The Westerner

Built in 1962 with wood-frame construction, The Westerner sits on a 5,130sf corner lot zoned LR3. The building is two stories built in the ‘ranch style’ with individual entries for each apartment unit. Roof is pitched with composite shingles. Windows are double-pane vinyl, and the siding is a mix of wood on the upper portion and East side of the building, with a stone façade on the lower half of the building facing Fremont Ave. Heat in units is electric baseboard and plumbing had new shut off valves replaced during renovations.

Over the past 2 years, the property has undergone extensive renovation, the ma-jority of which has taken place in the last 6 months. Parking lot has just been resurfaced. Unit improvements include new tub surrounds, laminate flooring, new fixtures and outlets, and countertops in kitchen. (Three most recent vacancies were filled within 1 week of being offered for rent). The Westerner is a true turn-key asset ready for a buyer looking for a low maintenance, management, and vacancy.

The building was painted just last year. The parking lot has recently been re-surfaced. Laundry is common and located on the SE corner of the property. Ownership has recently installed brand new stacked W/D units for ease of use by tenants. In the laundry room there is a wash sink and 8 storage lockers which are approximately 2.5ft wide and 4ft deep.

Fremont is easily accessed and has convenient transit to most areas of the city. At the Westerner’s doorstep, Fremont Ave has direct metro transit to South Lake Union and Downtown via the 5 route and various Rapid Transit routes on Aurora, two blocks to the East. East and Westerly locations such as the University District and Ballard can be reached easily from 45th St., just North of the Building, or at the base of Fremont Ave on N 36th St. via Leary Ave. Time to commute from the Westerner to major destinations. University of Washington –10 minutes Downtown Seattle – 15 minutes SLU – 10 minutes

The Westerner’s locale caters to both young and older demographics. Fremont is known throughout Seattle as a very hip and vibrant neighbor-hood/community which features popular restaurants and nightlife, major employers, as well as ample retail/shopping centers all within walking distance of the building. Some of the most thriving and competitive employers including Facebook, Tableau, and Google sit right at the South base of the Fremont neighborhood and are surrounded by renowned bars and restaurants such as the George and Dragon Pub, Revel, Paseo, and Fremont Brewing Co.

Property
4200 Fremont Ave N
Seattle, WA 98103

Number of Units
8

Price
$2,250,000

Terms
Cash

Price per Unit
$281,250

Price per Square Foot
$628

CAP current/market
4.7%

GRM current/market
16

Year Built
1962

Lot Size
5,130

Approx. Net Rentable Area
3,584

Financing
New

Download Full Property Financial Details »