Listed by Keller Williams Realty Bothell, Bought with AgencyOne
NOT LISTED FOR SALE

Estimated Value: $1,158,051 - $1,423,000

-- Bed
-- Bath
3,640 Sq Ft
$365/Sq Ft Est. Value

Last Sold June 10, 2024

Last sale price $1,200,000 $330 Per Sq Ft

Est. 11% increase in value since last sale

Current estimated payment $7,929/month

3 Days on Market

Highlights

  • No HOA
  • Baseboard Heating
  • Wall to Wall Carpet
  • Lake Forest Park Elementary School Rated A-
  • Wood Siding

About This Home

As of June 2024

Value add opportunity in Lake Forest Park, WA. Nestled on a quiet dead-end street between I5 and lake Washington, The large wooded lot offers tenants ample space to enjoy the outdoors. Built 1979 this 4-plex not only offers secured building access excellent but also ample potential for significant upside in raising rents, landscape improvements and unit upgrades. Featuring four generous 2-bed, 1-bath units, each 910 sq ft, complete with fireplaces. Recent upgrades include a new roof and windows in 2022 with a transferable warranty. Shared coin op laundry on site for additional income. Close to all amenities, The low cap rate is a reflection of the rents being way below market .

Last Agent to Sell the Property

Corey Crain

Keller Williams Realty Bothell License #26492 Listed on: 03/20/2024

Keller Williams Realty Bothell

Last Buyer's Agent

Tyler Ambrozic

AgencyOne License #77895

AgencyOne

Source: Northwest Multiple Listing Service (NWMLS)

MLS#: 2211292

Northwest Multiple Listing Service (NWMLS)

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $9,983

Year Built

  • Built in 1979

Lot Details

  • 10,138 Sq Ft Lot
  • Street terminates at a dead end
  • Property is in good condition

Home Design

  • Quadruplex
  • Composition Roof
  • Wood Siding

Interior Spaces

  • 3,640 Sq Ft Home
  • 2-Story Property
  • Wall to Wall Carpet

Parking

  • 8 Parking Spaces
  • Open Parking

Utilities

  • Baseboard Heating

Community Details

  • No Home Owners Association
  • Ballinger Subdivision

Listing and Financial Details

  • Assessor Parcel Number 8665900010

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$9,983

Year Built

Built in 1979

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Property Sub Type: Multi-Family
  • StyleCode: 54 - 4-Plex
  • Year Built: 1979
  • Buyer Agency Compensation: 2.5
  • MLS Status: Sold
  • Prev Status: Closed
  • New Construction: No
  • CalculatedSquareFootage: 3640
  • EffectiveYearBuiltSource: Public Records
  • Special Features: None

Interior Features

  • Possible Use: Multi-Family
  • Fireplace: No
  • Flooring: Carpet
  • Interior Amenities: Wall to Wall Carpet
  • Stories: 2
  • SquareFootageFinished: 0
  • SquareFootageUnfinished: 0
  • BathsFullUpper: 0
  • BathsHalfUpper: 0
  • BathsThreeQuarterUpper: 0
  • BedroomsUpper: 0
  • Amenities: Coin Op Laundry

Exterior Features

  • Roof: Composition
  • Lot Features: Dead End Street
  • View: No
  • Waterfront: No
  • Exterior Features: Wood
  • Property Condition: Good
  • Structure Type: Quadruplex

Garage/Parking

  • Carport Y N: No
  • Open Parking Spaces: 8
  • Open Parking: Yes
  • Total Parking Spaces: 8
  • ParkingUncoveredSpaces: 8

Utilities

  • Sewer: Sewer Connected
  • Cooling: None
  • Cooling Y N: No
  • Heating: Baseboard
  • Heating Yn: Yes
  • WaterSewerGarbage: 6886

Condo/Co-op/Association

  • Senior Community: No
  • Association: No

Schools

  • Junior High Dist: Shoreline

Lot Info

  • Parcel Number: 8665900010
  • Lot Size Acres: 0.2327
  • Lot Size Sq Ft: 10138
  • Irrigation Water Rights: No
  • ResoLotSizeUnits: SquareFeet
  • ShowMapLink: true
  • MLSLotSizeSource: Realist
  • MLSSquareFootageSource: realist
  • ZoningJurisdiction: City
  • ZoningClass: Multi-Family

Green Features

  • Power Production Type: Electric

Rental Info

  • GrossRentMultiplier: 21
  • LeasedItems: None
  • TotalMonthlyIncome: 5500

Multi Family

  • Gross Scheduled Income: 64800
  • Net Operating Income: 40276
  • Number Of Units Total: 4
  • Electric Expense: 305
  • Insurance Expense: 2910
  • Leasable Area: 3640
  • EnergySource: Electric
  • UnitsInBuildingTotal: 4
  • UnitsBelowGrade: false
  • VacancyRate: 5

Tax Info

  • Year: 2024
  • Tax Annual Amount: 9983
  • AdditionalTaxIds: 866590-0010

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Nov 8, 1989
Sold by
Wen Jr William Lewis and Wen Noreen D
Bought by
Kerr William Lewis and Kerr Noreen D
Current Estimated Value
$1,327,350
Source: Public Records

Range of Values:

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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Kerr William Lewis $220,000 --
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
06/10/2024 06/10/24 Sold $1,200,000 -14.3% $330 / Sq Ft
03/23/2024 03/23/24 Pending -- -- --
03/20/2024 03/20/24 For Sale $1,400,000 -- $385 / Sq Ft
Source: Northwest Multiple Listing Service (NWMLS)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2024 $10,373 $965,000 $506,900 $458,100
2023 $9,983 $1,010,000 $385,200 $624,800
2022 $11,257 $1,006,000 $364,900 $641,100
2021 $13,097 $993,000 $354,800 $638,200
2020 $10,930 $1,075,000 $354,800 $720,200
2018 $9,542 $888,000 $314,200 $573,800
2017 $8,212 $789,000 $314,200 $474,800
2016 $8,208 $688,000 $304,100 $383,900
2015 -- $667,000 $273,700 $393,300
2014 -- $542,000 $273,700 $268,300
2013 -- $562,000 $253,400 $308,600
Source: Public Records

Agents Affiliated with this Home

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Map

Source: Northwest Multiple Listing Service (NWMLS)

MLS Number: 2211292

Northwest Multiple Listing Service (NWMLS)

APN: 866590-0010