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Listed by:Paragon Real Estate Advisors • Michael Urquhart
$ 2,450,000
Est. payment /mo
New
712 N 143rd ST Seattle, WA 98133
17 Beds
14 Baths
10,280 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 10,280 sqft
Price per Sqft $238
Subdivision Parkwood
MLS Listing ID 2555010
Style 56 - 10+ Units
Bedrooms 17
Year Built 1983
Annual Tax Amount $30,563
Lot Size 9,962 Sqft
Property Sub-Type Multi Family
Property Description
The property sits in one of North Seattle's fastest-improving rental corridors. The location is further supported by Sound Transit's new Shoreline South/148th light rail station and direct bus access to downtown Seattle. The offering represents an operational value-add opportunity. The asset is in good physical condition, bolstered by recent capital improvements including a new TPO membrane roof (2023), upgraded electrical panels (2024), and replaced window panes (2025). With the option to upgrade units on turnover and capture premium rents as leases roll, and with scheduled rents below market and no utility bill-back currently in place, a new ownership group can grow income through natural lease turnover, selective unit upgrades, and the implementation of a utility recapture program, meaningfully lifting NOI. At market operations, the offering achieves a 7.4% cap rate and a 9.7% cash-on-cash return, giving new ownership strong performance upside as rents are brought up to market. At just $238 per square foot and $175,000 per door, the property presents an exceptional basis for a 1980s-built asset, well below recent comparable sales in the area. Current in-place rents average $1,205 for the eleven one-bedroom units and $1,617 for the three two-bedroom units, while comparable properties in the area are achieving approximately $1,550 and $1,875.
Location
State WA
County King
Area 715 - Richmond Beach/Shoreline
Interior
Flooring Laminate, Carpet
Fireplace false
Exterior
Exterior Feature See Remarks
View Y/N No
Roof Type Composition,Flat
Building
Sewer Available
Water Public
New Construction No
Schools
School District Seattle
Others
Senior Community No
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
"Three Trees" icon indicates a listing provided courtesy of NWMLS.