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206.579.3423
Real Estate Company
900 NE Ravenna Blvd, Seattle, WA 98115
- $2,000,000
- 3,314
- SqFt
Listing Broker: Real Broker LLC; Coleton Alexander Pantley; 425-765-7552; c.pantley@mcconnellgroup.com
- List Price
- $2,000,000
- Status
- ACTIVE
- MLS#
- 2602991
- Style
- 56 - 10+ Units
- Finished SqFt
- 3,314
- Area Total SqFt
- 3314
- Annual Tax Ammount
- 18577
- Lot Size (sq ft)
- 3,641
- Sewer
- Sewer Connected
Property Description
Ravenna Court is a fully occupied, 16-unit micro-apartment community located just over a mile away from the University of Washington. Built in 2016, the property consists of two eight-unit buildings that are connected by a shared outdoor patio space and firepit. Each building includes a shared kitchen and laundry facility, while individual units feature private bathrooms, in-unit sinks, mini refrigerators, and microwaves, with lofted studio layouts in select top-floor residences.Investors have the opportunity to capture immediate revenue growth through an estimated 8.2% mark-to-market opportunity. Additional upside may be available through the potential conversion of existing basement space into four additional units, subject to all required approvals. Investors may also evaluate repurposing one shared kitchen into storage or another community-oriented, revenue-enhancing use.Raveena Court offers an attainable, student-oriented housing option within an established and supply-constrained rental market supported by major healthcare and research employers, neighborhood retail, outdoor recreation, and light rail connectivity. Residents enjoy an abundance of nearby street parking, and a walkable location near Whole Foods, local trails, and the University of Washington. All in, Ravenna Court is a compelling multifamily investment with in-place cash flow, operational upside, and long-term demand durability.
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Additional Information
- Community
- Ravenna
- Net Operating Income
- $77,787
- Gross Adjusted Income
- $179,725
- Gross Scheduled Income
- $189,185
- Total Monthly Income
- $17,480
- Insurance Expenses
- $10,246
- Water/Sewer/Garbage Expenses
- $9,042
- Gross Rent Multiplier
- 9.78
- Total Expenses
- $131,981
- Cap Rate
- 4.2
- Vacancy Rate
- 5
- Total Number of Units
- 2
- Unit Name
- 900
- Potential Terms
- Cash, Conventional
- Year Built
- 2016
- Roof
- Torch Down
- Electric Expenses
- 9042
- Other Expenses
- 76032
- Energy Source
- Electric
- School District
- Seattle
- Total Monthly Income
- $17,480
- Gross Scheduled Income
- $189,185
- Vacancy Rate
- 5
- Gross Adjusted Income
- $179,725
- Tax Year
- 2026
- Insurance Expense
- $10,246
- W/S/G Expenses
- $9,042
- Total Expenses
- $131,981
- Net Operating Income
- $77,787
- Gross Rent Multiplier
- 9.78
- Cap Rate
- 4.2
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.