Property Details
547 S Sullivan Street
Seattle, WA 98108
$638,000
Active
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Property Overview
INVESTOR & HOUSE-HACKER ALERT: LR3 Zoned Cash-Flow! Seize this rare opportunity to own a high-yield, well-maintained asset with a 6.5% Cap Rate and the last developable lot on a quiet, redeveloped dead-end street. This unique property features two detached cottages—a roomy 2-bed/1-bath front unit and a 1-bed/1-bath rear unit with a private double driveway and new security gate—offering maximum privacy with no shared walls. Generating $3,822/mo in total income, the asset includes a contractual 5% rent increase in May 2026. The 4,500 SF lot is zoned LR3, surrounded by beautiful new townhomes, providing a massive future development play. Seller is offering $15,000 in Buyer Incentives, perfect for a 2-1 interest rate buy-down to maximize your day-one cash flow. Updates include newer paint, flooring, appliances, and an effective year built of 2022. Easy access to transit and neighborhood amenities. Seller 1031 exchange—make an offer today!
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
King
Neighborhood
South Park
Listed
Sep 11, 2025
Original Price
$685,000
Financial Summary
Cap Rate
6.50%
Net Operating Income
$37,405
Gross Scheduled Income
$45,864
Gross Rent Multiplier
14.00
Total Expenses
$8,449
Building & Use
Building Sq Ft
1,250
Leasable Area
1,250 sqft
Total Units
2
Lot Size
4,500 sqft
Year Built
1905
Exterior & Lot
Lot Size
0.10 sqft
Year Built
1905
Exterior Materials
Cement Plank
Sewer
Sewer Connected
Water Source
Public
Lot Features
Alley, Curbs, Dead End Street, Paved, Secluded, Sidewalk
Exterior Features
Cement Planked
Location
City
Seattle
County
King
Coordinates
47.52708, -122.32623
Additional Information
Tax Year
2025
Annual Taxes
$4,728
Possession
Array
Based on information submitted to the MLS GRID as of May 11, 2026 8:00 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.
