Home News Releases Alki Apartment Complex in Seattle Sells for $1.6MM

Alki Apartment Complex in Seattle Sells for $1.6MM

SEATTLE, WA – Summerfield Commercial is pleased to announce the sale of 2745 Sixtieth Apartments, a 5 unit apartment complex located at 2745 60th Avenue SW, Seattle, WA. The buyer, David Woltz LLC, was represented by Summerfield. The brokers involved were Ryan Kidwell and Robert Parmar.

The property sold for $1,600,000 at a 2.7% cap rate on current income. The deal closed on August 21st, 2018 with the seller participating in a 1031 exchange and the buyer utilizing the reverse 1031 exchange process.

Originally built in 1980, 2745 Sixtieth consists of 3 one-bedroom and 2 two-bedroom units, with an average unit size of approximately 738 square feet. All units have a private deck, full size washer and dryer, and a wood burning fireplace. The property also includes six off-street parking spaces, bike storage, and storage lockers. This asset is located one block from Alki Beach in West Seattle. The sellers were the original developers of this apartment complex.

Summerfield Commercial specializes in the brokerage and property management of multifamily assets throughout the Pacific Northwest.