Six-unit apartment building in Seattle’s Wedgwood neighborhood, well managed with zero vacancies and zero delinquencies. All paperwork is in order, with pre-screened tenants, move-in reports, healthy security deposits and last month’s rent on file. Five of the six units have been renovated with new LVP, fresh paint and updated electrical packages, and three of those five also have remodeled kitchens and bathrooms. Major system updates include new electrical panels (2025), main sewer line replaced (2022), double-pane vinyl windows throughout (2025) and newer hot water tanks (2023). The heavy lifting is complete, allowing a new owner to take over operations with ease. The mix is two 1BD/1BA units (approx. 580 sf) and four 2BD/1BA units (approx. 800 sf) on a 7,841 sf lot. A large basement provides shared laundry and four storage units, and six off-street parking spaces offer additional income potential. The property is surrounded by new construction, reflecting continued investment in the area. Located in an established Northeast Seattle neighborhood near Green Lake, Seattle Children’s Hospital, the University of Washington, I-5 and the Roosevelt light rail station. Solid in-place rents produce a 5.74% cap rate today. By finishing renovations as units turn over and adding in-unit washers and dryers to the 2BD units, a new owner has a clear path to a 7.13% cap rate at market rents.

Courtesy of NWMLS
Listing courtesy of Grant Fosheim of Opal Blue Real Estate, LLC



Listing information is provided by Participants of the Northwest MLS. IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed. Copyright 2026, Northwest MLS.
All data is obtained from various sources and may not have been verified by the broker or MLS Grid. Supplied open house information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Last checked: 2026-10-19 09:11 PM PDT