WPI Real Estate is pleased to present 12741 35th Ave NE, an 8-unit apartment building in the heart of North Seattle. Reconstructed in 1999, keeping only the foundation and frame, the building totals 6,351 gross square feet and comprises 5 two-bedroom and 3 one-bedroom units across approximately 5,515 rentable square feet, set on a 7,121SF corner lot zoned Lowrise 2 (M). The property is offered at an actual cap rate of 5.39%, with attractive owner financing available: 50% down @ 5% fixed interest, amortized over 360 months on a 5-year term. It delivers a stabilized income stream today, with clear upside through utility pass-through/RUBS implementation, adding additional units (buyer to verify) or updates as units turn. The building offers a desirable unit mix with functional layouts appealing to long-term tenants. Most units are corner homes with ample natural light, and many have vaulted ceilings and private balconies or patios. On-site parking and easy street access add to tenant convenience, while low-maintenance HardiPlank siding and a pitched roof (replaced in 2019) keep operating expenses low. Current rents present the opportunity for strategic increases through unit turns. With Seattle's continued population growth, zoning changes, and limited housing supply, this property is well-positioned for appreciation and sustained demand.

Courtesy of NWMLS
Listing courtesy of TC Wu of WPI Real Estate Services, Inc.



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Last checked: 2026-07-26 11:05 PM PDT