QUEEN ANNE TRIPLEX

2557 13th Ave W, Seattle

Amazing Investment Opportunity on the West side of Queen Anne. This 3080 Sqft Triplex has a ton of value-add opportunity. Building includes a 3BR, 2BR, & 1BR Unit. 

 

  • $100K in updates will put this rental at 5.7% Cap Rate!

  • VIEWS of Puget Sound, Interbay Golf Course and Magnolia

  • Update each Unit with new cabinets, counters, baths & floors to get top Seattle Rental Rates. 

  • Current Mo. to Mo. tenants are in process of Moving!

SALE PRICE: $1,189,000

CLOSING: OCT 31, 2017
 

CONTACT TO SCHEDULE VIEWING!

Remodel Scope of Work:

3 Units x Remodel

  • Update 3x kitchen with new cabinets and counters

  • Update flooring – refinish hardwoods, replace carpets

  • Paint All Rooms

  • 3.5 x Update baths with new vinyl flooring, cabinets and tub surrounds

  • New Doors

  • New Windows

  • Tree Trimming and Removal, Landscaping

  • Roof Repairs

  • Exterior Paint Facia

Budget: $100,000

Purchase Price + Remodel: $1,289,000

$1,289,000 / 3080 = $418.50 per sqft

RENTAL PRO FORMA

UNIT 1: 1540 sqft 3BR / 1.5 BA $3200/mo+

UNIT 2: 720 SQFT 1BR / 1 BA    $2000/mo+

UNIT 3: 820 SQFT 2BR / 1 BA    $2400/mo+

Rent Income (Avg $2.75ft): $7600
Storage: $150/mo
Parking $300/mo
Pass Thru Utilities: $6,120
Total Income: $99,984/yr

Est. Expenses:

Taxes: -$8853/yr, Insurance: -$1706,

Mgmt 5%: $4,577, Hse Utilities: $1200

3% Vacancy Rate: -$2736, Maint: $2,550
Landscaping: $1,500
Total: -$26,506
Remodel Est.: $100,000

NOI = $73,478

5.7% Cap Rate

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