Island Terrace Apartments & 4BD/2.5BTH Home
6106-6112 SE 28th St, Mercer Island, WA 98040
Property Type Multi-family
Price $5,200,000
Status Pending
Property Highlights:
- Property has been held under the same ownership for over four decades
- Most units have views of the lake
- Property is nestled amongst multi-million-dollar homes
- Two separate tax parcels presenting a future exit strategy to sell the house off separate
- Operational upside – Opportunity to raise rents significantly, charge back for utilities, parking, and pet rent
- Current cap rate: 4.7% and Market 5.0% cap rate
- 6 of the 9 units have a deck or patio
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