441 NE Alder Street Unit #1 & 2, Issaquah, WA 98027

$1,250,000
3,160
SqFt

Listing courtesy of Kidder Mathews. Selling Office: ZNonMember-Office-MLS.

Sold Price
$1,250,000
List Price
$1,500,000
Status
SOLD
MLS#
2179900
Closing Date
Jan 19, 2024
Days on Market
39
Style
52 - Duplex
Building Condition
Good
Finished SqFt
3,160
Area Total SqFt
3160
Annual Tax Ammount
10882
Lot Size (sq ft)
6,350
Sewer
Sewer Connected

Property Description

A rare opportunity to acquire two adjacent townhome condominium units in Issaquah's Olde Town, where vibrant eateries, theatre, parks, trailheads are more are a short stroll away. This property is now available for sale for the first time in over two decades. Each well-maintained unit boasts an ideal 3-bedrooms and 2.25-bathromm layout over a spacious 1,580 square feet of living space, ideal for anyone who is drawn to Issaquah, one of the most sought-after submarkets. While the property is profitable in its current operations, new owner can increase cash flow by lifting rents to market and enjoy greater appreciation in property value by selling each condominium unit individually to homebuyers at a later time.

Additional Information

List Date
2023-12-11 00:00:00
Community
Downtown Issaquah
Net Operating Income
$43,233
Gross Adjusted Income
$65,685
Gross Scheduled Income
$65,685
Total Monthly Income
$5,295
Insurance Expenses
$682
Gross Rent Multiplier
22
Total Expenses
$22,452
Cap Rate
2.9
Total Number of Units
2
Unit Name
441
Potential Terms
Cash Out, Conventional
Year Built
1998
Roof
Composition
Site Features
High Speed Internet, Patio
Other Expenses
10888
Energy Source
Electric, Natural Gas
School District
Issaquah
Elementary School
Clark Elem
Middle School
Issaquah Mid
High School
Issaquah High
Total Monthly Income
$5,295
Gross Scheduled Income
$65,685
Gross Adjusted Income
$65,685
Tax Year
2023
Insurance Expense
$682
Total Expenses
$22,452
Net Operating Income
$43,233
Gross Rent Multiplier
22
Cap Rate
2.9
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