Quincy Apartments | 3624 Phinney Ave N
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Quincy Apartments 3624 Phinney Ave N
22 Unit Apartment Building $9,851,416 CAD ($447,792 CAD/Unit) 5.64% Cap Rate Seattle, WA 98103
Investment Highlights
- Spacious mix of 1- and 2-bedroom units with fireplaces and decks
- 1987 construction with vintage finishes
- Management upside to a 5.5%+ Cap Rate
- Washer and dryer hook ups in-unit
- Secure parking garage with 24 spaces
- Minutes from large tech employers in Fremont
Executive Summary
CBRE is proud to exclusively offer for sale The Quincy Apartments, an exceptional 22-unit light value-add opportunity located in Seattle’s popular Fremont neighborhood. Built in 1987, the property features a desirable mix of spacious 1- and 2-bedroom layouts with decks and fireplaces, a secure parking garage with 24 spaces, and in-unit washer/dryer hookups. With current rental rates below market, a buyer has the potential to increase NOI and cash flow through improved management.
Residents benefit from the proximity to cafes, bars and restaurants on 36th Street, such as Fremont Coffee Company, The George & Dragon, and Local Tide. They can also walk to work at major tech employers located in the neighborhood or catch the RapidRide E Line to Downtown or South Lake Union. On the market for the first time in 30 years, The Quincy presents a unique opportunity to acquire a property of this size and vintage in a premium location.
Residents benefit from the proximity to cafes, bars and restaurants on 36th Street, such as Fremont Coffee Company, The George & Dragon, and Local Tide. They can also walk to work at major tech employers located in the neighborhood or catch the RapidRide E Line to Downtown or South Lake Union. On the market for the first time in 30 years, The Quincy presents a unique opportunity to acquire a property of this size and vintage in a premium location.
Property Facts Under Contract
| Price | $9,851,416 CAD | Building Class | C |
| Price Per Unit | $447,792 CAD | Lot Size | 0.23 AC |
| Sale Type | Investment | Building Size | 23,693 SF |
| Cap Rate | 5.64% | Average Occupancy | 100% |
| No. Units | 22 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1987/2001 |
| Property Subtype | Apartment | Parking Ratio | 1.1/1,000 SF |
| Apartment Style | Low Rise |
| Price | $9,851,416 CAD |
| Price Per Unit | $447,792 CAD |
| Sale Type | Investment |
| Cap Rate | 5.64% |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 23,693 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1987/2001 |
| Parking Ratio | 1.1/1,000 SF |
Unit Amenities
- Balcony
- Fireplace
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Security System
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 13 | - | 844 |
| 2+1.5 | 9 | - | 1,000 |
Walk Score ®
Walker's Paradise (96)
Bike Score ®
Very Bikeable (88)
PROPERTY TAXES
| Parcel Number | 197220-0480 | Improvements Assessment | $6,313,923 CAD |
| Land Assessment | $3,021,352 CAD | Total Assessment | $9,335,275 CAD |
PROPERTY TAXES
Parcel Number
197220-0480
Land Assessment
$3,021,352 CAD
Improvements Assessment
$6,313,923 CAD
Total Assessment
$9,335,275 CAD
zoning
| Zoning Code | L3, Seattle |
| L3, Seattle |
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Quincy Apartments | 3624 Phinney Ave N
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