1305 E Madison St
Seattle WA 98122
Park Hill Apartments
1305 E Madison St Seattle WA 98122
Listing #: 674277 | Status: Pending | Last Modified: 4/5/2024 |
For Sale
- Phone:(425) 444-6501
- Email:dan.swanson@kidder.com
- Office Name:Virgil Adams Real Estate, Inc.
- Office Phone:(360) 352-3756
- Office Website:
- Call Listing AgentNo
- Use DiscretionNo
- Listing Price$ 7,850,000.0
- $/SF$ 259.6
- $/Unit$ 253,225.8
- Listing StatusPending
- Days on Market165
- Asset ClassMulti-Family
- Terms
- Investment Type
- Investment PropYes
- Gross Income742,423
- Vacancy Factor %5.50%
- Operating Expenses252,479
- Net Operating Income449,110
- CAP Rate 6.24 %
- Min Total SF0
- Max Total SF0
- Lease Rate Low$ 00.0
- Lease Rate High$ 00.0
- Heat Source
- Total Units31
- Water
- Electricity
- Storm Sewer
- SignageSignage on Building and Freestanding
- Anchor
- CAP Rate 6.24 %
- Building StatusExisting
- # of Buildings1
- # of Floors3
- # of Units31
- # of Elevators0
- Clearance Height Min
- Clearance Height Max
- Bay Depth
- Total Building SF30236
- Net Rentable Area30236
- Total Office SF1300
- Largest Contiguous SF
- Lot SF12458
- Acres0.29
- Property TypeMulti-Family
- Office Type
- InvestmentYes
- Building Class
- CountyKing
- Vicinity
- Location Description
- Second Address
- Cross Street
- Market AreaCapitol Hill/First Hill
- Tax ID #3865400010
- Additional Parcels7689600987, 7689600988, 7689600989, 7689600990
- ZoningNC3-75(M)
- # Covered Spaces0
- # Uncovered Spaces186
- Total Parking Spots186
- Parking Ratio
- Year Built1907
- Year Renovated1999
- Completion Date
- Roof Type
- SprinklersYes
- Construction TypeFramed, Wood
30 Units + 1 NC Office/Shop in Walkable Capitol Hi
Note: At closing, all rent restrictions will be lifted and most of the units will be vacant. Figures reflect market rents and expenses. Well located near Capitol Hill’s Pike/Pine retail corridor, the Park Hill Apartments offers strategic proximity to employers, restaurants and shops, light rail transit, and the future Madison RapidRide bus route, expected to begin service in 2024. Further, the classic brick veneer building features many uniquely grand floor plans averaging 965 square feet, with 9-foot ceilings and updated plumbing and wiring systems, as well as a 1,300-square-foot shop/storage/office space* currently used by the owner. Moreover, priced at just $253,000* per unit and $260* per foot, the Park Hill Apartments will appeal to a value-add investor as most of the units will be va
