Bitter Lake Homes with 55 - 5-9 Units Style

Welcome to Bitter Lake, a vibrant neighborhood nestled in the heart of Seattle, Washington. Known for its picturesque lake views and lush green spaces, Bitter Lake offers a perfect blend of urban convenience and natural beauty. This charming community is characterized by its friendly atmosphere and diverse population, making it an ideal place for families, young professionals, and retirees alike.

With an abundance of parks and recreational opportunities, residents can enjoy leisurely strolls along the shores of Bitter Lake or partake in various outdoor activities at nearby parks like Carkeek Park and Northacres Park. The neighborhood is also conveniently located near major highways and public transportation, ensuring easy access to downtown Seattle and beyond.

The real estate landscape in Bitter Lake is particularly appealing for those seeking homes with a unique architectural style. The homes here typically feature 5-9 units, offering a cozy and intimate living experience. These residences often showcase a delightful mix of modern design and classic charm, with many properties boasting spacious layouts, updated amenities, and beautiful landscaping.

In addition to its attractive housing options, Bitter Lake is home to a variety of local shops, cafes, and restaurants, providing residents with all the essentials just a stone's throw away. The community's commitment to fostering a welcoming environment is evident in its neighborhood events and gatherings, where neighbors come together to celebrate the unique spirit of Bitter Lake.

Whether you're looking to buy your first home or seeking a peaceful retreat, Bitter Lake is a neighborhood that captures the essence of Seattle living. Come and discover the charm and beauty of this hidden gem!

Newest Bitter Lake Homes with 55 - 5-9 Units Style

$1,895,000

2538004 MLS ⋅ ACTIVE Status

Bittertree Condominiums is an eight-unit apartment building at 13310 Greenwood Ave N in Seattle’s Greenwood neighborhood. Built in 1996, the property features two large studios, two one-bedroom units, and four two-bedroom units. All units include in-unit washers and dryers, private balconies, and access to a secured garage with seven parking stalls. The building sits on a 6,787 SF LR3 (M) zoned lot on Greenwood Avenue. This is a stabilized asset with upside potential. Five units have been updated with luxury vinyl plank flooring and newer appliances. The remaining three are occupied by long-term tenants with below-market rents, offering an opportunity to increase income through natural turnover. With separate electric meters, water sub-metering, and modern construction, the property offers a low-maintenance, efficient operating profile. Seller financing is available with 30% down and a five-year interest-only term: 5.0% interest in years one and two, and 5.5% in years three through five. The investment delivers a 5.7% cap rate and 7.2% cash-on-cash return at acquisition, increasing to a 6.6% cap rate and 10.2% cash-on-cash return as rents reach market levels.

13310 Greenwood Avenue N, Seattle

Listing courtesy of Paragon Real Estate Advisors.

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