633 W Emerson St - West Emerson Apartments
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633 W Emerson St - West Emerson Apartments
4 Unit Apartment Building Offered at $1,499,000 at a 5.11% Cap Rate in Seattle, WA 98119
Investment Highlights
- Excellent North Queen Anne location
- 4 units: (3) two-bedroom/one-bathroom and (1) one-bedroom/ one-bathroom
- In-unit laundry in every apartment
- 2 blocks from Seattle Pacific University campus
- Immediate upside in income in current condition with further upside through renovation
Executive Summary
Built in 1962, the West Emerson Apartments are well positioned on the north slope of Queen Anne and resides on a 4,400 SqFt lot that is zoned LR1 (M) giving it future development potential in an ideal spot that always has rental demand. All the apartments have in-unit laundry, functional layouts, and complete kitchen appliance packages with dishwashers. The interior finishes blending original elements and simple updates that have been done over time. The future owner can capitalize on this and easily modernize the units cosmetically to increase income potential. The unit mix is comprised of 3 – 2Bd/1Bth and 1 – 1Bd/1Bth. Unit A – 2Bd/1Bth – is 850 SqFt and has a fireplace in the unit as well as some charming built-in desks. Unit B – 2Bd/1Bth – is 850 SqFt. Unit C – 2Bd/1Bth – is 700 SqFt and has a private patio that is perfect for BBQing on a nice day. Unit D – 1Bd/.75Bth – is 575 SqFt and has an island kitchen giving it an open and inviting feel. There are 4, off-street parking stalls located on the alley side for tenants’ convenience as well as a storage shed for bikes.
The West Emerson Apartments offers a perfect blend of in-city living with a safe, quiet neighborhood feel. Located just a short drive on Highway 99 to downtown and within walking distance of Seattle Pacific University, the Fremont Sunday Market, and the shops atop Queen Anne Hill, this property is ideal for prospective tenants such as students and young professionals.
The West Emerson Apartments is a light value-add opportunity that is perfect for an owner-user investor and with Unit C currently vacant, it will make for a seamless transition. It also appeals to investors looking to own a property in a great rental market and reap the benefit of Seattle’s growth in population. Being in the always desirable Queen Anne neighborhood, the units rarely sit vacant for long, giving the future owner peace of mind and steady cashflow that increases year over year.
The West Emerson Apartments offers a perfect blend of in-city living with a safe, quiet neighborhood feel. Located just a short drive on Highway 99 to downtown and within walking distance of Seattle Pacific University, the Fremont Sunday Market, and the shops atop Queen Anne Hill, this property is ideal for prospective tenants such as students and young professionals.
The West Emerson Apartments is a light value-add opportunity that is perfect for an owner-user investor and with Unit C currently vacant, it will make for a seamless transition. It also appeals to investors looking to own a property in a great rental market and reap the benefit of Seattle’s growth in population. Being in the always desirable Queen Anne neighborhood, the units rarely sit vacant for long, giving the future owner peace of mind and steady cashflow that increases year over year.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$92,141
|
$33.04
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$27,437
|
$9.84
|
| Net Operating Income |
$64,704
|
$23.20
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $92,141 |
| Annual Per SF | $33.04 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $27,437 |
| Annual Per SF | $9.84 |
| Net Operating Income | |
|---|---|
| Annual | $64,704 |
| Annual Per SF | $23.20 |
Property Facts
| Price | $1,499,000 | Property Type | Multifamily |
| Price Per Unit | $374,750 | Lot Size | 0.06 AC |
| Sale Type | Investment | Building Size | 2,900 SF |
| Cap Rate | 5.11% | No. Stories | 2 |
| Gross Rent Multiplier | 16.2 | Year Built | 1962 |
| No. Units | 4 |
| Price | $1,499,000 |
| Price Per Unit | $374,750 |
| Sale Type | Investment |
| Cap Rate | 5.11% |
| Gross Rent Multiplier | 16.2 |
| No. Units | 4 |
| Property Type | Multifamily |
| Lot Size | 0.06 AC |
| Building Size | 2,900 SF |
| No. Stories | 2 |
| Year Built | 1962 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 3 | $2,068 | 700 - 925 |
| 1+1 | 1 | $1,525 | 575 |
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PROPERTY TAXES
| Parcel Number | 744300-0535 | Improvements Assessment | $511,000 |
| Land Assessment | $880,000 | Total Assessment | $1,391,000 |
PROPERTY TAXES
Parcel Number
744300-0535
Land Assessment
$880,000
Improvements Assessment
$511,000
Total Assessment
$1,391,000
zoning
| Zoning Code | LR1 (M) |
| LR1 (M) |
-
Will Douglas -
Ryan Iles -
Paragon Real Estate Advisors
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633 W Emerson St - West Emerson Apartments
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