4511 SW Lander Street Seattle, WA 98116
An opportunity for an investor to acquire an existing triplex zoned NR3, offering the ability to build a 1, 000-square-foot DADU on the west side of the lot, increasing the stabilized cap rate to 9.28%. Current operations at the North Admiral Triplex produce an average monthly rent of $1, 617 per unit. This submarket can support a higher rent of $2, 550 per unit. A new buyer can realize this upside on the Triplex by fully renovating each unit and installing washers and dryers in the apartments, with a proposed cost of $150, 000. The proposed ADU (buyer to verify feasibility) can achieve a rent of $3, 600 and the proposed cost to construct is $350, 000. Upon completion of the DADU, the new income stream equates to a 9.28% Capitalization Rate.
- Property TypeMulti-Family
- NeighborhoodNorth Admiral
- CountyKing
- Taxes$7,584
- HOA/Condo/Coop Fees$0
- Days on Site327 Days
- MLS StatusActive
- MLS ID Number2133436
- Home Size Source N/A
- Year Built1910
- Lot Size0.124 Acres
- Full BathsN/A
- Partial BathsN/A
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General Features
- Parking Spaces 3
- Number of Stories 2
- Acreage 0.124
- Property Sub Type Multi Family
- Sewer Sewer Connected
- Parking Total 3
Interior Features
- Cooling Forced Air
- Heating Forced Air
- Fireplaces 0
- Fireplace No
Exterior Features
- Roof Composition
- Waterfront Property No
- Exterior WoodWood Products
Community Features
- Association Dues 0
- Senior Community No
- MLS Area 140 - West Seattle