Bittertree Condominiums is an eight-unit apartment building at 13310 Greenwood Ave N in Seattle’s Greenwood neighborhood. Built in 1996, the property features two large studios, two one-bedroom units, and four two-bedroom units. All units include in-unit washers and dryers, private balconies, and access to a secured garage with seven parking stalls. The building sits on a 6,787 SF LR3 (M) zoned lot on Greenwood Avenue. This is a stabilized asset with upside potential. Five units have been updated with luxury vinyl plank flooring and newer appliances. The remaining three are occupied by long-term tenants with below-market rents, offering an opportunity to increase income through natural turnover. With separate electric meters, water sub-metering, and modern construction, the property offers a low-maintenance, efficient operating profile. Seller financing is available with 30% down and a five-year interest-only term: 5.0% interest in years one and two, and 5.5% in years three through five. The investment delivers a 5.7% cap rate and 7.2% cash-on-cash return at acquisition, increasing to a 6.6% cap rate and 10.2% cash-on-cash return as rents reach market levels.
| MLS # | 2538004 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1996 |
| Days On Site | 91 |
| Listing Provided By | Paragon Real Estate Advisors | Michael Urquhart |
| SQ Feet | 5,640 |
|---|---|
| Garage | 7 |
| Story(s) | 3 |
| Units | 8 |
| Zoning | Multi-Family |
| Acreage | 0.16 |
| Property | 19436 |
|---|
| State | WA |
|---|---|
| County | King |
| City | Seattle |
| Zip Code | 98133 |
| Area | 705 Ballard | Greenlake |
| Community Name | Bitter Lake |
| Listing VS Median (in Bitter Lake) | |
Price: $1,895,000 low | high Med: $450,000 sqft: 5,640 low | high Med: 770 $ / sqft: $336 low | high Med: $584 On site: 91 low | high Med: 77 | |
| State | WA |
|---|---|
| County | King |
| City | Seattle |
| Zip Code | 98133 |
| Area | 705 Ballard | Greenlake |
| Community Name | Bitter Lake |
| Listing VS Median (in Bitter Lake) | |
Price: $1,895,000 low | high Med: $450,000 sqft: 5,640 low | high Med: 770 $ / sqft: $336 low | high Med: $584 On site: 91 low | high Med: 77 | |
![]() | $2,750,000340 Nw 137th StreetSeattle, WA 98177 |