3000 East Spruce Street

Seattle, WA 98122

$1,975,000
Price
12
Beds
6
Baths
—Sq. Ft.
— / Sq. Ft.
—
Sq. Ft.
—
per Sq. Ft.

Pending Inspection

Pending Inspection

Listing provided courtesy of Northmarq Commercial, LLC

Description

The Lago Apartments is a prime investment opportunity in Seattle's sought-after Leschi neighborhood. Built in 1963, this well-maintained property features six updated two-bedroom units, some with Lake Washington views, and significant exterior improvements, including refreshed landscaping, updated paint, and a new roof coating. With scheduled rent increases in 2025 and potential for further interior enhancements, Lago Apartments offers investors a value-add opportunity to align rents with market...The Lago Apartments is a prime investment opportunity in Seattle's sought-after Leschi neighborhood. Built in 1963, this well-maintained property features six updated two-bedroom units, some with Lake Washington views, and significant exterior improvements, including refreshed landscaping, updated paint, and a new roof coating. With scheduled rent increases in 2025 and potential for further interior enhancements, Lago Apartments offers investors a value-add opportunity to align rents with market rates. 6.47% cap rate on August 1st, with scheduled rent increases already in place. Located near Leschi Park and just 10 minutes from downtown Seattle, this property combines serene neighborhood charm with urban convenience.
  1. Listed by Taylor Wyman • Northmarq Commercial, LLC
  2. Listed by Steve Fischer • Northmarq Commercial, LLC

Property Details for 3000 East Spruce Street

Community Name
Leschi
School District
Seattle
View
Lake
Number of Assigned Spaces
5
Total Covered Parking
0
Entry Date
01-06-2025
Energy Source
Electric
Sewer
Sewer Connected
LISTING UPDATED: 03/07/2025 09:19 AM

Property Details for 3000 East Spruce Street

StatusPending Inspection
MLS #2320258
Days on Market28
Cumulative Days on Market28
Taxes$19,073 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1963
Lot Size0.11 AC / 5,000 SF
CountyKing County

