12741 NE 35th Avenue NE, Seattle, WA 98125
- $1,850,000
- 6,351
- SqFt
Listing courtesy of WPI Real Estate Services, Inc..
- List Price
- $1,850,000
- Status
- ACTIVE
- MLS#
- 2546321
- Days on Market
- 31
- Style
- 55 - 5-9 Units
- Finished SqFt
- 6,351
- Area Total SqFt
- 6351
- Annual Tax Ammount
- 14654
- Lot Size (sq ft)
- 7,121
- Sewer
- Sewer Connected
Property Description
WPI Real Estate is pleased to present 12741 35th Ave NE, an 8-unit apartment building in the heart of North Seattle. Reconstructed in 1999, keeping only the foundation and frame, the building totals 6,351 gross square feet and comprises 5 two-bedroom and 3 one-bedroom units across approximately 5,515 rentable square feet, set on a 7,121SF corner lot zoned Lowrise 2 (M). The property is offered at an actual cap rate of 5.39%, with attractive owner financing available: 50% down @ 5% fixed interest, amortized over 360 months on a 5-year term. It delivers a stabilized income stream today, with clear upside through utility pass-through/RUBS implementation, adding additional units (buyer to verify) or updates as units turn. The building offers a desirable unit mix with functional layouts appealing to long-term tenants. Most units are corner homes with ample natural light, and many have vaulted ceilings and private balconies or patios. On-site parking and easy street access add to tenant convenience, while low-maintenance HardiPlank siding and a pitched roof (replaced in 2019) keep operating expenses low. Current rents present the opportunity for strategic increases through unit turns. With Seattle's continued population growth, zoning changes, and limited housing supply, this property is well-positioned for appreciation and sustained demand.
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Additional Information
- List Date
- 2026-06-25 18:57:12
- Community
- Seattle
- Net Operating Income
- $99,662
- Gross Adjusted Income
- $155,002
- Gross Scheduled Income
- $163,160
- Total Monthly Income
- $13,530
- Insurance Expenses
- $6,610
- Water/Sewer/Garbage Expenses
- $16,136
- Gross Rent Multiplier
- 11.39
- Total Expenses
- $55,340
- Cap Rate
- 5.39
- Vacancy Rate
- 5
- Total Number of Units
- 8
- Unit Name
- 12741
- Potential Terms
- Cash, Conventional, Owner Will Carry
- Year Built
- 1999
- Roof
- Composition
- Electric Expenses
- 4190
- Other Expenses
- 13750
- Energy Source
- Electric
- School District
- Seattle
- Total Monthly Income
- $13,530
- Gross Scheduled Income
- $163,160
- Vacancy Rate
- 5
- Gross Adjusted Income
- $155,002
- Tax Year
- 2026
- Insurance Expense
- $6,610
- W/S/G Expenses
- $16,136
- Total Expenses
- $55,340
- Net Operating Income
- $99,662
- Gross Rent Multiplier
- 11.39
- Cap Rate
- 5.39
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.