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Alchemy Apartments 6710 Greenwood Ave N 6 Unit Apartment Building $3,753,704 CAD ($625,617 CAD/Unit) 5.74% Cap Rate Seattle, WA 98103
Investment Highlights
- Excellent Phinney Ridge location – Walk score of 89 - Walkable to numerous restaurants, coffee shops, grocery, and other services
- Current 5.7% cap rate with easily achieved upside - Most recently rented unit achieved $3,395
- On-site parking for 5 cars
- All fully remodeled condo-quality 2-bedroom/2-bath units – Average size of 850 SF with in-unit laundry and dishwashers
- Like new – All systems completely updated, brick veneer building will never need to be painted
- Direct transit access to Downtown Seattle, Fremont, and Shoreline; Easy commute to Downtown Seattle, SLU, and Eastside from I-99 and I-5
Executive Summary
Alchemy Apartments is a unique, like-new asset located in the heart of Seattle’s Phinney Ridge neighborhood. The property offers profitability, long term durability, & upside while providing walkability & modern finishes to residents. The Alchemy features fully remodeled 2-bed/2-bath residences averaging approx. 850 SF. Units have been upgraded with contemporary interiors, in-unit laundry, dishwashers, & modern systems. Constructed with a charming brick veneer exterior & just the right amount of old-world charm, Alchemy Apartments offers lasting quality & low-maintenance ownership, as the building will never require exterior repainting & all major systems have been completely updated. On-site parking is available for 5 vehicles. The Alchemy boasts a Very Walkable walk score of 89, with residents just steps from Phinney Ridge’s restaurants, coffee shops, grocery stores, & neighborhood services. The property is within steps of bus route 5 & is approximately a 1/2 mile from the E Line. Additionally, quick access to Interstates 99 & 5 allows for efficient commutes to Downtown, SLU, & the Eastside. The Alchemy offers a 5.7% cap rate based on current income & expenses, providing investors with immediate, in-place cash flow alongside immediate upside. This easy upside was demonstrated by the most recently rented unit going for $3,395. Irreplaceable location, strong rental performance & profitability, excellent transit connectivity, & turnkey condition.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$279,794
|
$55.51
|
| Other Income |
$31,186
|
$6.19
|
| Vacancy Loss |
$15,550
|
$3.09
|
| Effective Gross Income |
$295,430
|
$58.62
|
| Taxes |
$26,159
|
$5.19
|
| Operating Expenses |
$53,704
|
$10.66
|
| Total Expenses |
$79,863
|
$15.85
|
| Net Operating Income |
$215,567
|
$42.77
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $279,794 |
| Annual Per SF | $55.51 |
| Other Income (CAD) | |
|---|---|
| Annual | $31,186 |
| Annual Per SF | $6.19 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $15,550 |
| Annual Per SF | $3.09 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $295,430 |
| Annual Per SF | $58.62 |
| Taxes (CAD) | |
|---|---|
| Annual | $26,159 |
| Annual Per SF | $5.19 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $53,704 |
| Annual Per SF | $10.66 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $79,863 |
| Annual Per SF | $15.85 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $215,567 |
| Annual Per SF | $42.77 |
Property Facts
| Price | $3,753,704 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $625,617 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 5.74% | Building Size | 5,100 SF |
| Gross Rent Multiplier | 12.1 | No. Stories | 3 |
| No. Units | 6 | Year Built/Renovated | 1904/2013 |
| Property Type | Multifamily | Parking Ratio | 0.98/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | NC2-55 (M) | ||
| Price | $3,753,704 CAD |
| Price Per Unit | $625,617 CAD |
| Sale Type | Investment |
| Cap Rate | 5.74% |
| Gross Rent Multiplier | 12.1 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 5,100 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1904/2013 |
| Parking Ratio | 0.98/1,000 SF |
| Zoning | NC2-55 (M) |
Amenities
Unit Amenities
- Dishwasher
- Washer/Dryer
- Kitchen
- Hardwood Floors
- Refrigerator
- Tub/Shower
Site Amenities
- Vintage Building
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 6 | $3,886 CAD | 850 |
1 1
Exceptionally walkable
90/100
Moderately drivable
60/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 946820-0041 | Total Assessment | $2,636,529 CAD (2024) |
| Land Assessment | $1,713,813 CAD (2024) | Annual Taxes | $26,159 CAD ($5.13 CAD/SF) |
| Improvements Assessment | $922,717 CAD (2024) | Tax Year | 2025 |
Property Taxes
Parcel Number
946820-0041
Land Assessment
$1,713,813 CAD (2024)
Improvements Assessment
$922,717 CAD (2024)
Total Assessment
$2,636,529 CAD (2024)
Annual Taxes
$26,159 CAD ($5.13 CAD/SF)
Tax Year
2025
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Alchemy Apartments | 6710 Greenwood Ave N
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