Great Seattle (Seward Park) triplex real estate opportunity!
This is a Seattle Investors Club.
Deal Alert!! This is an 8 bedroom, 4 bathroom property that is run as a triplex, yet has the income of a 4-plex! It is currently 100% occupied. It has steady Section 8 payments on 2 of the units and tenant pays 100% on third, large unit (is like 2 units). Potential to convert the large unit back to 2 units. Each unit has it’s own washer/dryer, no coin op laundry! All mechanical, electrical and plumbing in good shape. This is a well maintained property. Brokers are welcome to add their fee on top.
UNIT TOURS ARE AVAILABLE: Tuesday, March 17th at 12pm – 1pm. You must first RSVP via call or text. Do not just show up. You must be there at 12:00pm to tour units.
Wholesale Real Estate Details:
Address:
8339 Wabash Ave S,
Seattle, WA 98118
*Near Seward Park and just 4 blocks from Lake Washington, also nearby light rail and amenities.
Beds: 8
Baths: 4
Square Feet: 3560
Zoning is LR3 | Lot size is 4290 SF
Purchase Price: $450,000
Unit #1: Approximately 890 SF / 2beds, 1 bath / $1,000 per month rent / SHA pays $1,000
Unit #2: Approximately 890 SF / 2beds, 1 bath / $1,075 per month rent / SHA pays $1,011
Unit #3: Approximately 1,780 SF / 4 beds, 2 baths / $1,500 per month rent / Tenant pays all
Current Net Operating Income: $29,119 – See attached detailed financial analysis
Market Net Operating Income: $32,616 or more!
Financial Return Options:
- Cash on Cash Return if all cash paid at current NOI estimated at 6.47%
- Cash on Cash Return if all cash paid at proforma Market NOI: 7.25%
- Cash on Cash Return if 70% loan put on at current NOI estimated at 8.20%
- Cash on Cash Return if 70% loan put on at proforma Market NOI: 10.79%
Comps
Sold Comp #1: 8330 Wabash Ave S | sold for $480,000 | 4-plex, but lower actual rents!
Sold Comp #2: 8340 Wabash Ave S | sold for $300,000 | Duplex with smaller 2 x 1 units
Sold Comp #3: 8312 Wabash Ave S | sold for $250,000 | Duplex with small 2×1 units
Property Links
Click here for pictures
Click here for Financial Analysis
Click here for Units & Improvements from Seller
Additional Info:
Showing: Contact Seattle Investors Club – Tuesday, March 17th at 12pm – 1pm. Do not just show up.
Earnest Money Deposit Amount: $2,500
Closing Date: On or before 3/31/15 (or potentially can extend, if needed)
** Buyer to confirm their own research and numbers **
Please send your questions to:
Seattle Investors Club
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