Water Views
Listed By:
Kidder Mathews and NWMLS
Address
2600 1st Avenue, Seattle, WA
Price
$ 6,300,000
Property Attributes
  • ID#1996211
  • TypeMulti-Family
  • CountyKING
  • CitySeattle
  • AreaBelltown-Downtn
  • NeighborhoodBelltown
  • Zip98121
  • Style10+ Units
  • Year Built1903
  • Taxes$ 33553
  • Price$ 6,300,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage19980
  • Lot Size6,660 SqFt
Data Source:
Northwest Multiple Listing Service (NWMLS)
Property Description

Built in 1903, the New Pacific Building is price at current cap rate of 6.2% and with a GRM at 9.7. Given the preliminary indications of 70% LTV bank financing, a 30% down payment is likely, generating a cash-on-cash return of over 5 % with room to grow. Further, the $6,300,000 list price equates to a per-unit cost of roughly $143,000, or $421 per rentable square foot. With its exceptional location near the Seattle waterfront and Downtown Seattle, combined with its solid cash flow and affordable rents, the New Pacific Building is a strong investment opportunity.

Elementary School Middle School High School
Lowell Elementary School Meany Mid Garfield High
Price History
9/14/2022 Listed $6,300,000

General Features

Amenities Basement, Coin Op Laundry, Storage
Building Area Units Square Feet
Carport Y/N No
City Seattle
County King
Directions Property is at the intersection of 1st Ave and Vine St.
Elementary School Lowell
Exterior Features Brick, Stucco
Finance Cash Out, Conventional
High School Garfield High
High School District Seattle
Insurance Expense 18850
Interior Features Wall to Wall Carpet
Leasable Area 17800
Lot Size Square Feet 6660
MLS Area 701 - Belltown/Downtn
Middle/Junior High School Meany Mid
Net Operating Income 389669
New Construction No
Possession Closing, Tenant's Rights
Possible Use Business, Commercial, Multi-Family, Office, Retail
Property Style 56 - 10+ Units
Property SubType Multi-Family
Property Type Residential Income
Roof Flat
Senior Community Y/N No
Sewer Sewer Connected
Special Listing Conditions None
Standard Status Active
Status Active
Street Name 1st
Structure Type Multi Family
Subdivision Name Belltown
Tax Annual Amount 33553
Tax Year 2022
Total Units 45
Units Below Grade false
Units In Building Total 45
Utilities Sewer Connected, Electricity Available, Natural Gas Connected
View Bay, City, Partial, Sound
View Y/N Yes
Water Sewer Garbage 67964
Waterfront Y/N No
Year Built 1903
Zoning Class Business, Commercial, Multi-Family, Office, Retail

Interior Features

Fireplace Y/N No
Flooring Vinyl Plank, Carpet
Furnished Y/N Unfurnished
Heating Y/N Yes
Living Area Units Square Feet
Power Production Type Electric, Natural Gas
Street Suffix Avenue
Total Stories 3

Exterior Features

Building Area Total 19980
Foundation Details Poured Concrete
Irrigation Water Rights Y/N No
Lot Features Alley, Corner Lot, Curbs, Paved, Sidewalk
Lot Size Acres 0.1529
Lot Size Units Square Feet
Open Parking Y/N No
Water Source Public

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Multi-Family Average in 98121

Price
AVG $6.3M
$6.3M
Taxes
AVG $33,553
$33,553
Visits
AVG 13
12
Year Built
AVG 1903
1903
Walkscore
AVG 96
96
Data Provided by Walkscore ® not using MLS data

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