Property Details

801 NW 54th St

Seattle, WA 98107

$2,890,000

Available

CBA# 704042 courtesy of CBA Listing firm: COMPASS

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Commercial

Property Type

7,120

Bldg Sq Ft

Units

1954

Year Built

Property Overview

We are pleased to present Gilman Park Plaza, a 16-unit multifamily asset at 801 Northwest 54thStreet in Seattle. This 1954-vintage property features durable masonry construction across 6,560 rentable square feet. With a new TPO roof installed in 2024, the asset iswell-positioned with recent capital upgrades.The property is offered at an attractive 6.46% capitalization rate, providing strong day onereturns. A significant value-add opportunity exists as current rents are below market, allowing a new owner to capture substantial upside. With further unit renovations and increasing rents 10% a year, an investor can achieve a market cap rate of 7.72%, significantly boosting cash flow and overall asset value in a desirable Seattle submarket.