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8848 N Stone Ave
Seattle, WA 98103
8848 Stone Ave N · Multifamily Property For Sale
·
10 Units
Investment Highlights
- Well-maintained 1988-built asset with 2021 roof replacement, copper plumbing, and GE electric panel with minimal deferred maintenance
- Light renovation of one- and two-bedroom units projected to achieve rent premiums of approximately 21% and 32% respectively
- Spacious studios, one- and two-bedroom floor plans filled with natural light and in-unit laundry throughout
- In-place rents approximately 15% below market with immediate upside through disciplined rent increases schedule
- Convenient Location -8 blocks from Green Lake, easy access to I-5 and Hwy 99, minutes from Northgate Link Light Rail
Executive Summary
The Lee & Associates Northwest Multifamily Team is pleased to present 8848 Stone Ave N, a pride-of-ownership 10-unit apartment community in Seattle’s North Green Lake neighborhood.
Built in 1988, the building offers a well-balanced unit mix of 2 studios, 4 one-bedrooms, and 4 two-bedrooms — spacious floor plans filled with natural light and equipped with in-unit laundry throughout. Durable building systems include copper plumbing, a Siemens electric panel, and a 2021 roof replacement, delivering a new owner a clean operational foundation with minimal deferred maintenance. A secured entry system and fully fenced rear parking lot with 10 assigned spaces complete a resident experience that is low-friction and well-managed.
In-place rents currently sit approximately 15% below market, presenting an immediate opportunity for a new owner to close that gap through disciplined lease management alone. For investors with a light renovation appetite, the one-bedroom and two-bedroom units present the most compelling upside — rehabbed rents on those unit types are projected to achieve premiums of 21% and 32% respectively above current in-place rents, a return profile that meaningfully repositions the asset’s income and long-term value.
Built in 1988, the building offers a well-balanced unit mix of 2 studios, 4 one-bedrooms, and 4 two-bedrooms — spacious floor plans filled with natural light and equipped with in-unit laundry throughout. Durable building systems include copper plumbing, a Siemens electric panel, and a 2021 roof replacement, delivering a new owner a clean operational foundation with minimal deferred maintenance. A secured entry system and fully fenced rear parking lot with 10 assigned spaces complete a resident experience that is low-friction and well-managed.
In-place rents currently sit approximately 15% below market, presenting an immediate opportunity for a new owner to close that gap through disciplined lease management alone. For investors with a light renovation appetite, the one-bedroom and two-bedroom units present the most compelling upside — rehabbed rents on those unit types are projected to achieve premiums of 21% and 32% respectively above current in-place rents, a return profile that meaningfully repositions the asset’s income and long-term value.
Property Facts
| Price Per Unit | $250,990 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 5.32% | Building Size | 6,770 SF |
| Gross Rent Multiplier | 10.3 | Average Occupancy | 97% |
| No. Units | 10 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1988/2005 |
| Property Subtype | Apartment | Parking Ratio | 1.48/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | L-2, Seattle | ||
| Price Per Unit | $250,990 CAD |
| Sale Type | Investment |
| Cap Rate | 5.32% |
| Gross Rent Multiplier | 10.3 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 6,770 SF |
| Average Occupancy | 97% |
| No. Stories | 3 |
| Year Built/Renovated | 1988/2005 |
| Parking Ratio | 1.48/1,000 SF |
| Zoning | L-2, Seattle |
Amenities
Unit Amenities
- Balcony
- Dishwasher
- Washer/Dryer
- Kitchen
- Refrigerator
- Oven
- Range
- Carpet
- Vinyl Flooring
Site Amenities
- Security System
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | $1,638 CAD | 387 |
| 1+1 | 4 | $1,813 CAD | 530 |
| 2+1 | 4 | $2,092 CAD | 969 |
Property Taxes
| Parcel Number | 099300-0215 | Improvements Assessment | $1,030,454 CAD |
| Land Assessment | $1,543,590 CAD | Total Assessment | $2,574,044 CAD |
Property Taxes
Parcel Number
099300-0215
Land Assessment
$1,543,590 CAD
Improvements Assessment
$1,030,454 CAD
Total Assessment
$2,574,044 CAD
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