Pasadena place
4218 Pasadena Pl NE Seattle, WA 98105
5 Townhomes + 1 Triplex | Turnkey Opportunity Near UW Campus
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THE OPPORTUNITY
Pasadena Place is a rare eight-unit multifamily opportunity located just minutes from the University of Washington, consisting of five townhomes and one triplex across three buildings. The property offers a desirable mix of spacious 2-, 3-, and 4-bedroom units averaging approximately 1,000 square feet, creating broad rental appeal in a high-demand neighborhood. All units in the triplex and one townhome have been recently renovated, while the remaining townhomes present a clear value-add opportunity through interior upgrades. Pasadena Place offers investors both stable in-place cash flow and future rental upside.
Rare Unit Mix Near UW:
Pasadena Place features eight units across five townhomes and one triplex, offering a rare mix of 2-, 3-, and 4-bedroom floor plans averaging approximately 1,000 square feet.
Renovation Upside:
All triplex units and one townhome have been recently renovated, while the remaining townhomes offer value-add potential through interior upgrades.
Stable In-Place Operations:
The property benefits from zero delinquency and includes six off-street parking spaces and communal laundry.
Strong Accessibility:
Walk and Bike Scores of 86 and 83, respectively, plus proximity to I-5 and Highway 520, provide convenient access to major area employers.
Compelling Rental Fundamentals:
Strong neighborhood rental demand is supported by 61% renter occupancy within a one-mile radius and median home values nearing $1.2 million.
Condominium Conversion Potential
Pasadena Place offers the potential for a future condominium conversion as an exit strategy.
Property Overview
- ADDRESS
- CITY, STATE ZIP
- UNITS
- Buildings
- Price
- Current Income / Market Expenses Cap Rate
- Years Built
- Total Size
- Lot Size
- Parcel Nos.
- Zoning
- County
Unit Mix
Unit
Type
Type
Count
Unit
Size
Size
In-Place
Rent
Rent
Market
Rent
Rent
Rent/SF
2 Bed / 1 Bath
2
750
$2,292
$2,300
$17.30
2 Bed / 1 Bath Townhome
1
944
$2,290
$2,400
$3.65
3 Bed / 2 Bath Townhome Renovated
1
1,200
$3,275
$3,300
$2.67
3 Bed / 2 Bath Townhome
3
1,233
$3,173
$3,275
$2.59
4 Bed / 1 Bath
1
1,300
$2,943
$3,300
$2.46
Total / Average
8
1,081
$2,826
$2,928
$2.79
PHOTO GALLERY
LOCATION
Contact us
INVESTMENT SALES
Chad Blenz
Senior Director
206.491.2008
[email protected]
Mitchell Belcher
Managing Director
425.891.9594
[email protected]
Steven Chattin
Managing Director
425.269.3826
[email protected]
Jay Timpani
Managing Director
206.999.3206
[email protected]
Brandon Lawler
Senior Director
206.484.8114
[email protected]
mortgage banking
Robert Doxsee
Managing Director
425.777.0235
[email protected]
Michael Manolides
Senior Director
253.670.2143
[email protected]
Connor Lemley
Associate Director
206.455.1592
[email protected]
offices in bellevue & seattle
bellevue
411 108th Avenue NE
Suite 1080
Bellevue, WA 98004
206.521.7220
seattle
601 Union Street
Suite 3720
Seattle, WA 98101
206.521.7220
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