Lake City Homes with 56 - 10+ Units Style

Welcome to Lake City, a vibrant neighborhood nestled in the heart of Seattle, Washington. Known for its diverse community and rich cultural tapestry, Lake City offers a unique blend of urban convenience and suburban charm. This area is perfect for those seeking a lively atmosphere while enjoying the tranquility of residential living.

Lake City is characterized by its eclectic mix of homes, ranging from cozy single-family residences to larger multi-unit buildings with 56 to over 10 units. This variety provides an excellent opportunity for investors and families alike. The multi-unit homes are particularly appealing, offering the chance to live in a thriving community while also generating rental income.

One of the neighborhood's highlights is its accessibility. With major transit routes nearby, residents can easily commute to downtown Seattle and beyond. The area is also home to an array of local shops, restaurants, and parks, making it a convenient place to live. For outdoor enthusiasts, the nearby parks and recreational areas provide ample opportunities for hiking, biking, and enjoying the beautiful Pacific Northwest scenery.

Lake City is also known for its strong sense of community. Frequent neighborhood events and farmers' markets foster connections among residents, making it easy to feel at home. Whether you're looking for a bustling apartment complex or a charming multi-family dwelling, Lake City has something to offer everyone. Come discover the warmth and vibrancy of this Seattle gem, where your next home awaits!

Newest Lake City Homes with 56 - 10+ Units Style

$2,995,000

2503489 MLS ⋅ ACTIVE Status

6.26% CURRENT CAP RATE | Capri Apartments is a meticulously maintained 15-unit, courtyard-style apartment community located in the bustling Lake City neighborhood of Northeast Seattle. Originally constructed in 1962, Capri features copper plumbing and has undergone significant capital improvements over the past decade, including a new PVC roof (2024), updated electrical breaker panels (2016), luxury vinyl plank flooring and stone countertops in all units, double-pane vinyl windows, and a renovated exterior staircase, positioning the asset as both a desirable community for residents and a low-maintenance investment for ownership. The property offers an ideal unit mix, comprised of nine 2-bedroom units averaging 783 square feet and five 1-bedroom units averaging 683 square feet. Residents benefit from a central courtyard setting with lush greenery, on-site communal laundry (two washers & two dryers), 14 large storage lockers, and 16 off-street parking stalls available on a first-come, first-served basis. A new investor can capitalize on Capri’s current operations, which generate a 6.26% cap rate on in-place income, or execute a value-add business plan by converting the common laundry room into a 16th studio apartment (buyer to verify) and installing ventless, all-in-one washer/dryer combo units in each apartment to capture a 7.25% cap rate post renovation.

11521 26th Avenue NE, Seattle

Listing courtesy of Blake Investment Advisors.

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