Rare Vashon investment and development opportunity! This well-maintained, established 5-unit multifamily property offers immediate income with further expansion for re-development potential (buyer to verify) adding long-term value beyond the existing improvement. The versatile mix includes a studio, two 2BR/1BA and two 3BR/1BA apartments with a history of strong occupancy. Current rent of $8175 is below fair market, including one Section 8 rental. Most units include a private washer & dryer and four units include fireplaces. The building has a newly installed roof, a significant infrastructure upgrade, new windows, flooring, wainscoting and more. The .75-acre R12-zoned parcel includes 6 water shares-an exceptional asset for future possibilities. Priced at $215,833 per unit with a cap rate at 5.87, the value is solid. Even more compelling, two contiguous R12SO-zoned parcels are also available (MLS#2590323), together offering 6 additional water shares. Acquisition of all three properties creates a rare assemblage opportunity with 12 total water shares, existing multifamily income and significant potential for a larger development vision. Explore the possibilities while benefiting from income already in place. Buyer to verify zoning, water availability, development potential and all intended uses. Please respect tenant privacy; no interior access without confirmed appointment.
| MLS # | 2586393 |
|---|---|
| Listing Type | For Sale |
| Style | House |
| Sub-Type | Resale |
| Status | Active |
| Year | 1957 |
| Days On Site | 48 |
| Listing Provided By | COMPASS | Connie Sorensen |
| Bed(s) | 10 |
|---|---|
| Bath(s) | 5 Total |
| SQ Feet | 4,160 |
| Story(s) | 2 |
| Zoning | RA-12 |
| Acreage | 0.75 |
| Property | 12001 |
|---|
| State | WA |
|---|---|
| County | King |
| City | Vashon |
| Zip Code | 98070 |
| Area | 800 Vashon Island |
| Community Name | In Town |
| School District | Vashon Isl High |
| Elementary School | Chautauqua Elem |
| High School | Vashon Isl High |
| Listing VS Median (in In Town) | |
Price: $1,295,000 low | high Med: $922,250 sqft: 4,160 low | high Med: 1,779 $ / sqft: $311 low | high Med: $571 On site: 48 low | high Med: 83 | |
| State | WA |
|---|---|
| County | King |
| City | Vashon |
| Zip Code | 98070 |
| Area | 800 Vashon Island |
| Community Name | In Town |
| School District | Vashon Isl High |
| Elementary School | Chautauqua Elem |
| High School | Vashon Isl High |
| Listing VS Median (in In Town) | |
Price: $1,295,000 low | high Med: $922,250 sqft: 4,160 low | high Med: 1,779 $ / sqft: $311 low | high Med: $571 On site: 48 low | high Med: 83 | |
![]() | $1,295,00017416 97th AvenueVashon, WA 98070 |