Colliers International’s Pacific Northwest Multifamily Advisors present Kirkland 5. Available to purchase separately, or along with Kirkland 10, as part of the “Kirkland Portfolio." The Kirkland Portfolio is a rare opportunity to acquire a two property, 15-unit portfolio in Kirkland, Washington. The properties are located just one mile apart in one of the most sought after submarkets in the region – home to major employers including Google, Tableau and Wave Broadband. The neighborhood is rich with amenities and highly walkable, plus it boasts waterfront access to Lake Washington and terrific public schools. The area consists of mostly high end single family homes with a limited supply of rental properties. As demand from tenants seeking close-in suburban locations accelerates, future rent growth in Kirkland is projected to be strong. These properties are offered as a portfolio with the opportunity to purchase individually as well.
Kirkland 5 is a value-add investment opportunity in the Houghton submarket of Kirkland. Featuring 5-large two bedroom units with 8 on-site parking spaces, laundry and storage. The current finishes are clean and livable but given the location cosmetic renovations to kitchens, baths, floors and lighting will be rewarded with higher rents.
Purchase Price: $2,150,000
Pro Forma Cap Rate: 3.7%
Site Area: 6,500 SF (0.15 acres)
Parcel: 169290-0041
Zoning: RM 3.6
NRSF: 3,840
Units: 5
Parking: 8
Average Unite Size: 768 SF
Year Built: 1968
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