Provided by NWMLS
Listing Office: Paragon Real Estate Advisors
Description
This well located investment opportunity is ripe for the next owner to capitalize on significant rental upside available in year two of operations. The current owner dropped the rent to incentivize a 13 month lease to then align the lease end date to match the University of Washington school schedule and thus the high demand rental season. The existing tenants were interested in renting the property for $8,500/month for a 12 month lease ($102,000 Annually) but instead a lease for $7,850/month for a 13 month lease ($102,050 for term of lease) was arranged. Thus, the next owner will be able to achieve $8,800/month + parking on a standardized lease aligned with the UW school year per a rent survey of comparable properties.
The database information herein is provided from the Northwest Multiple Listing Service (NWMLS). NWMLS data may not be reproduced or redistributed and is only for people viewing this site. All information provided is deemed reliable but is not guaranteed and should be independently verified. All properties are subject to prior sale or withdrawal. © 2022 NWMLS. Updated: 21st September, 2023 3:20 PM (UTC)
