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Gilman Park Plaza

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Gilman Park Plaza

801 NW 54th St, Seattle, WA 98107
Multi-Family For Sale Available Built 1954 2 floors Zoning: LR2(M)
Asking Price
$2,890,000
Total Building7,120 SF
Land8,712 SF land
Parking Total7
& Uncov.
ConstructionMasonry
MarketFremont/Ballard
CountyKing

Read Overview
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Overview

Property ID
112741
Listing ID
704042
Type
Multi-Family
Asset Class
Multi-Family
Zoning
LR2(M)

Description

We are pleased to present Gilman Park Plaza, a 16-unit multifamily asset at 801 Northwest 54thStreet in Seattle. This 1954-vintage property features durable masonry construction across 6,560 rentable square feet. With a new TPO roof installed in 2024, the asset iswell-positioned with recent capital upgrades.The property is offered at an attractive 6.46% capitalization rate, providing strong day onereturns. A significant value-add opportunity exists as current rents are below market, allowing a new owner to capture substantial upside. With further unit renovations and increasing rents 10% a year, an investor can achieve a market cap rate of 7.72%, significantly boosting cash flow and overall asset value in a desirable Seattle submarket.

Listing Courtesy of:

CC
Corey Crain
COMPASS
700 110th Ave NE Ste 270,
Bellevue, WA 98004
State: WA City: Seattle ZIP: 98107 Type: For Sale

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Disclaimer: The information contained in this listing has not been verified by Muljat Commercial and should be verified by the buyer.