Property Details

14520 Phinney Ave N

Shoreline, WA 98133

$3,500,000

Available

CBA# 709411 courtesy of CBA Listing firm: Westlake Associates, Inc.

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Commercial

Property Type

12,910

Bldg Sq Ft

Units

5.00%

Cap Rate

1963

Year Built

Property Overview

Conveniently located just North of Seattle City limits, the Highland Terrace Apartments offers a new investor a great value add opportunity with the flexibility of raising below market rents without the hassles and constraints of Seattle Landlord/Tenant laws. The value add here is to renovate all units with modern finishes, raise rents to market and implement a RUBS program to start billing back tenants for utilities. Ample carport and open parking. Updated electrical panels and newer TPO Roof. Potential to add in-unit washer and dryers. Upper units feature private decks. Individual hot water tanks for each unit. New secured tenant mailbox unit. Larger owner storage closet onsite.