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Listed by:Blake Investment Advisors • Gabe Blake

$2,995,000

Est. payment - /mo

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23 Beds

15 Baths

0.45 Acres Lot

Active

11521 26th AVE NE Seattle, WA 98125

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Ryan Born

ryan@born-realty.com +1(206) 498-0342

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Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Subdivision Lake City

MLS Listing ID 2503489

Style 56 - 10+ Units

Bedrooms 23

Year Built 1962

Annual Tax Amount $32,031

Lot Size 0.450 Acres

Property Sub-Type Multi Family

Property Description

6.26% CURRENT CAP RATE | Capri Apartments is a meticulously maintained 15-unit, courtyard-style apartment community located in the bustling Lake City neighborhood of Northeast Seattle. Originally constructed in 1962, Capri features copper plumbing and has undergone significant capital improvements over the past decade, including a new PVC roof (2024), updated electrical breaker panels (2016), luxury vinyl plank flooring and stone countertops in all units, double-pane vinyl windows, and a renovated exterior staircase, positioning the asset as both a desirable community for residents and a low-maintenance investment for ownership. The property offers an ideal unit mix, comprised of nine 2-bedroom units averaging 783 square feet and five 1-bedroom units averaging 683 square feet. Residents benefit from a central courtyard setting with lush greenery, on-site communal laundry (two washers & two dryers), 14 large storage lockers, and 16 off-street parking stalls available on a first-come, first-served basis. A new investor can capitalize on Capri's current operations, which generate a 6.26% cap rate on in-place income, or execute a value-add business plan by converting the common laundry room into a 16th studio apartment (buyer to verify) and installing ventless, all-in-one washer/dryer combo units in each apartment to capture a 7.25% cap rate post renovation.

Location

State WA

County King

Area 710 - North Seattle

Interior

Flooring Vinyl Plank

Fireplace false

Exterior

Exterior Feature Wood Products

View Y/N No

Roof Type Torch Down

Building

Sewer Sewer Connected

New Construction No

Schools

School District Seattle

Others

Senior Community No

Acceptable Financing Conventional

Listing Terms Conventional

"Three Trees" icon indicates a listing provided courtesy of NWMLS.

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Public Services & Government

Soprano’s Pizza & Pasta

11754 15th Ave NE, Seattle, WA 98125

Italian Phone: 206-306-9000
Subway

12354 15th Ave NE, Seattle, WA 98125

Sandwiches Phone: 206-364-9630
Taco Time

11701 Lake City Way NE, Seattle, WA 98125

Mexican Phone: 206-453-3216
Thai One On

12343 Lake City Way NE, Seattle, WA 98125

Thai Phone: 206-362-6999
Dick’s Drive-In

12325 30th Ave NE, Seattle, WA 98125

Fast Food Phone: 206-363-7777
Evolution Revolution

Seattle, WA 98125

Food Trucks Phone: 206-605-1755
Jebena Cafe

1510 NE 117th St, Seattle, WA 98125

Ethiopian Phone: 206-365-0757

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