7001 Rainier Ave S

    Seattle, WA 98118
    • $5,950,000
    • STATUS: Pending Inspection
    • ON SITE: 46 days
    • ID#: 1526054
    Under Contract
    $5,950,000
    • 0
      BEDS
    • 0.53
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 16,465
      SQFT
    • $361
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1959
    County:

    School Ratings & Info

    School District:
    Listing Courtesy of The Foundation Group Llc.

    Description

    Just listed - Cascade Court - Rare opportunity to own an in-city renovated 28-unit priced under $215,000 per unit. Immediate upside in rent growth and ability to collect more for utility bill back. Day-one professionally managed complex above a 5.25% cap rate of passive income. Great accessibility to rapid transit lines and light rail " 5 blocks from Othello Station. Up-zoned in May 2019 to NC3-55 allowing for 5 to 6 story development.

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    The listing data relating to real estate for sale on this web site comes in part from the Northwest Multiple Listing Service. Real estate listings held by brokerage firms other than Lucas Pinto Real Estate Group | Compass are marked by the "three tree" symbol; detailed information about such listings includes the names of the listing brokers. Data last updated 2019-11-17T00:14:38.877.

    www.lucaspintoteam.com/homes/99505063

    7001 Rainier Ave S Seattle, WA 98118

    • Price: $5,950,000
    • Status: Pending Inspection
    • ID#: 1526054
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.53
    Acres
    16,465
    SQFT
    $361
    $/SQFT
    1959
    Built
    Neighborhood:
    Brighton
    County:
    King
    Area:
    Central Seattle/Genesee/Columbia Cty
    School District:
    Seattle
    Property Description
    Just listed - Cascade Court - Rare opportunity to own an in-city renovated 28-unit priced under $215,000 per unit. Immediate upside in rent growth and ability to collect more for utility bill back. Day-one professionally managed complex above a 5.25% cap rate of passive income. Great accessibility to rapid transit lines and light rail " 5 blocks from Othello Station. Up-zoned in May 2019 to NC3-55 allowing for 5 to 6 story development.
    Exterior Features

    Building Condition Remodeled Carport Spaces 0 Exterior Cement/Concrete Foundation Concrete Block Garage Spaces 0 Lot Details Corner LotCul-de-sacSidewalk Roof Torch Down Stories In Building 3 Style 56 - 6-9 Units Total Parking Spaces 31 Uncovered Spaces 31 View Territorial

    Interior Features

    Floor Covering Laminate HardwoodWall to Wall Carpet Heating And Cooling Baseboard Unit1 Bathrooms 1.00 Unit1 Bedrooms 1 Unit1 Dishwasher Y Unit1 Fireplaces 0 Unit1 Range Oven Y Unit1 Refrigerator Y Unit1 Sq Ft 570 Unit2 Bathrooms 1.00 Unit2 Bedrooms 2 Unit2 Dishwasher Y Unit2 Fireplaces 0 Unit2 Range Oven Y Unit2 Refrigerator Y Unit2 Sq Ft 790 Unit3 Bathrooms 0.00 Unit3 Bedrooms 0 Unit3 Fireplaces 0 Unit3 Sq Ft 0 Unit4 Bathrooms 0.00 Unit4 Bedrooms 0 Unit4 Fireplaces 0 Unit4 Sq Ft 0 Unit5 Bathrooms 0.00 Unit5 Bedrooms 0 Unit5 Fireplaces 0 Unit5 Sq Ft 0 Unit6 Bathrooms 0.00 Unit6 Bedrooms 0 Unit6 Fireplaces 0 Unit6 Sq Ft 0 Units Below Grade N

    Property Features

    Amenities Coin Op Laundry Bank Owned No Cap Rate 5.27 Electrical Expenses 0 Energy Source Electric EPSEnergy 0 Form17 Provided General Zoning Classification Multi-Family Gross Adjusted Income 443716 Gross Rent Multiplier 13 Gross Scheduled Income 456408 Heating Expenses 0 Hers Index 0 Home Owner Dues 0 Insurance Expenses 9088 Leased Items None Net Operating Income 313749 New Construction YN No Other Expenses 59606 Possession Closing Right Of First Refusal No Septic Approved For Number Of Bedrooms 0 Sewer Sewer Connected Site Features DeckFenced-Partially Tax Amount 25273 Tax Year 2019 Terms AssumableCash OutConventional Third Party Approval Required None Total Expenses EXP 128967 Total Expenses TEX 128967 Total Monthly Income 38034 Unit1 Monthly Rent 1252 Unit2 Monthly Rent 1550 Unit3 Monthly Rent 0 Unit4 Monthly Rent 0 Unit5 Monthly Rent 0 Unit6 Monthly Rent 0 Vacancy Rate 3 Water Sewer Garbage 35000 Zoning Jurisdiction City

    Listing information © 2019 Northwest Multiple Listing Service. Information is based on data available to the associate, including county records. The information contained in this listing has not been verified by Lucas Pinto Real Estate Group | Compass and should be verified by the buyer.


    The listing data relating to real estate for sale on this web site comes in part from the Northwest Multiple Listing Service. Real estate listings held by brokerage firms other than Lucas Pinto Real Estate Group | Compass are marked by the "three tree" symbol; detailed information about such listings includes the names of the listing brokers. Data last updated 2019-11-17T00:14:38.877.

     
    Lucas Pinto Real Estate Group | Compass
    800 Bellevue Way NE Suite 500
    Bellevue WA, 98004
    Listing Courtesy of The Foundation Group Llc.