Amazing opportunity to acquire a 49 unit, fully renovated trophy asset with value-add opportunities. Extensively renovated in 2019, the Val Anne offers highly sought after classic mid-century modern units. Great unit mix of Junior Studio, 1BD, 2BD and 2 penthouse units. 19 units have views of the City Skyline and Puget Sound; in addition, 9 units enjoy private balconies. The two Penthouse units are in a league of their own with sweeping views of the city and sound and private decks. This is an exceptional opportunity for a new investor to acquire a top-quality investment offering long-term appreciation. attractive rent growth and multiple value add opportunities.
Property Features
Heating and Cooling
- Heating Features: Baseboard
- Heating Fuel: Electric
- Heating: Yes
Interior Features
- Flooring: Laminate Hardwood, Vinyl
Exterior and Lot Features
- Brick
- Stone
- Wood
- Wood Products
Garage and Parking
- Carport Spaces: 11
- Open Parking Spaces: 18
- Open Parking: Yes
- Parking Total: 29
- Uncovered Spaces: 18
Land Info
- Lot Size Acres: 0.4132
- Lot Size Square Feet: 18000
Home Features
- View: Bay, Canal, Lake
- Green Energy Efficient: Thermal Windows
Amenities and Community Features
- Coin Op Laundry
- Elevator
- Thermal Windows
Rental Info
- Gross Scheduled Income: 1112460
- Leasable Area: 29700
Multi-Unit Info
- Number of Units: 49
- Unit-1 Square Feet: 420
- Unit-2 Square Feet: 420
- Unit-3 Square Feet: 420
- Unit-4 Square Feet: 420
- Unit-5 Square Feet: 420
- Unit-6 Square Feet: 420
- Unit-7 Square Feet: 420
- Unit-8 Square Feet: 420
- Unit-9 Square Feet: 420
- Unit-10 Square Feet: 420
School Information
- High School District: Seattle
Homeowners Association
- Calculated Total Monthly Association Fees: 0
Other Property Info
- Deck
- Patio
- Rooftop Deck
- Annual Tax Amount: 103897
- Source Listing Status: Active
- Country Region: US
- County: King
- Cap Rate: 4.73
- Directions: From I5S take exit 167 for Mercer St toward Seattle Center. Straight on Mercer. Right on Queen Anne Ave N. Straight on Queen Anne N. Property is on the right.
- Tax Year: 2025
- Other Expense: 139545
- Source Property Type: Multi Family
- Possible Use: Multi-Family
- Insurance Expense: 26196
- Area: 700 - Queen Anne/Magnolia
- List Development Name: Queen Anne
- Source Neighborhood: Queen Anne
- Parcel Number: 3879900165
- Street Suffix Modifier: Avenue
- Subdivision: Queen Anne
- Zoning Description: Multi-Family
- Source System Name: C2C
Commercial Info
- Net Operating Income: 756961
- Operating Expense: 322125
Utilities
- Power Production Type: Electric
- Sewer: Sewer Connected
Building and Construction
- Building Area Total: 36732
- Building Area Units: Square Feet
- Building Exterior Type: Brick, Stone, Wood, Wood Products
- Foundation Details: Poured Concrete
- Property Age: 67
- Property Condition: Updated/Remodeled
- Roof: Flat
- Building Total Stories: 5
- Structure Type: Multi Family
- House Style: 10+ Units
- Elevation Units: Feet
- Elevator: Yes
