HIGHLIGHTS: This Columbia City 14-Unit features 8 spacious one and 6 large two-bedroom one-bath units. The kitchens have ample storage with newer refrigerators and stove-top ranges. It is a controlled access community with a large common laundry containing two coin operated washers and dryers. It was constructed in 1958 as a two story wood frame building with low maintenance, marblecrete exterior siding. There is a large underutilized storeroom in the basement that could possibly be converted to an apartment for additional income.

Over the last number of years the owner has spent a considerable amount of money on this property. They have replaced the roof, painted both the interior halls and exterior, resurfaced the parking lot and replaced the carpet in the halls. In addition all windows were replaced with thermal panes and the common area lighting was updated with energy efficient fixtures. This property is turnkey and should need little capital improvements for a several years.

Columbia City has undergone a tremendous amount of growth in recent years becoming one of Seattle' s most vibrant neighborhoods. It boasts numerous restaurants, cafes, coffee shops, a book store, brewery, Movie Theater and much more. The property is located next door to a library, park and community center. A Safeway store is just a couple of blocks away. The property is on a bus route and the new light-rail is a few short blocks way. In addition residents can take advantage of the Columbia City Farmers Market held each Wednesday through the summer months. The market is less then a block away.

Because of the building quality and location, it enjoys strong year round occupancy. Purchaser to participate in a 1031 tax deferred exchange to include a simultaneous closing with a Leschi 6-unit located at 110 31st Ave. South. Agent related to seller. For additional information contact listing agent for marketing package or view listing at http://www.loopnet.com/lid/17258343 or http://www.marketplacebrokerageltd.com.

Harbor Properties is building a high end market rate 120 unit apartment community three short blocks away. For more information on their new building visit http://www.liveatgreenhouse.com.

Cap Rate: 6.68%

Current GRM: 10.74

For additional information and 2011 financial statement summary view website below.

http://www.crelisting.net/O_A2m2-2A