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About the Listing 6779 - 101283
Six-unit apartment building in Seattle’s Wedgwood neighborhood, well managed with zero vacancies and zero delinquencies. All paperwork is in order, with pre-screened tenants, move-in reports, healthy security deposits and last month’s rent on file. Five of the six units have been renovated with new LVP, fresh paint and updated electrical packages, and three of those five also have remodeled kitchens and bathrooms. Major system updates include new electrical panels (2025), main sewer line replaced (2022), double-pane vinyl windows throughout (2025) and newer hot water tanks (2023). The heavy lifting is complete, allowing a new owner to take over operations with ease. The mix is two 1BD/1BA units (approx. 580 sf) and four 2BD/1BA units (approx. 800 sf) on a 7,841 sf lot. A large basement provides shared laundry and four storage units, and six off-street parking spaces offer additional income potential. The property is surrounded by new construction, reflecting continued investment in the area. Located in an established Northeast Seattle neighborhood near Green Lake, Seattle Children’s Hospital, the University of Washington, I-5 and the Roosevelt light rail station. Solid in-place rents produce a 5.74% cap rate today. By finishing renovations as units turn over and adding in-unit washers and dryers to the 2BD units, a new owner has a clear path to a 7.13% cap rate at market rents.
Listing Highlights for 2108 NE 85th St
Status
Active
Days on Site
1
Property Type
Multi-Family
MLS ®
2593779
Year Built
1970
Total Square Footage
4,360
Lot/Acreage
0.16
Interior Details
- Bedrooms: 10
- Bathrooms: 6 Full
- Appliances:
- Air Cond:
- Heating: Baseboard
- Fireplaces: 0
- Floor: Laminate,Vinyl,Vinyl Plank,Carpet
- Basement:
- Other:
- Water: Public
Exterior Details
- Lot Description: Fenced-Partially,Zoning: Multi-Family
- Garage Capacity: N/A
- Parking Spaces: 6
- Zoning: Multi-Family
- Roof: Built-Up
- Others: Wood Products,Good
- Sewer: Sewer Connected
- Parking Features: Covered
Financial Details
- Tax Amount: $11,181
- Taxes w/Assessments: N/A
- Tax/Property ID: 5101400455
- Tax Year: 2023
Payment Calculator
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Listing Location
Questions About..
2108 NE 85th St Seattle, WA 98115
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