1422 Boylston Ave, Seattle, WA 98122

$10,500,000

Listing courtesy of Realogics Sotheby's Int'l Rlty.

List Price
$10,500,000
Status
PENDING FEASABILITY
MLS#
1470592
Days on Market
9
Style
56 - 10+ Units
Lot Size (sq ft)
7,666

Property Description

The Montage Condominiums located in one of Seattle’s most desirable neighborhoods, the bustling Pike/Pine corridor in Capitol Hill. Own 23 legal condominiums currently operated as an apartment building. Increasing rents just $100 per unit, implementing market rate charges for parking income & recapturing utility expenses generates a market cap rate of roughly 4.57%. Total est. market value of these sellable units are about 28% higher than the current offering price. 1:1 parking & storage ratio.

Additional Information

List Date
2019-06-11 00:00:00
Community
Capitol Hill
Property Type
MULT
Units
23
Stories
7
Potential Terms
Cash Out, Conventional
Year Built
2007
Total Parking
23
View
City, Mountain, Territorial
Exterior
Cement/Concrete, Metal/Vinyl, Wood Products
Roof
Flat
Site Features
Cable TV, Deck, High Speed Internet, Patio
Lot Details
Alley, Curbs, Paved Street, Sidewalk
School District
Seattle
Total Monthly Income
$49,080
Gross Scheduled Income
$588,960
Vacancy Rate
3
Gross Adjusted Income
$571,291
Annual Taxes
$86,000
Tax Year
2018
Insurance Expense
$9,100
Total Expenses
$86,855
Net Operating Income
$407,005
Cap Rate
3

Room Dimensions

Unit 1 Beds
1
Unit 1 Baths
1.00
Unit 1 Size
868
Unit 1 Rent
$1,945
Unit 2 Beds
1
Unit 2 Baths
1.00
Unit 2 Size
716
Unit 2 Rent
$1,950
Unit 3 Beds
1
Unit 3 Baths
1.00
Unit 3 Size
742
Unit 3 Rent
$1,800
Unit 4 Beds
2
Unit 4 Baths
2.00
Unit 4 Size
937
Unit 4 Rent
$2,575
Unit 5 Beds
1
Unit 5 Baths
1.00
Unit 5 Size
727
Unit 5 Rent
$2,000
Unit 6 Beds
1
Unit 6 Baths
1.00
Unit 6 Size
868
Unit 6 Rent
$1,950
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