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206.579.3423
Real Estate Company
3055 NE 140th Street, Seattle, WA 98125
- $2,150,000
- 8,711
- SqFt
Listing Broker: Opal Blue Real Estate, LLC; Grant Fosheim; 425-359-7259; Grant@OpalBlueRE.com
- List Price
- $2,150,000
- Status
- ACTIVE
- MLS#
- 2596136
- Style
- 56 - 10+ Units
- Building Condition
- Good
- Finished SqFt
- 8,711
- Area Total SqFt
- 8711
- Annual Tax Ammount
- 17226
- Lot Size (sq ft)
- 8,480
- Sewer
- Sewer Connected
Property Description
Turnkey 10-unit Marella Apartments in Seattle’s Lake City neighborhood. All major capital projects are complete: fully re-sided with exterior paint, new roof and new windows (2023), new electrical panels (2025) and a new sewer line (2025-26), with updated common areas. Seven of ten units are renovated, leaving only three to turn. Professionally managed with zero vacancies and zero delinquencies, and all paperwork is in order: move-in reports, security deposits and last month’s rent on file. Eight 1BD/1BA (approx. 675 sf) and two 2BD/1BA (approx. 850 sf) units, plus 14 off-street parking spaces. Built 1968, effective year built 1992 per tax records, on an 8,480 sf lot. Large walk-in closets next to each hot water tank make adding in-unit washers and dryers easy. Close to Lake City Way shops, services and transit, with Stride bus rapid transit coming in 2028. 5.76% cap rate on in-place rents, 6.85% at market.
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Additional Information
- Community
- Lake City
- Net Operating Income
- $123,866
- Gross Adjusted Income
- $186,102
- Gross Scheduled Income
- $189,900
- Total Monthly Income
- $15,825
- Insurance Expenses
- $4,053
- Water/Sewer/Garbage Expenses
- $14,866
- Gross Rent Multiplier
- 11.32
- Total Expenses
- $62,236
- Cap Rate
- 5.76
- Vacancy Rate
- 2
- Total Number of Units
- 10
- Unit Name
- 3055
- Potential Terms
- Cash, Conventional
- Year Built
- 1968
- View
- Territorial
- Roof
- Flat
- Electric Expenses
- 1506
- Other Expenses
- 24585
- Energy Source
- Electric
- School District
- Seattle
- Elementary School
- Buyer To Verify
- Middle School
- Buyer To Verify
- High School
- Buyer To Verify
- Total Monthly Income
- $15,825
- Gross Scheduled Income
- $189,900
- Vacancy Rate
- 2
- Gross Adjusted Income
- $186,102
- Tax Year
- 2026
- Insurance Expense
- $4,053
- W/S/G Expenses
- $14,866
- Total Expenses
- $62,236
- Net Operating Income
- $123,866
- Gross Rent Multiplier
- 11.32
- Cap Rate
- 5.76
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.