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Listed by:Paragon Real Estate Advisors • Michael Urquhart
$ 1,895,000
Est. payment /mo
New
13310 Greenwood AVE N Seattle, WA 98133
10 Beds
8 Baths
5,640 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,640 sqft
Price per Sqft $335
Subdivision Bitter Lake
MLS Listing ID 2538004
Style 55 - 5-9 Units
Bedrooms 10
Year Built 1996
Annual Tax Amount $19,436
Lot Size 6,787 Sqft
Property Sub-Type Multi Family
Property Description
Bittertree Condominiums is an eight-unit apartment building at 13310 Greenwood Ave N in Seattle's Greenwood neighborhood. Built in 1996, the property features two large studios, two one-bedroom units, and four two-bedroom units. All units include in-unit washers and dryers, private balconies, and access to a secured garage with seven parking stalls. The building sits on a 6,787 SF LR3 (M) zoned lot on Greenwood Avenue. This is a stabilized asset with upside potential. Five units have been updated with luxury vinyl plank flooring and newer appliances. The remaining three are occupied by long-term tenants with below-market rents, offering an opportunity to increase income through natural turnover. With separate electric meters, water sub-metering, and modern construction, the property offers a low-maintenance, efficient operating profile. Seller financing is available with 30% down and a five-year interest-only term: 5.0% interest in years one and two, and 5.5% in years three through five. The investment delivers a 5.7% cap rate and 7.2% cash-on-cash return at acquisition, increasing to a 6.6% cap rate and 10.2% cash-on-cash return as rents reach market levels.
Location
State WA
County King
Area 705 - Ballard/Greenlake
Interior
Flooring Laminate
Fireplace false
Exterior
Exterior Feature Wood Products
Garage Spaces 7.0
View Y/N No
Roof Type Composition
Building
Sewer Available
Water Public
New Construction No
Schools
School District Seattle
Others
Senior Community No
Acceptable Financing Cash, Conventional, Owner Will Carry
Listing Terms Cash, Conventional, Owner Will Carry
"Three Trees" icon indicates a listing provided courtesy of NWMLS.