3000 E Spruce Street , Seattle, WA 98122
Seattle, WA 98122
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.
Details
| MLS# | 2320258 |
|---|---|
| Listing Type | For Sale |
| Style | Town House |
| Sub-Type | Resale |
| Status | Active |
| Year | 1963 |
| Days On Site | 13 |
| Listing Provided By | Northmarq Commercial, LLC | Taylor Wyman |
Features
| SQ Feet | 5,850 |
|---|---|
| Car Port | Yes |
| Story(s) | 3 |
| Units | 6 |
| Acreage | 0.11 |
| Property View | Yes |
Market Activity 98122
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Learn More About This Property
| State | WA |
|---|---|
| County | King |
| City | Seattle |
| Zip Code | 98122 |
| Area | 390 Central Seattle |
| Community Name | Leschi |
| School District | Seattle |
| Listing VS Median (in Leschi) | |
Price: $1,975,000 low | high Med: $735,500 SqFt: 5,850 low | high Med: 1,011 $ / SqFt: $338 low | high Med: $727 On Site: 13 low | high Med: 94.000000 | |