Property Details

2440 Alki Ave SW

Seattle, WA 98116

$6,500,000

Pending

CBA# 709127 courtesy of CBA Listing firm: Urban Commercial Partners, LLC

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Commercial

Property Type

15,300

Bldg Sq Ft

Units

3.00%

Cap Rate

1984

Year Built

Property Overview

Rare opportunity to acquire the Alki Surf Apartments, a trophy waterfront asset in the heart of West Seattle's iconic Alki Beach – one of Seattle's most coveted waterfront corridors with unobstruted west facing views of Puget Sound. First time on the market since the asset was originally developed in 1984. 10 large residential units including (6) 2 bed/2 bath units and (4) 3 bed/2 bath units all with private west-facing balconies. This opportunity offers immediate upside with minimal capital investment. In place rents are approximately 20% below market with additional income growth available through the optimization of utility reimbursement and parking income. Recent Capital Improvements include: New Roof, New Windows, Exterior Paint, New Decks and New Gutters. Must see!