Crestview Apartments | 305 Lind Ave SW
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Crestview Apartments 305 Lind Ave SW
75 Unit Apartment Building $9,250,000 ($123,333/Unit) 7.55% Cap Rate Renton, WA 98057
Investment Highlights
- First Time on Market in 50+ Years
- Six Separate Single-Level Buildings
- 3.85 Acres
- Excellent Value Add Scenario
- Future Development Potential
- 97% Current Occupancy
Executive Summary
On the market for the first time in over 50 years, The Crestview Apartments is a garden-style, 75 unit apartment complex in the growing and vibrant city of Renton, Washington. The property sits on 3.85 acres of CA(Commercial Arterial). In addition to being an excellent opportunity for an existing value add rehabilitation, there is also inherent value in the land for larger future development. A rare combination of an existing value add and covered land play.
Six separate single story structures allow for an ideal renovation schedule. The buildings are in excellent condition with brick veneer and cement tile roofs. Terrific views over downtown Renton, Lake Washington and the cascades. Ample existing parking with a dedicated space for every unit.
Six separate single story structures allow for an ideal renovation schedule. The buildings are in excellent condition with brick veneer and cement tile roofs. Terrific views over downtown Renton, Lake Washington and the cascades. Ample existing parking with a dedicated space for every unit.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $9,250,000 | Apartment Style | Garden |
| Price Per Unit | $123,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 3.85 AC |
| Cap Rate | 7.55% | Building Size | 75,000 SF |
| No. Units | 75 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1957 |
| Property Subtype | Apartment | Parking Ratio | 2.15/1,000 SF |
| Price | $9,250,000 |
| Price Per Unit | $123,333 |
| Sale Type | Investment |
| Cap Rate | 7.55% |
| No. Units | 75 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.85 AC |
| Building Size | 75,000 SF |
| No. Stories | 1 |
| Year Built | 1957 |
| Parking Ratio | 2.15/1,000 SF |
Unit Amenities
- Kitchen
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 34 | $1,450 | 560 |
| 2+1 | 1 | - | 700 |
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Walk Score ®
Very Walkable (79)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $11,875,000 | |
| Land Assessment | $5,119,600 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $6,755,400 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$5,119,600
Improvements Assessment
$6,755,400
Total Assessment
$11,875,000
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | CA (Commercial Arterial, Renton) |
| CA (Commercial Arterial, Renton) |
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Crestview Apartments | 305 Lind Ave SW
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