Beach Court Apartments 8630 Rainier Ave S Immeuble residentiel 23 lots 4 012 925 € (174 475 €/Lot) Seattle, WA 98118

With a “Very Walkable” walk score of 84, Beach Court is positioned in Rainier Beach across the street from the Rainier Beach Community Center and pool, a 4-minute walk from the Rainier Beach Playfield, and a 7-minute walk from the brand-new Rainier Beach High School. Other recreational spaces within a half mile include Be’er Sheva Park, Pritchard Island Beach, and Lake Washington. A variety of restaurants are within three quarters of a mile, and a Rite Aid, Safeway, and brand new Starbucks (opening 2025) are within an 8-minute walk to the south. Boeing Field is just 10 minutes away by car. Stops for two bus routes are within a couple hundred feet and provide service to Capitol Hill, the Chinatown/International District, Columbia City, and Downtown Seattle, while Rainier Beach Station, with its local bus routes and regional light rail service to the Seattle Tacoma International Airport, the University of Washington, Downtown Seattle, and Lynnwood, is just 4 minutes away by bicycle. Interstate 5, just a mile west of the property, provides residents of Beach Court convenient access to the rest of the Puget Sound region.
Built in 1960, Beach Court is comprised of 16 one-bedroom apartments and 7 two-bedroom/one-bathroom homes. Tenants benefit from updated kitchens and baths, dishwashers, central gas heat and hot water, 14 off-street and 8 covered parking spaces, an on-site laundry facility, a deck or patio for each unit, tenant storage, and a large common front yard with barbecue. Additionally, the property features a newer roof, an elevator (not currently functional), secured entry, and low maintenance landscaping.
Beach Court, priced at $265 per square foot and under $200,000 per unit, is an excellent option for a value-add purchaser. The potential exists to further update and/or add laundry and rent the units at pro forma levels and to stabilize expenses to achieve an all-in mid 6%+ cap rate. Given the likely income produced, a competent management company and site manager could efficiently and effectively operate the property on behalf of the new ownership. With its walkable location and strong upside potential, Beach Court is an outstanding opportunity.
Available for sale individually, or as a portfolio with 10500 51st Ave S and/or 8340 Rainier Ave S. All financials are market figures.