Courtesy of: Taylor Wyman | Northmarq Commercial, LLC
$1,975,000Seattle, WA 98122
0.11 Acres
King County
Key Features
MLS ID: 2320258
Year Build: 1963
Status: Active
Property Type: Residential Income
Area: 390 - Central Seattle
Exterior: ["Wood"]
Address: 3000 E Spruce Street , Seattle, WA 98122
City: Seattle
State: WA
Zip: 98122
County: King
Description
The Lago Apartments is a prime investment opportunity in Seattle's sought-after Leschi neighborhood. Built in 1963, this well-maintained property features six updated two-bedroom units, some with Lake Washington views, and significant exterior improvements, including refreshed landscaping, updated paint, and a new roof coating. With scheduled rent increases in 2025 and potential for further interior enhancements, Lago Apartments offers investors a value-add opportunity to align rents with market rates. 6.47% cap rate on August 1st, with scheduled rent increases already in place. Located near Leschi Park and just 10 minutes from downtown Seattle, this property combines serene neighborhood charm with urban convenience.
Property Map
Heading South on I-5, take exit 165A towards James St, head East onto Yesler Way, head North onto 31st Ave, turn West onto E Spruce St. Destination with be on the right.
Listing # Courtesy of Taylor Wyman of Northmarq Commercial, LLC. Last Updated: January 7, 2025.
Some properties which appear for sale on this web site may subsequently have sold or may no longer be available. Information is deemed reliable but is not guaranteed.
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