Mercer Eight Apartments

Multi-Family

1601 E Mercer St, SeattleWA 98112

Property Details

Location

Address
1601 E Mercer St, SeattleWA 98112
County
King
Submarket
CBA Capitol Hill/First Hill
Parcels
4232400450

Building Size

Building Size
5,820 SF
Rentable Space
5,820 SF

Building Details

Type
 Multi-Family
Number of Buildings
1
Number of Units
8
Occupancy Type
Multi-tenant
Percent Occupied
100%
Building Class
Building Status
Existing
Floors
2
Year Built
1956
Sprinklers
Parking Ratio

Land & Utilities

Land (Acres)
0.12 Acres
Land (SF)
5,400 SF
Zoning
SF5000
Lot Depth
Lot Width

Contacts

Current Listings

Mercer Eight Apartments

$2,300,000
Cap Rate: 5.7%

CAPITOL HILL VALUE-ADD OPPORTUNITY

The Mercer Eight Apartments presents the opportunity to acquire an 8-unit community with significant upside, and strategically located in the dynamic Capitol Hill neighborhood of Seattle. The asset is poised for significant revenue growth via a value-add strategy to be implemented on unit turnover. Investors can increase revenue and value by adding in a utility bill-back system and renovating units to generate as much as $700+ per month in market rent premiums.

The property was built in 1956 and consists of consists of studio, 1-bedroom, and 2-bedroom units with an average unit size of 662 square feet. The wood-framed construction with stone/masonry veneer provides a vintage aesthetic that is desirable in these walk-up types of assets. The property has updated vinyl windows, some plumbing updates, a flat PVC membrane roof, and is heated by an updated boiler system.

With a walk score of 90 (Walker’s Paradise), a bike score of 95 (Biker’s Paradise), and a transit score of 68 (Good Transit), residents can explore various neighborhood restaurants, coffee shops, and nightlife. Outdoor enthusiasts and health-conscious residents can play sports at Miller Playfield or enjoy a stroll through Volunteer Park, both less than 6 blocks away from the property. The Mercer Eight Apartments is well-positioned as a value-add asset that will benefit from Seattle’s continued growth.

CAPITOL HILL VALUE-ADD OPPORTUNITY

The Mercer Eight Apartments presents the opportunity to acquire an 8-unit community with significant upside, and strategically located in the dynamic Capitol Hill neighborhood of Seattle. The asset is poised for significant revenue growth via a value-add strategy to be implemented on unit turnover. Investors can increase revenue and value by adding in a utility bill-back system and renovating units to generate as much as $700+ per month in market rent premiums.

The property was built in 1956 and consists of consists of studio, 1-bedroom, and 2-bedroom units with an average unit size of 662 square feet. The wood-framed construction with stone/masonry veneer provides a vintage aesthetic that is desirable in these walk-up types of assets. The property has updated vinyl windows, some plumbing updates, a flat PVC membrane roof, and is heated by an updated boiler system.

With a walk score of 90 (Walker’s Paradise), a bike score of 95 (Biker’s Paradise), and a transit score of 68 (Good Transit), residents can explore various neighborhood restaurants, coffee shops, and nightlife. Outdoor enthusiasts and health-conscious residents can play sports at Miller Playfield or enjoy a stroll through Volunteer Park, both less than 6 blocks away from the property. The Mercer Eight Apartments is well-positioned as a value-add asset that will benefit from Seattle’s continued growth.

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Commercial Location Score (CLS) is a scoring system developed by Moody's Analytics to help commercial real estate professionals gain a quick understanding of the major factors that affect the value of a location. It's designed as a means to consistently evaluate a location's suitability/desirability for a particular use based on a number of factors.

BROKER

Source: CBA

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