10335 Midvale Ave
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10335 Midvale Ave
6 Unit Apartment Building $1,525,000 ($254,167/Unit) 4.95% Cap Rate Seattle, WA 98133
Investment Highlights
- Built in 1996: modern systems and floorplans
- Easy to manage with low historic vacancy
- 8+ off-street parking stalls (8 open and 1 covered carport)
- Immediate upside in rental income in current condition
- In-unit washer/dryers in all apartments
- Large units averaging 938 SqFt
Executive Summary
The Midvale Apartments offer an investor the opportunity to acquire a stable, well-maintained property with immediate income upside in a location that is convenient and ripe for growth. Built in 1996, the building features newer systems and large, moderns floorplans with complete appliance packages and in-unit washer/dryers. The building features (4) 2bd/1.5bth two-story “townhouse” units, (1) 2bd/1bth, and (1) 1bd/1bth unit. Additional amenities include secure, intercom access, private balconies/patios in all units and convenient off-street parking.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$129,720
|
$16.48
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$3,892
|
$0.49
|
| Effective Gross Income |
$125,828
|
$15.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$50,376
|
$6.40
|
| Net Operating Income |
$75,452
|
$9.59
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $129,720 |
| Annual Per SF | $16.48 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $3,892 |
| Annual Per SF | $0.49 |
| Effective Gross Income | |
|---|---|
| Annual | $125,828 |
| Annual Per SF | $15.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $50,376 |
| Annual Per SF | $6.40 |
| Net Operating Income | |
|---|---|
| Annual | $75,452 |
| Annual Per SF | $9.59 |
Property Facts
| Price | $1,525,000 | Apartment Style | Low Rise |
| Price Per Unit | $254,167 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 4.95% | Building Size | 5,630 SF |
| Gross Rent Multiplier | 11.8 | No. Stories | 3 |
| No. Units | 6 | Year Built | 1996 |
| Property Type | Multifamily | Parking Ratio | 1.42/1,000 SF |
| Property Subtype | Apartment |
| Price | $1,525,000 |
| Price Per Unit | $254,167 |
| Sale Type | Investment |
| Cap Rate | 4.95% |
| Gross Rent Multiplier | 11.8 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 5,630 SF |
| No. Stories | 3 |
| Year Built | 1996 |
| Parking Ratio | 1.42/1,000 SF |
Unit Amenities
- Air Conditioning
- Wheelchair Accessible (Rooms)
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | $1,200 | 663 |
| 2+1 | 1 | $1,500 | 865 |
| 2+1.5 | 4 | $1,788 | 1,025 |
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Walk Score ®
Very Walkable (83)
PROPERTY TAXES
| Parcel Number | 630050-0120 | Improvements Assessment | $731,000 |
| Land Assessment | $723,000 | Total Assessment | $1,454,000 |
PROPERTY TAXES
Parcel Number
630050-0120
Land Assessment
$723,000
Improvements Assessment
$731,000
Total Assessment
$1,454,000
zoning
| Zoning Code | LR3 |
| LR3 |
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10335 Midvale Ave
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