Beach Club Cottages 8716 Sand Point Way NE 14 Unit Apartment Building $7,879,395 CAD ($562,814 CAD/Unit) 4.29% Cap Rate Seattle, WA 98115

Positioned on the western shore of Lake Washington in the desirable Matthews Beach neighborhood just steps from the Burke-Gilman trail and a short walk from Matthews Beach, Beach Club Cottages is a 14-unit multifamily community comprised of 6 buildings on two adjacent parcels.
Boasting 110 feet of lake frontage, direct beach access, boat slips, garage and off-street parking, and fully renovated, luxury units, Beach Club Cottages is a high-quality asset that should provide nearly 0% vacancy and will appeal to both apartment and owner-occupant investors.
Situated in Seattle’s desirable Matthews Beach neighborhood, Beach Club Cottages is well positioned near an abundance of recreational opportunities. A dock with two on-site boat slips along with its own beach provides residents with lake access while the Burke-Gilman Trail, just ±100 yards away, offers a convenient location to walk, run, cycle, or skate. Matthews Beach Park, with its playground, basketball court, BBQ / picnic facilities, and swimming access, is also a short walk away. Also nearby are Warren G. Magnuson Park, Inverness Ravine Park, Penguin Park, and the Sand Point Country Club. Residents of the Beach Club Cottages are also within a few minutes’ drive of the various restaurants and shops that line Wedgwood and Ravenna’s primary commercial corridor along 35th Ave NE. For public transportation, residents can hop on one of two bus routes with stops within a 15-minute walk, providing access to the University District, South Lake Union, Downtown Seattle, and Northgate Station, with its 25+ bus routes. Further, there are three light rail stops within a 15-minute drive.
The renovated, turnkey Beach Club Cottages property is comprised of 14 homes in 6 buildings – a two-story single-family home, two single-family cottages, and three apartment buildings, each with three or four units. All the units have been updated with new kitchens and bathrooms. Finishes vary, with many homes featuring newer luxury vinyl tile flooring and appliances. Most of the units offer scenic lake views, and nine homes boast in-unit laundry with a common laundry room providing laundry service to the remaining units. Two of the units are on the water and offer private yards. The property also offers 15 off-street, uncovered parking spaces and 3 garage spaces for tenant use. The most appealing part of the property, however, is its large common grassy area that spans 110 feet of Lake Washington frontage. A boat dock with two boat slips are also onsite.
Significant investments have been made towards renovating units and increasing cash flow and value. However, there does remain some additional upside for a new operator in the form of continuing to raise rents to market levels. Alternatively, a new owner may opt to purchase the property, hold it for a time to enjoy the cash flow it offers, and then, at some future date, redevelop the prime, waterfront parcels with a stunning home or two of their dreams.
This high quality, turnkey property, with its desirable waterfront location, offers an investor the opportunity to own an income-producing property with upside in one of Seattle’s coveted neighborhoods. Generally, waterfront properties offer rapid rates of appreciation and near 0% vacancy rates. The property affords an owner-occupant investor the opportunity to live in the two-story, single-family home, while renting out the other 13 luxury units for significant income.