Bluestone Apartments

1530 NE 146th St Shoreline WA 98155

Listing #: 598913 | Status: New | Last Modified: 7/16/2018 |

For Sale

1530 NE 146th St Shoreline WA 98155

Agent Information
Showing Instructions
Call Listing AgentYes
Use DiscretionNo

Jerrid Anderson

(206) 382-8554
jerrid.anderson@colliers.com

Dylan Simon

(206) 414-8575
dylan.simon@colliers.com

Colliers International WA, LLC

(206) 223-0866

Listing Information
Price
Listing Price$ 5,600,000
$/SF$ 270.79
$/Unit$ 215,384.62
Listing StatusNew
Days On Market27
Asset ClassMulti-Family
Investment Information
Investment TypeProforma
Investment PropYes
Gross Income$ 523,160
Vacancy Factor %5.00%
Operating Expenses$ 143,662
Net Operating Income$ 353,340
CAP Rate6.31 %
Multi-Family Asset Class General Information
Common LaundryYes
Financial Summary
CAP Rate6.31 %
$/Unit$ 215,384.62
Expense/Unit$ 5,525.46
Asset Class Information
# Units Beds/Baths Avg SqFT
Unknown
Property Information
Building Information
Building StatusExisting
# of Buildings1
# of Floors3
# of Units26
# of Elevators0
Total Building Sq/ft24,774
Net Rentable Area20,680
Lot Sq/ft24,327
Acres0.56
Property Type
Property TypeMulti-Family
InvestmentYes
Location
CountyKing
VicinityShoreline
Location DescriptionShoreline
Cross Street15 Ave NE
Market AreaN. Seattle
Tax ID #3670500260
ZoningRM-900
Parking Information
# Uncovered Spaces37
Total Parking Spots37
Parking Ratio1.23
Construction
Year Built1978
Roof TypeFlat
Construction TypeStucco, Wood

Public Comments: Bluestone Apartments, located in Shoreline, is an attractive 26-unit apartment building primed for a value-add investment strategy in both the short and long term. Located just one minute outside Seattle rental regulations, you can set your own rental criteria and select tenants and your own discretion. Opportunity to increase gross income by 35-50% in year one (raise rents and/or full value-add program). Limited developments = limited competition - only 85 units are under development within 1-mile of the future Shoreline Lightrail station (opening in 2023) - a 16-minute walk from Bluestone. A long-term Bluestone owner will benefit from the future upzone planned in 2033, raising the height to 70'). Contact agent to schedule a tour.

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