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Listings/735 N 85th St
735 N 85th St
Sale Price: $1,395,000
For more information about this property, please contact the listing broker.
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View 735 N 85th Street Case Study at the link below.
Sale Summary
The property was owned by a long-term owner who was ready to retire and sell their investment. Although the building was in good condition, it needed major cosmetic updates, and the in-place rents were below market. The marketing process generated 15 property tours and 5 offers, and a strong buyer with creative financing and a proven track record was selected. An agreement was negotiated that gave the owner time to get their affairs in order. The transaction closed on time, at the agreed-upon pricing, with no major issues. The buyer plans to renovate the units to offer high-quality living in a great Seattle neighborhood, and the owner was able to start their retirement process and reinvest equity from the sale. The sales price was $1,395,000, with $232,500 per unit and $323 per NSRF, resulting in a 3.9% cap rate.
Site Details
Sale Details
Investment Opportunity
Value-Add Options
- Ability to increase rents by 25% on turnover without major renovations
- Renovate units on turnover and fully optimize operations
Unique Opportunity
- Long term owner – available for the first time in over 40 years
- Affordable Seattle Apartment investment opportunity ($299/SF)
Ideal Location
- Walking distance to countless amenities in Greenwood & Green Lake
- Easy access to Downtown and South Lake Union job centers
Value-Add Options
Unique Opportunity
Ideal Location
Location
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About the Area
On the outskirts of what were once exclusively considered prime Seattle neighborhoods, North Seattle saw a rapid ascension as a desirable investment market after 2012. Greenwood, a refreshingly eclectic and laidback neighborhood within North Seattle, remains a perfect example of that growth.
GREENWOOD
In addition to private multifamily development, the City identified Greenwood as a key area for growth and investment. The Greenwood Town Center, located along 85th Street — the neighborhood’s primary East-West corridor − was recently been rezoned to development-friendly zoning with increased height limits. The rezone will encourage future development and investment in the neighborhood, providing residents with additional amenities and making the area more pedestrian friendly.
735 North 85th St is located just steps from this activity, providing the right balance of convenience and livability. As the area’s commercial attractions and community amenities continue to grow, future residents will have endless opportunities to shop, play, eat, and thrive.
Amidst the neighborhood’s exciting growth, Greenwood’s authentic Seattle spirit shines through. As the local chamber of commerce proudly proclaims, the neighborhood is “Just a little off center.” Within a few blocks of the site are numerous cafes and restaurants lining Greenwood Avenue N, and nearby parks such as Greenwood Park and Sandel Park provide sunny green space for community gardens and playgrounds.
$128K
AVG HOUSEHOLD INCOME (2 MILE)
121,098
POPULATION (2 MILES)
37
MEDIAN AGE (2 MILE)
89
WALK SCORE 'VERY WALKABLE'
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