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About the Listing 7086 - 120656,142498
Presenting the Fairseas Apartments, an eight unit multifamily property in the North Queen Anne neighborhood of Seattle. The asset delivers a 5.8% current cap rate on day one—a stabilized, high income-producing return in a submarket where most comparable listings are priced at sub-5.25% current yields. Six of the eight units have been fully renovated with market-quality finishes, including four 2BD/1BTH, one 1BD/1BTH, and one 1BD+Den/1BTH. The two original 1BD/1BTH units are occupied by long-term tenants paying below-market rents, representing significant upside to bring them to the same finish and rent tier as the rest of the building—without touching the renovated units or stabilized income. In-place renovated rents already reach $1,800 on the one bedroom, validating the finish level. The building also features a new Durolast roof and a full exterior refresh (paint, lighting, signage) within the last three years. It sits on an 8,400 SF LR3 RC (M) zoned lot with 12 on-site parking stalls in a walkable location: a short walk to Seattle Pacific University, the RapidRide D Line, and the retail and dining on 15th Avenue West, with direct commuter access to South Lake Union, Downtown Seattle, Ballard, and Fremont. North Queen Anne continues to benefit from supply-constrained multifamily stock and durable renter demand tied to SPU, the Fishermen's Terminal maritime cluster, and the Fremont tech corridor.
Listing Highlights
Status
Active
Days on Site
2
Property Type
Multi-Family
MLS ®
2531266
Year Built
1925
Total Square Footage
5,895
Lot/Acreage
0.19
Interior Details
- Bedrooms: 12
- Bathrooms: 8 Full
- Appliances:
- Air Cond:
- Heating: Forced Air
- Fireplaces: 0
- Floor: Laminate,Vinyl
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement:
- Other:
- Water: Public
Exterior Details
- Lot Description: Zoning: Multi-Family
- Garage Capacity: N/A
- Parking Spaces: 12
- Zoning: Multi-Family
- Roof: Flat
- Others: Brick,Wood Products
- Sewer: Sewer Connected
Financial Details
- Tax Amount: $23,139
- Taxes w/Assessments: N/A
- Tax/Property ID: 2770603680
- Tax Year: 2026
Payment Calculator
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1401 W Bertona St Seattle, WA 98119
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