Villa Maria Apartments | 1146 N 91st St
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Villa Maria Apartments 1146 N 91st St
11 Unit Apartment Building $2,495,000 ($226,818/Unit) 5.63% Cap Rate Seattle, WA 98103
Investment Highlights
- Built in 1986 and renovated in 2010
- Upside in rental income in current condition
- In-unit washer/dryers and common laundry
- Current 5.6% Cap Rate with professional management included
- Excellent central location, close to everything and quick access to major freeways and public transportation
Executive Summary
Paragon Real Estate Advisors is pleased to exclusively offer for sale the Villa Maria Apartments; a tastefully renovated 11-unit property located just north of Green Lake.
Built in 1986, the Villa Maria Apartments reside on a 7,250 SqFt lot that is located just steps away from the newly built Robert Eagle Staff Middle School and Cascadia Elementary School. Within walking distance or a short drive, residents can get to North Seattle College, Northgate Station and Green Lake with an abundance of surrounding amenities and recreational opportunities. This balance of nearby schools, parks and amenities makes the Villa Maria desirable to families and residents of all ages. Not to mention it is centrally located between Aurora Avenue and I-5, allowing commuters to come and go with ease and get to other parts of the city quickly.
The units are large and include a nice mix with 2 – 2Bd/2Bth units that average 1,050 SqFt, 8 – 1Bd/1Bth units that average 702 SqFt, and 1 – Studio that is 400 SqFt. The building underwent a full remodel in 2010, where the previous owner installed a new roof, windows, and common area upgrades in addition to renovating the interior of the units. Inside the units, tenants enjoy newer cabinets, stone countertops, stainless steel appliances, partial laminate hardwood flooring, and walk-in closets. Each unit has its own washer/dryer and private balcony/patio along with 10 off-street parking stalls for the tenant’s convenience.
The Villa Maria Apartments offer an investor the opportunity to acquire a renovated and stable property that is easy to maintain in a location that appeals to many types of tenants.
Built in 1986, the Villa Maria Apartments reside on a 7,250 SqFt lot that is located just steps away from the newly built Robert Eagle Staff Middle School and Cascadia Elementary School. Within walking distance or a short drive, residents can get to North Seattle College, Northgate Station and Green Lake with an abundance of surrounding amenities and recreational opportunities. This balance of nearby schools, parks and amenities makes the Villa Maria desirable to families and residents of all ages. Not to mention it is centrally located between Aurora Avenue and I-5, allowing commuters to come and go with ease and get to other parts of the city quickly.
The units are large and include a nice mix with 2 – 2Bd/2Bth units that average 1,050 SqFt, 8 – 1Bd/1Bth units that average 702 SqFt, and 1 – Studio that is 400 SqFt. The building underwent a full remodel in 2010, where the previous owner installed a new roof, windows, and common area upgrades in addition to renovating the interior of the units. Inside the units, tenants enjoy newer cabinets, stone countertops, stainless steel appliances, partial laminate hardwood flooring, and walk-in closets. Each unit has its own washer/dryer and private balcony/patio along with 10 off-street parking stalls for the tenant’s convenience.
The Villa Maria Apartments offer an investor the opportunity to acquire a renovated and stable property that is easy to maintain in a location that appeals to many types of tenants.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$233,414
|
$28.76
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$11,671
|
$1.44
|
| Effective Gross Income |
$221,743
|
$27.33
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$81,309
|
$10.02
|
| Net Operating Income |
$140,434
|
$17.31
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $233,414 |
| Annual Per SF | $28.76 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $11,671 |
| Annual Per SF | $1.44 |
| Effective Gross Income | |
|---|---|
| Annual | $221,743 |
| Annual Per SF | $27.33 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $81,309 |
| Annual Per SF | $10.02 |
| Net Operating Income | |
|---|---|
| Annual | $140,434 |
| Annual Per SF | $17.31 |
Property Facts
| Price | $2,495,000 | Apartment Style | Low Rise |
| Price Per Unit | $226,818 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 5.63% | Building Size | 8,115 SF |
| Gross Rent Multiplier | 10.69 | Average Occupancy | 100% |
| No. Units | 11 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1986 |
| Property Subtype | Apartment | Parking Ratio | 1.73/1,000 SF |
| Price | $2,495,000 |
| Price Per Unit | $226,818 |
| Sale Type | Investment |
| Cap Rate | 5.63% |
| Gross Rent Multiplier | 10.69 |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 8,115 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1986 |
| Parking Ratio | 1.73/1,000 SF |
Unit Amenities
- Balcony
- Washer/Dryer
- Granite Countertops
- Stainless Steel Appliances
- Patio
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $1,150 | 400 |
| 1+1 | 8 | $1,625 | 650 - 740 |
| 2+2 | 2 | $1,950 | 1,000 - 1,100 |
1 of 1
Walk Score ®
Very Walkable (82)
Bike Score ®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Number | 952410-0185 | Improvements Assessment | $1,293,400 |
| Land Assessment | $1,353,600 | Total Assessment | $2,647,000 |
PROPERTY TAXES
Parcel Number
952410-0185
Land Assessment
$1,353,600
Improvements Assessment
$1,293,400
Total Assessment
$2,647,000
zoning
| Zoning Code | LR-3 (M) |
| LR-3 (M) |
-
Ryan Iles -
Will Douglas -
Paragon Real Estate Advisors
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Villa Maria Apartments | 1146 N 91st St
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