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Capri Apartments 11521 26th Ave NE

15 Unit Apartment Building $3,500,000 ($233,333/Unit) 5.76% Cap Rate Seattle, WA 98125

Investment Highlights

  • Well maintained property: copper plumbing throughout, new roof (2023), updated electrical panels (2016), new exterior stairwell (2024)
  • Excellent land basis: 19,600 square foot lot with LR3 (M) zoning
  • Strong unit mix: one and two bedroom units averaging 725 square feet

Executive Summary

The Capri Apartments is a fifteen unit community located in the Lake City neighborhood of Seattle. Originally constructed in 1962, the Capri has been carefully maintained and updated to ensure that it’s a desirable community for tenants and a low-maintenance asset for ownership. Boasting a walk score of 73, the property is situated within a one-mile walk of all your everyday essentials. Comprised of six ±613 square foot one bedroom units and nine ±798 two bedroom units, the property offers a range of living spaces that are desirable to tenants looking to take advantage of that Seattle has to offer.
Lake City is a diverse and evolving neighborhood known for its blend of suburban tranquility and urban convenience. Historically developed in the mid-20th century, it features a variety of housing options, from mid-century single-family homes to modern apartments, catering to different income levels. The area is enriched by its multicultural population and offers numerous amenities, including parks, community centers, libraries, and a mix of local businesses and dining options along Lake City Way. It is well-connected by public transportation and major highways, making it accessible for commuters.
Capri has been extensively maintained and has copper plumbing, a new roof (2023), updated electrical panels in all units (2016), all water heaters are current and new exterior stairwells(2024). The interior of the units have been well maintained and updated as well, featuring LVP flooring throughout, stone countertops and dishwashers in select units. On site, there’s a central courtyard for all tenants, on site community laundry and ample parking of 16 off-street spaces. These improvements not only enhance the property’s curb appeal but also contribute to the long-term durability, reducing maintenance costs for the foreseeable future.

Property Facts

Price $3,500,000
Price Per Unit $233,333
Sale Type Investment
Cap Rate 5.76%
No. Units 15
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.45 AC
Building Size 11,162 SF
Average Occupancy 100%
No. Stories 2
Year Built 1962
Parking Ratio 1.43/1,000 SF

Unit Amenities

  • Heating
  • Kitchen
  • Range

Site Amenities

  • Laundry Facilities
  • Recycling

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 6 - 600 - 625
2+1 9 - 800 - 850
Walk Score®
Very Walkable (73)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
344800-1435
Land Assessment
$1,764,000
Improvements Assessment
$1,622,000
Total Assessment
$3,386,000

zoning

Zoning Code LR3
LR3
  • Listing ID: 32984165

  • Date on Market: 8/28/2024

  • Last Updated:

  • Address: 11521 26th Ave NE, Seattle, WA 98125

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