The Val Anne | 800 Queen Anne Ave N
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The Val Anne 800 Queen Anne Ave N
49 Unit Apartment Building $17,350,000 ($354,082/Unit) 4.18% Cap Rate Seattle, WA 98109
Investment Highlights
- Exceptionally popular Queen Anne location
- Extensive renovations to both the exterior and interior
- On site parking with covered and surface spaces
- Trophy asset with multiple value-add opportunities
- Two stunning penthouse units with sweeping views
- Multiple value-add opportunities
Executive Summary
Amazing opportunity to acquire a 49 unit, fully renovated trophy asset with value-add opportunities. Built in 1958 and extensively renovated in 2019, the Val Anne offers highly sought after classic mid-century modern units which appeal to young urban professionals. Great unit mix of Studio, 1BD, 2BD and 2 penthouse units. 19 units have views of the City Skyline and Puget Sound, in addition 9 units enjoy private balconies. The two Penthouse units are in a league of their own with sweeping views of the city and sound. This is an exceptional opportunity for a new investor to acquire a top-quality investment that will continue to appreciate over time. Currently the rents are approximately 10% below market rates. Seller is offering $2,000,000 of favorable preferred equity, interest only to approved buyer that is co-terminus with the assumable, existing mortgage.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$726,017
|
$21.34
|
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 | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $726,017 |
| Annual Per SF | $21.34 |
Property Facts
| Price | $17,350,000 | Apartment Style | Mid Rise |
| Price Per Unit | $354,082 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.41 AC |
| Cap Rate | 4.18% | Building Size | 34,018 SF |
| Gross Rent Multiplier | 16.07 | No. Stories | 5 |
| No. Units | 49 | Year Built | 1958 |
| Property Type | Multifamily | Parking Ratio | 0.88/1,000 SF |
| Property Subtype | Apartment |
| Price | $17,350,000 |
| Price Per Unit | $354,082 |
| Sale Type | Investment |
| Cap Rate | 4.18% |
| Gross Rent Multiplier | 16.07 |
| No. Units | 49 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.41 AC |
| Building Size | 34,018 SF |
| No. Stories | 5 |
| Year Built | 1958 |
| Parking Ratio | 0.88/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 32 | $1,600 | 570 - 777 |
| 2+1 | 2 | $2,000 | 680 |
| 2+2 | 1 | $2,900 | 1,180 |
| 3+2 | 1 | $4,250 | 1,720 |
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Walk Score ®
Walker's Paradise (96)
Bike Score ®
Very Bikeable (89)
PROPERTY TAXES
| Parcel Number | 387990-0165 | Improvements Assessment | $4,535,000 |
| Land Assessment | $8,550,000 | Total Assessment | $13,085,000 |
PROPERTY TAXES
Parcel Number
387990-0165
Land Assessment
$8,550,000
Improvements Assessment
$4,535,000
Total Assessment
$13,085,000
zoning
| Zoning Code | MR |
| MR |
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The Val Anne | 800 Queen Anne Ave N
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