The Haven Apartments | 7130 California Ave SW
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The Haven Apartments 7130 California Ave SW
16 Unit Apartment Building $3,300,000 ($206,250/Unit) 3.93% Cap Rate Seattle, WA 98136
Investment Highlights
- Opportunity to add in unit washers/dryers (Buyer to verify)
- The roof was replaced in May of 2024 and the parking lot was resurfaced/striped in 2024
- Building has had 0% vacancy over the last 5 years
- Market 7.6% cap rate based on a market rent of $2.26/foot
- Large 1BD/1BTH units may be converted to 2BD/1BTH (Buyer to verify)
- Attractive unit mix of 8 - 1BD/1BTH Units and 8 – 2BD/1BTH Units
Executive Summary
Paragon Real Estate Advisors is pleased to announce the exclusive listing of the Haven Apartments. The Haven is a well-located apartment building on California Ave, just south of Morgan Junction, offering a prime opportunity for investors in the vibrant West Seattle market. This asset features a desirable unit mix of 8 generously sized 1BD/1BTH units and 8 spacious sized 2BD/1BTH units, catering to a broad range of potential tenants.
The Haven is a great value-add opportunity with a low entry basis of $206,250 per unit and $251 per square foot. Current rents are well below market presenting significant potential to enhance revenue through increased rents, parking fees, utilities charges, pet rents, and further cosmetic upgrades. The offering presents the opportunity for a buyer to get to a 7.6% market cap rate by lifting rents to market or further allows a buyer to get to a 8.2% renovation cap on cost using a $35,000/unit renovation budget for original units and a $20,000/unit renovation budget for the partially renovated units.
The Haven is apart of a larger portfolio including three other West Seattle apartment buildings. Reach out to the listing agent for more information on those buildings.
The Haven is a great value-add opportunity with a low entry basis of $206,250 per unit and $251 per square foot. Current rents are well below market presenting significant potential to enhance revenue through increased rents, parking fees, utilities charges, pet rents, and further cosmetic upgrades. The offering presents the opportunity for a buyer to get to a 7.6% market cap rate by lifting rents to market or further allows a buyer to get to a 8.2% renovation cap on cost using a $35,000/unit renovation budget for original units and a $20,000/unit renovation budget for the partially renovated units.
The Haven is apart of a larger portfolio including three other West Seattle apartment buildings. Reach out to the listing agent for more information on those buildings.
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| 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 | $3,300,000 | Apartment Style | Mid Rise |
| Price Per Unit | $206,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.27 AC |
| Cap Rate | 3.93% | Building Size | 13,120 SF |
| No. Units | 16 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1967 |
| Property Subtype | Apartment | Parking Ratio | 1.22/1,000 SF |
| Price | $3,300,000 |
| Price Per Unit | $206,250 |
| Sale Type | Investment |
| Cap Rate | 3.93% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.27 AC |
| Building Size | 13,120 SF |
| No. Stories | 4 |
| Year Built | 1967 |
| Parking Ratio | 1.22/1,000 SF |
Unit Amenities
- Balcony
- Dishwasher
- Heating
- Kitchen
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | $1,199 | 525 - 725 |
| 2+1 | 8 | $1,391 | 940 |
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Walk Score ®
Very Walkable (76)
PROPERTY TAXES
| Parcel Number | 431770-0005 | Improvements Assessment | $2,613,600 (2023) |
| Land Assessment | $1,646,400 (2023) | Total Assessment | $4,260,000 (2023) |
PROPERTY TAXES
Parcel Number
431770-0005
Land Assessment
$1,646,400 (2023)
Improvements Assessment
$2,613,600 (2023)
Total Assessment
$4,260,000 (2023)
zoning
| Zoning Code | LR2 (M) |
| LR2 (M) |
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The Haven Apartments | 7130 California Ave SW
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