512 5th Avenue West
Seattle, WA 98119
$5,995,000
Price
6
Beds
3
Baths
12,900 Sq. Ft.
$465 / Sq. Ft.
12,900
Sq. Ft.
$465
per Sq. Ft.
Listing provided courtesy of Lee & Associates Commercial RE
Description
The Standard, 20-units located in the Uptown Queen Anne. Attractively situated near the Seattle Center & the waterfront. The unit mix consist of 16 1-bed, two 2-bed units & two 3-bed units. Opportunities for lift with the addition of in-unit w/d & converting the laundry rooms into units also a 12,020sf MR (M) zoned lot, initial studies suggest 75+ unit development potential (buyer to verify). The acquisition of the Standard not only secures a prime piece of Seattle real estate but also offers potential...The Standard, 20-units located in the Uptown Queen Anne. Attractively situated near the Seattle Center & the waterfront. The unit mix consist of 16 1-bed, two 2-bed units & two 3-bed units. Opportunities for lift with the addition of in-unit w/d & converting the laundry rooms into units also a 12,020sf MR (M) zoned lot, initial studies suggest 75+ unit development potential (buyer to verify). The acquisition of the Standard not only secures a prime piece of Seattle real estate but also offers potential for future development & appreciation. With its strategic location, rental upside & multiple exit strategies, the Standard is an exceptional opportunity for investors seeking a blend of immediate rental income & long-term opportunities.
- Listed by Daniel Lim • Lee & Associates Commercial RE
- Listed by Candice Chevaillier • Lee & Associates Commercial RE
Property Details for 512 5th Avenue West
Community Name
Queen Anne
School DistrictSeattle
Number of Assigned Spaces10
Total Covered Parking0
Offers Review Date10-03-2024
Entry Date09-11-2024
Energy SourceElectric
SewerSewer Connected
LISTING UPDATED: 09/17/2024 02:14 PM
Property Details for 512 5th Avenue West
| Status | Active |
|---|---|
| MLS # | 2289839 |
| Days on Market | 7 |
| Cumulative Days on Market | 7 |
| Taxes | $53,874 / year |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1957 |
| Lot Size | 2.76 AC / 120,020 SF |
| County | King County |
Building Information for 512 5th Avenue West
Stories2Residences3Year Built1957Building Size-Lot Size2.76 AC / 120,020 SF
Property Information for 512 5th Avenue West
Summary
Location and General Information
- Style: 56 - 10+ Units
- Area: 700 - Queen Anne/Magnolia
- Directions: Heading west on Mercer turn right on 5th Ave W building is on the left.
- Leased Items: Washer/Dryer
- Property Sub Type: MULT
- View: No
- Waterfront: No
Taxes and HOA Information
- Tax Year: 2024
Parking
- Number of Carport Spaces: 0.0
- Carport: No
- Open Parking Spaces: 10.0
- Open Parking: Yes
Virtual Tour
- Virtual Tour URL Unbranded: http://www.lee-associates.com/northwest/properties/?propertyId=1413630-sale&address=512-5th-Ave-W&officeId=2085
- Virtual Tour URL Description: Property Website
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
Exterior Features
- Exterior: Brick
- Roof: Flat
Property
Utilities
- Water/Sewer/Garbage: 29469
- Power Production Type: Electric
Property and Assessments
- New Construction YN: No
- MLS Square Footage Source: County
- Preliminary Title Ordered: Yes
- Senior Community: No
- Special Listing Conditions: None
- Photos Count: 11
Lot Information
- Lot Size Source: County
- Parcel Number Free Text: 1990200150
- Calculated Square Footage: 12900
- Structure Type: Multi Family
- Square Footage Finished: 0
- Square Footage Unfinished: 0
- Building Area Total: 12900.0
- Building Area Units: Square Feet
- Property Type: Residential Income
- Elevation Units: Feet
- Irrigation Water Rights: No
Multi Family
Building Details
- Number of Uncovered Spaces: 10
- Number of Stories in Building: 2
- Vacancy Rate: 21552
- Number Of Units Total: 3
- Units Below Grade: false
Financing / Income and Expenses
- Electric Expense: $0
- Total Expenses: 163762
- Gross Adjusted Income: 457431
- Gross Rent Multiplier: 12.5
- Gross Scheduled Income: $478,983
- Insurance Expense: $8,500
- Net Operating Income: $293,504
- Other Expenses: $71,919
- Total Monthly Income: 38119
- Fuel Expense: $0
Unit 1
- Name Unit 1: Two 3-Beds
- Washer/Dryer Unit 1: false
- Range/Oven Unit 1: true
- Refrigerator Unit 1: true
- Dishwasher Unit 1: false
- Square Feet Unit 1: 900
- Rent Unit 1: $2,563.00
- Bedrooms Unit 1: 3
- Fireplaces Unit 1: 0
- Bathrooms Unit 1: 1
Unit 2
- Name Unit 2: Two 2-Beds
- Washer/Dryer Unit 2: false
- Range/Oven Unit 2: true
- Refrigerator Unit 2: true
- Dishwasher Unit 2: false
- Square Feet Unit 2: 750
- Rent Unit 2: $2,235.00
- Bedrooms Unit 2: 2
- Fireplaces Unit 2: 0
- Bathrooms Unit 2: 1
Unit 3
- Name Unit 3: 16 1-Beds
- Washer/Dryer Unit 3: false
- Range/Oven Unit 3: true
- Refrigerator Unit 3: true
- Dishwasher Unit 3: false
- Square Feet Unit 3: 600
- Rent Unit 3: $1,645.00
- Bedrooms Unit 3: 1
- Fireplaces Unit 3: 0
- Bathrooms Unit 3: 1
Rental
Rent Information
- Occupant Type: Tenant
- Leasable Area: 12900.0
- Leasable Area Units: Square Feet
Property History for 512 5th Avenue West
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 512 5th Avenue West
Taxable ValueLand$5,100,000Additions$1,300,000Total$6,400,000
Tax Record2022$53,874 ($4,489 / month)
Home Facts
Total Finished SqFt12,280 SqFtAbove Ground SqFt12,280 SqFtStories2Lot Size12,000 SqFtStyleMulti-Family Dwelling (2-4)Year Built1957Year Renovated1988ZoningMR (M)CountyKINGAPN199020-0150
Schools near 512 5th Avenue West
This home is within Seattle Public Schools.
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | 9 to 12 |
Rating | School | Distance |
|---|---|---|
Hay Elementary School PublicK to 5 | ||
Mcclure Middle School Public6 to 8 | ||
Lincoln High School Public9 to 12 | ||
The Center 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 Lee & Associates Commercial RE
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.
