712 N 143rd ST, Seattle, WA 98133
712 N 143rd ST, Seattle, WA 98133
712 N 143rd ST, Seattle, WA 98133
712 N 143rd ST, Seattle, WA 98133
712 N 143rd ST, Seattle, WA 98133
712 N 143rd ST, Seattle, WA 98133
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Melissa Villa

Melissa Villa

+1(206) 499-7818
Listed by:Paragon Real Estate Advisors • Michael Urquhart
$ 2,450,000
Est. payment | /mo

17 Beds

14 Baths

10,280 SqFt

Save
$ 2,450,000
Est. payment | /mo
Save

17 Beds

14 Baths

10,280 SqFt

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Square Footage 10,280 sqft

Price per Sqft $238

Subdivision Parkwood

MLS Listing ID 2555010

Style 56 - 10+ Units

Bedrooms 17

Year Built 1983

Annual Tax Amount $30,563

Lot Size 9,962 Sqft

Property Sub-Type Multi Family

Property Description

The property sits in one of North Seattle's fastest-improving rental corridors. The location is further supported by Sound Transit's new Shoreline South/148th light rail station and direct bus access to downtown Seattle. The offering represents an operational value-add opportunity. The asset is in good physical condition, bolstered by recent capital improvements including a new TPO membrane roof (2023), upgraded electrical panels (2024), and replaced window panes (2025). With the option to upgrade units on turnover and capture premium rents as leases roll, and with scheduled rents below market and no utility bill-back currently in place, a new ownership group can grow income through natural lease turnover, selective unit upgrades, and the implementation of a utility recapture program, meaningfully lifting NOI. At market operations, the offering achieves a 7.4% cap rate and a 9.7% cash-on-cash return, giving new ownership strong performance upside as rents are brought up to market. At just $238 per square foot and $175,000 per door, the property presents an exceptional basis for a 1980s-built asset, well below recent comparable sales in the area. Current in-place rents average $1,205 for the eleven one-bedroom units and $1,617 for the three two-bedroom units, while comparable properties in the area are achieving approximately $1,550 and $1,875.

Location

State WA

County King

Area 715 - Richmond Beach/Shoreline

Interior

Flooring Laminate, Carpet

Fireplace false

Exterior

Exterior Feature See Remarks

View Y/N No

Roof Type Composition,Flat

Building

Sewer Available

Water Public

New Construction No

Schools

School District Seattle

Others

Senior Community No

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Northwest MLS (NWMLS)
"Three Trees" icon indicates a listing provided courtesy of NWMLS.

NEARBY SCHOOLS & PROPERTIES

Melissa Villa

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(206) 499-7818

mmpnwrealty@gmail.com

15421 Main St E, Sumner, WA, 98390, USA

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712 N 143rd ST