Bluestone Apartments

1530 NE 146th St Shoreline WA 98155

Listing #: 598913 | Status: Available | Last Modified: 9/19/2018 |

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

Thomas Geffner

(206) 654-0528
thomas.geffner@colliers.com

Colliers International WA, LLC

(206) 223-0866

Listing Information
Price
Listing Price$ 5,400,000
$/SF$ 261.12
$/Unit$ 207,692.31
Listing StatusAvailable
Days On Market98
Asset ClassMulti-Family
Investment Information
Investment TypeProforma
Investment PropYes
Gross Income$ 471,740
Vacancy Factor %5.00%
Operating Expenses$ 135,184
Net Operating Income$ 312,969
CAP Rate5.80 %
Documents (Num of Years Available)
YTD Operating StatementYes
Multi-Family Asset Class General Information
Common LaundryYes
Financial Summary
CAP Rate5.80 %
$/Unit$ 207,692.31
Expense/Unit$ 5,199.38
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. Property is only a 16 minute walk from future Shoreline Light rail station (opening in 2023), and is located just one minute outside Seattle rental regulations: you can set your own rental criteria and select tenants and your own discretion. Dramatic opportunity to increase gross income by raising rents to market and/or undertaking a full value-add program. Limited developments = limited competition - only 85 units are under development within 1-mile of the Lightrail station. 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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