$2,200,000
We are pleased to present the Shoreline View Apartments, a well-maintained, pride-of-ownership 10-unit property prominently located along Greenwood Avenue North in Seattle’s growing Greenwood neighborhood. Built in 1976, the property offers a unit mix of two 3-BD/2-BTH units, four 2-BD/2-BTH units, and four 1-BD/1-BTH units. Spacious floorplans, abundant natural light, private decks in most units, and updated appliances enhance renter appeal, while residences on the upper two floors enjoy water views. The property has also benefited from meaningful capital improvements, including a full roof replacement in 2017 and window replacements in 2019. Property amenities include covered and off-street parking, secured entry, elevator access, storage units, and on-site laundry. The location provides convenient access to transit, Carkeek Park, Trader Joe’s, Fred Meyer, and the abundant retail, dining, and entertainment offerings of Greenwood and Phinney Ridge. Shoreline View presents a compelling value-add opportunity for investors seeking meaningful rental upside in North Seattle. Current rents are approximately 16% below market, providing near-term income growth potential, while unit renovations and repositioning could support an estimated 32% increase over current rents. The combination of pride-of-ownership conditions, recent capital improvements, desirable amenities, and significant rental upside creates an attractive opportunity to enhance returns over time.
2587180
MLS
⋅
ACTIVE
Status
11255 Greenwood Avenue N, Seattle
Listing Broker: Lee & Associates Commercial RE; Dea Sumantri; 206-773-2680; dsumantri@lee-associates.com
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