11929 100th Avenue NE, Kirkland, WA 98034

$1,600,000
7,793
SqFt

Listing courtesy of Sound Realty Group Inc.

List Price
$1,600,000
Status
PENDING BU REQUESTED
MLS#
1932109
Price Change
▼ $100,000 1654676508
Days on Market
31
Style
55 - 5-9 Units
Finished SqFt
7,793
Area Total SqFt
7793
Lot Size (sq ft)
10,500

Property Description

Shovel-ready multifamily development opportunity in Kirkland. This cleared & level corner parcel is designed, permitted & ready to become a 7unit apt building. Enjoy building a Class A asset exempt from property tax for 8 yrs! Seller has applied to MFTE program-1 unit to be “affordable” exempting property from taxes(land value tax still applies). Designs include a unit mix of (6) 2bd/2.5bth & (1) 3bd/2.5bth spread over 2 floors w/ a parking garage below. Located blocks from Juanita Beach, amenity rich Juanita Village & set within the Lake WA School District make this a highly sought-after locale sure to attract a great tenant base! Projected rents forecast a 5% cap @$5.3m ARV. Contact LB for plans, permit details & construction estimates.

Additional Information

List Date
2022-05-26 01:19:10
Community
Juanita
Potential Terms
See Remarks
Year Built
2023
View
Lake, Partial, Territorial
Roof
Composition
Heating/Cooling Type
Ductless HP-Mini Split
Electric Expenses
2400
Energy Source
See Remarks
School District
Lake Washington
Elementary School
Buyer To Verify
Middle School
Buyer To Verify
High School
Buyer To Verify
Total Monthly Income
$26,071
Gross Scheduled Income
$312,859
Vacancy Rate
3
Gross Adjusted Income
$303,473
Tax Year
2022
Insurance Expense
$3,000
W/S/G Expenses
$7,200
Total Expenses
$15,656
Net Operating Income
$287,817
Gross Rent Multiplier
16
Cap Rate
5.43
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