8820 Stone Ave
Seattle, WA 98103

Located in the up-and-coming neighborhood of North Green Lake, this 7-unit apartment building was built in 1991 by current and original ownership. This property offers investors the opportunity to own and manage an easily maintained and easy to rent building with immediate rental upside and value- add potential. Proforma rents suggest this is a 6% Cap Investment. The current unit mix consist of five , two bedrooms, two bath units and two, three bedrooms with two bath units. Each unit is spacious and has their own washer and dryer. Over the years the units have been updated with new carpets, paint and appliances when needed. The basement also has a laundry area that all tenants have access to. The location of this property is ideal for navigating the city. Located two blocks from a major transit line, quick and easy access to Interstate 5 and Aurora, and less than a 5-minute drive to Northgate Mall and the new Light Rail Station. There are several schools (Cascadia Elementary, Bishop Blanchet High School and North Seattle Community College) located within a 5 minute walk of the building and Green Lake North is roughly a 10-minute walk that host a wonderful variety of fun restaurants.
Christopher Day, a local architect, has provided conceptual plans to legally add three units (two 2 bedroom units and a studio) in the area of the tuck under parking to bring the unit count to 10 units.