Burien Sky Apartments | 15801 4th Ave S
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Burien Sky Apartments 15801 4th Ave S
15 Unit Apartment Building $2,900,000 ($193,333/Unit) 4.86% Cap Rate Burien, WA 98148
Investment Highlights
- Excellent downtown Burien location
- Large units: 2 – 2Bd/2Bth (1,500 sqft), 6 – 1Bd’s, and 7 – two-level “townhouse” 1Bd’s
- Territorial and mountain views from upper levels
- Value-add opportunity: Immediate income upside and reposition opportunity
- In-unit washers and dryers in 4 apartments
- Private and peaceful forest-like setting with beautiful trees and mature landscaping
Executive Summary
Paragon Real Estate Advisors is pleased to exclusively offer for sale the Burien Sky Apartments; a 15-unit, value-add apartment community located in the heart of Burien.
Built in 1967, the Burien Sky Apartments sit on a 19,800 sqft lot surrounded by trees and greenery, offering a peaceful setting just minutes from downtown Burien. The units are large and offer a unique mix with 2 – 2Bd/2Bth units (1,500sqft), 6 – 1Bd flats and 7 – 1Bd “townhouse” style units with two levels of living space. Four of the units have been tastefully updated and feature in-unit washer/dryers. Upper-level units enjoy territorial views to the west. The apartments have functional layouts, abundant storage, complete kitchen appliance packages, and private balconies. The property has been well cared for with little deferred maintenance and managed with a focus on minimal vacancy and turnover. Current rents are well below market, offering immediate upside opportunity of almost 20%.
The Burien Sky Apartments offers an investor the opportunity to acquire a well-located apartment community with immediate income upside and potential to add value. New ownership can immediately push income in several ways and take advantage of a strong, rising rental market and has the option to add further value through a renovation and repositioning plan for an even greater return.
Built in 1967, the Burien Sky Apartments sit on a 19,800 sqft lot surrounded by trees and greenery, offering a peaceful setting just minutes from downtown Burien. The units are large and offer a unique mix with 2 – 2Bd/2Bth units (1,500sqft), 6 – 1Bd flats and 7 – 1Bd “townhouse” style units with two levels of living space. Four of the units have been tastefully updated and feature in-unit washer/dryers. Upper-level units enjoy territorial views to the west. The apartments have functional layouts, abundant storage, complete kitchen appliance packages, and private balconies. The property has been well cared for with little deferred maintenance and managed with a focus on minimal vacancy and turnover. Current rents are well below market, offering immediate upside opportunity of almost 20%.
The Burien Sky Apartments offers an investor the opportunity to acquire a well-located apartment community with immediate income upside and potential to add value. New ownership can immediately push income in several ways and take advantage of a strong, rising rental market and has the option to add further value through a renovation and repositioning plan for an even greater return.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$249,720
|
$17.52
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$9,893
|
$0.69
|
| Effective Gross Income |
$239,827
|
$16.82
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$98,933
|
$6.94
|
| Net Operating Income |
$140,894
|
$9.88
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $249,720 |
| Annual Per SF | $17.52 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $9,893 |
| Annual Per SF | $0.69 |
| Effective Gross Income | |
|---|---|
| Annual | $239,827 |
| Annual Per SF | $16.82 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $98,933 |
| Annual Per SF | $6.94 |
| Net Operating Income | |
|---|---|
| Annual | $140,894 |
| Annual Per SF | $9.88 |
Property Facts
| Price | $2,900,000 | Apartment Style | Low Rise |
| Price Per Unit | $193,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.45 AC |
| Cap Rate | 4.86% | Building Size | 14,255 SF |
| Gross Rent Multiplier | 11.61 | No. Stories | 3 |
| No. Units | 15 | Year Built | 1967 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment |
| Price | $2,900,000 |
| Price Per Unit | $193,333 |
| Sale Type | Investment |
| Cap Rate | 4.86% |
| Gross Rent Multiplier | 11.61 |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.45 AC |
| Building Size | 14,255 SF |
| No. Stories | 3 |
| Year Built | 1967 |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 13 | $1,338 | 800 - 850 |
| 2+2 | 2 | $1,713 | 1,500 |
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Bike Score ®
Very Bikeable (70)
zoning
| Zoning Code | RM-24 |
| RM-24 |
-
Ryan Iles -
Paragon Real Estate Advisors
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Burien Sky Apartments | 15801 4th Ave S
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