.42% cash on cash return at $2.875M ($287,500 per unit, $376 per square foot).
• Strong Amenities – The property includes a laundry facility, balconies with views, 9 parking spaces, mature landscaping, and storage space.
• Updated Interiors – All units were renovated in 2016, including updated kitchens with new finishes and fully upgraded bathrooms with modern fixtures and motion-sensor fans.
PROPERTY FACTS Under Contract
| Price Per Unit | $401,327 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.20 AC |
| Cap Rate | 6.41% | Building Size | 8,800 SF |
| Gross Rent Multiplier | 11.92 | Average Occupancy | 0% |
| No. Units | 10 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1975/2016 |
| Property Subtype | Apartment | Parking Ratio | 1.02/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | L2, Seattle | ||
| Price Per Unit | $401,327 CAD |
| Sale Type | Investment |
| Cap Rate | 6.41% |
| Gross Rent Multiplier | 11.92 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 8,800 SF |
| Average Occupancy | 0% |
| No. Stories | 3 |
| Year Built/Renovated | 1975/2016 |
| Parking Ratio | 1.02/1,000 SF |
| Zoning | L2, Seattle |
AMENITIES
UNIT AMENITIES
- Balcony
- Dishwasher
- Disposal
- Fireplace
- Storage Space
SITE AMENITIES
- Laundry Facilities
- Storage Space
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 9 | $2,722 CAD | 687 |
| 3+2 | 1 | $3,560 CAD | 1,470 |
PROPERTY TAXES
| Parcel Number | 744300-0775 | Improvements Assessment | $855,699 CAD |
| Land Assessment | $2,641,081 CAD | Total Assessment | $3,496,780 CAD |
PROPERTY TAXES
Parcel Number
744300-0775
Land Assessment
$2,641,081 CAD
Improvements Assessment
$855,699 CAD
Total Assessment
$3,496,780 CAD
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