Building Information for 3000 East Spruce Street

Stories3Residences6Year Built1963Building Size-Lot Size0.11 AC / 5,000 SF

Property Information for 3000 East Spruce Street

Summary
Location and General Information
  • Style: 55 - 5-9 Units
  • Area: 390 - Central Seattle
  • Directions: Heading South on I-5, take exit 165A towards James St, head East onto Yesler Way, head North onto 31st Ave, turn West onto E Spruce St. Destination with be on the right.
  • Leased Items: None
  • Property Sub Type: MULT
  • View: Yes
  • Waterfront: No
Taxes and HOA Information
  • Tax Year: 2025
Parking
  • Number of Carport Spaces: 5.0
  • Carport: No
  • Open Parking Spaces: 0.0
  • Open Parking: No
Interior and Exterior Features
Bathroom Information
  • Full Baths Upper: 0
  • Three Quarter Baths Upper: 0
  • Half Baths Upper: 0
  • Main Level Bathrooms: 0
Bedroom Information
  • Bedrooms Upper: 0
  • Bedrooms Possible: 0
Interior Features
  • Fireplaces Total: 0
  • Cooling: No
  • Cooling: None
  • Fireplace: No
  • Heating: Yes
  • Heating: Baseboard, Forced Air
Exterior Features
  • Exterior: Wood
  • Roof: Flat
Property
Utilities
  • Water/Sewer/Garbage: 10157
  • Power Production Type: Electric
Property and Assessments
  • New Construction YN: No
  • Zoning Jurisdiction: City
  • Preliminary Title Ordered: Yes
  • Senior Community: No
  • Special Listing Conditions: None
  • Photos Count: 15
Lot Information
  • Lot Details: Corner Lot
  • Lot Size Source: County
  • Parcel Number Free Text: 9363600120
  • Calculated Square Footage: 0
  • Structure Type: Multi Family
  • Square Footage Finished: 0
  • Square Footage Unfinished: 0
  • Building Area Total: 0.0
  • Building Area Units: Square Feet
  • Property Type: Residential Income
  • Elevation Units: Feet
  • Irrigation Water Rights: No
Multi Family
Building Details
  • Number of Uncovered Spaces: 0
  • Number of Stories in Building: 3
  • Vacancy Rate: 5
  • Number Of Units Total: 6
  • Units Below Grade: false
  • Units In Building Total: 6
Financing / Income and Expenses
  • Electric Expense: $0
  • Total Expenses: 50401
  • Gross Adjusted Income: 157496
  • Gross Rent Multiplier: 13.44
  • Gross Scheduled Income: $157,496
  • Insurance Expense: $1,951
  • Net Operating Income: $107,096
  • Other Expenses: $19,220
  • Total Monthly Income: 13737
  • Fuel Expense: $0
Unit 1
  • Name Unit 1: 1
  • Range/Oven Unit 1: true
  • Refrigerator Unit 1: true
  • Square Feet Unit 1: 975
  • Rent Unit 1: $2,095.00
  • Bedrooms Unit 1: 2
  • Bathrooms Unit 1: 1
Unit 2
  • Name Unit 2: 2
  • Range/Oven Unit 2: true
  • Refrigerator Unit 2: true
  • Square Feet Unit 2: 975
  • Rent Unit 2: $1,916.00
  • Bedrooms Unit 2: 2
  • Bathrooms Unit 2: 1
Unit 3
  • Name Unit 3: 3
  • Range/Oven Unit 3: true
  • Refrigerator Unit 3: true
  • Square Feet Unit 3: 975
  • Rent Unit 3: $2,250.00
  • Bedrooms Unit 3: 2
  • Bathrooms Unit 3: 1
Unit 4
  • Name Unit 4: 4
  • Range/Oven Unit 4: true
  • Refrigerator Unit 4: true
  • Square Feet Unit 4: 975
  • Rent Unit 4: $1,885.00
  • Bedrooms Unit 4: 2
  • Bathrooms Unit 4: 1
Unit 5
  • Name Unit 5: 5
  • Range/Oven Unit 5: true
  • Refrigerator Unit 5: true
  • Square Feet Unit 5: 975
  • Rent Unit 5: $1,916.00
  • Bedrooms Unit 5: 2
  • Bathrooms Unit 5: 1
Unit 6
  • Name Unit 6: 6
  • Range/Oven Unit 6: true
  • Refrigerator Unit 6: true
  • Square Feet Unit 6: 975
  • Rent Unit 6: $2,186.00
  • Bedrooms Unit 6: 2
  • Bathrooms Unit 6: 1
Rental
Rent Information
  • Occupant Type: Tenant
  • Leasable Area: 5850.0
  • Leasable Area Units: Square Feet

Property History for 3000 East Spruce Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 3000 East Spruce Street

Taxable ValueLand$575,000Additions$1,558,000Total$2,133,000
Tax Record2024$19,073 ($1,589 / month)
Home Facts
Total Finished SqFt4,752 SqFtAbove Ground SqFt4,752 SqFtStories3Lot Size5,000 SqFtStyleMulti-Family Dwelling (2-4)Year Built1963Year Renovated1990ZoningNR3CountyKINGAPN936360-0120

Schools near 3000 East Spruce Street

This home is within Seattle Public Schools.
Rating
School
Type
Grades
Distance
Leschi Elementary School
Public - K to 5
Edmonds S. Meany Middle School
Public - 6 to 8
Garfield High School
Public - 9 to 12
Nova High School
Public - 9 to 12
Rating
School
Distance
Leschi Elementary School
PublicK to 5

Edmonds S. Meany Middle School
Public6 to 8

Garfield High School
Public9 to 12

Nova High School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Northmarq Commercial, LLC

Listing provided courtesy of NWMLS, RMLS or Yakima MLS. The information contained in this listing has not been verified by Compass or the MLS and should be verified by the buyer. The DOM value represents the number of days this listing has been Active on this website.