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Listed by:Westlake Associates, Inc. • Reid Jones
$2,750,000
Est. payment /mo
11 Beds
11 Baths
6,765 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 6,765 sqft
Price per Sqft $406
Subdivision Portage Bay
MLS Listing ID 2568199
Style 55 - 5-9 Units
Bedrooms 11
Year Built 1952
Annual Tax Amount $29,608
Lot Size 9,220 Sqft
Property Sub-Type Multi Family
Property Description
The Portage Bay Plaza located at 3261 Fuhrman Ave E, presents a rare opportunity to invest in the extremely well-located north end of Portage Bay between the Eastlake and Montlake neighborhoods. The property offers large floor plans with a mix of seven 1-bedroom / 1-bath units and two 2-bedroom / 1.5-bath units, plus ample off-street parking. Wood-frame construction with a well-maintained brick exterior gives the building genuine mid-century character, while private decks with views of the Bay set it apart from typical residences in the neighbor-hood. Sitting on a large 9,220 SF parcel zoned LR3 (M), the property also carries long-term redevelopment optionality for townhomes or a larger apartment project. Current ownership has well maintained the property with meaningful recent capital improvements, while a new owner has an attractive opportunity to increase income by bringing on professional management and completing interior renovations. The majority of units feature hardwood or LVP flooring, with recent upgrades including updated cabinetry, quartz countertops, stainless-steel appliances, and mod-ern lighting. This leaves a clear and straightforward path to increasing value: finish the renovation program in the units that have not yet been updated, push parking income toward market, and add in-unit laundry to more units, which ownership has already proven out by converting one unit during their hold.
Location
State WA
County King
Area 390 - Central Seattle
Interior
Flooring Laminate, Vinyl Plank
Fireplace false
Exterior
Exterior Feature Brick, Wood
Amenities Available Patio
View Y/N Yes
View Bay, Partial, Territorial
Roof Type Flat
Building
Lot Description Alley, Curbs, Paved, Sidewalk
Sewer Sewer Connected
New Construction No
Schools
School District Seattle
Others
Senior Community No
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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