Property Details
14520 Phinney Avenue N
Shoreline, WA 98133
$3,500,000
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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.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
King
Neighborhood
Shoreline
Listed
Mar 3, 2026
Financial Summary
Cap Rate
6.43%
Net Operating Income
$225,180
Gross Scheduled Income
$360,972
Gross Rent Multiplier
9.70
Total Expenses
$117,743
Vacancy Rate
18,049.0%
Building & Use
Building Sq Ft
12,162
Leasable Area
12,162 sqft
Total Units
15
Zoning
Multi-Family
Possible Use
Multi-Family
Lot Size
17,494 sqft
Year Built
1963
Exterior & Lot
Lot Size
0.40 sqft
Year Built
1963
Exterior Materials
Cement, Wood
Sewer
Sewer Connected
Exterior Features
Cement/Concrete, Wood
Location
City
Shoreline
County
King
Coordinates
47.73456, -122.35386
Additional Information
Tax Year
2026
Annual Taxes
$37,360
Possession
Array
Based on information submitted to the MLS GRID as of April 25, 2026 4:34 PM. 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, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
