5003 15th Ave NE
Seattle WA 98105
The Davison Apartments
5003 15th Ave NE Seattle WA 98105
Listing #: 660936 | Status: Available | Last Modified: 6/28/2023 |
For Sale
- Phone:(206) 604-3400
- Email:cchevaillier@lee-associates.com
- Office Name:Lee & Associates Commercial Real Estate Services
- Office Phone:(425) 454-4242
- Office Website:
- Agent Phone:(206) 773-2696
- Agent Email:dlim@lee-associates.com
- Agent Phone:(206) 773-2680
- Agent Email:dsumantri@lee-associates.com
- Call Listing AgentNo
- Use DiscretionNo
SEE_NOTES
- Listing Price$ 6,500,000.0
- $/SF$ 385.8
- $/Unit$ 295,454.5
- Listing StatusAvailable
- Days on Market768
- Asset ClassMulti-Family
- Terms
- Investment Type
- Investment PropYes
- Gross Income530,061
- Vacancy Factor %5.00%
- Operating Expenses178,144
- Net Operating Income325,413
- CAP Rate 5.41 %
- Min Total SF0
- Max Total SF0
- Lease Rate Low$ 00.0
- Lease Rate High$ 00.0
- Heat Source
- Total Units22
- Water
- Electricity
- Storm Sewer
- SignageSignage on Building and Freestanding
- Anchor
- CAP Rate 5.41 %
- Building StatusExisting
- # of Buildings1
- # of Floors3
- # of Units22
- # of Elevators0
- A/CYes
- Clearance Height Min
- Clearance Height Max
- Bay Depth
- Total Building SF22018
- Net Rentable Area16848
- Total Office SF
- Largest Contiguous SF
- Lot SF8220
- Acres0.19
- Property TypeMulti-Family
- Office Type
- InvestmentYes
- Building Class
- CountyKing
- Vicinity50th and 15th Ave. NE
- Location Description2 blocks East of I-5 in the University District
- Second Address
- Cross Street15th Ave. NE
- Market AreaU-District
- Tax ID #8816400420
- Additional Parcels
- ZoningLR3
- # Covered Spaces6
- # Uncovered Spaces-6
- Total Parking Spots0
- Parking Ratio
- Year Built1926
- Year Renovated2018
- Completion Date
- Roof TypeTile/Torch Down
- SprinklersYes
- Construction TypeBrick, Concrete, Masonry
Pride of Ownership University District Value Add O
The Davison, a 23-unit apartment building in the heart of the Seattleās University District neighborhood and walking distance to the University of Washington. Designed by British architects, Stuart and Wheatly, the Davison was constructed in 1926 with an attractive period brick façade, detailed cornice and parapet work. Ownership is actively moving rents towards market rates at renewal and is currently sending 6 month rent increase notices to tenants, improving current income numbers. It is a well-maintained building featuring spacious units averaging over 670 sf per unit with a unit mix of 10 studios and 13 1-bedrooms (buyer to verify). Units feature elegant crown molding, oak hardwood floors and vintage penny tile. Most units feature newer kitchen cabinets and granite countertops as
Low Rise