This well located investment opportunity is ripe for the next owner to capitalize on significant rental upside available in year two of operations. The current owner dropped the rent to incentivize a 13 month lease to then align the lease end date to match the University of Washington school schedule and thus the high demand rental season. The existing tenants were interested in renting the property for $8,500/month for a 12 month lease ($102,000 Annually) but instead a lease for $7,850/month for a 13 month lease ($102,050 for term of lease) was arranged. Thus, the next owner will be able to achieve $8,800/month + parking on a standardized lease aligned with the UW school year per a rent survey of comparable properties.
This well located investment opportunity is ripe for the next owner to capitalize on significant rental upside available in year two of operations. The current owner dropped the rent to incentivize a 13 month lease to then align the lease end date to match the University of Washington school schedule and thus the high demand rental season. The existing tenants were interested in renting the property for $8,500/month for a 12 month lease ($102,000 Annually) but instead a lease for $7,850/month for a 13 month lease ($102,050 for term of lease) was arranged. Thus, the next owner will be able to achieve $8,800/month + parking on a standardized lease aligned with the UW school year per a rent survey of comparable properties.
Neighborhood
Type
County
King
Area
710 - North Seattle
Tax Amount
$11,222
Status
Active
Listing #
2130114
Built
1950
Lot Size
0.09
Listed on site
95 days
Listed by:
Paragon Real Estate Advisors
Listing information © 2023 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 LaVerne Pike - Windermere Real Estate - 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 Laverne Pike - Windermere Real Estate are marked by the "three tree" symbol; detailed information about such listings includes the names of the listing brokers. Data last updated 2023-09-25 04:58:12.
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